Gov. O'Malley presents PM Netanyahu with a Baltimore Ravens jersey.
In April, Governor Martin O'Malley (D-MD) met with top Israeli officials and businesses as part of an economic development trip he is leading with 30 business, civic, and higher education leaders. He is promoting Maryland as an attractive destination for businesses looking to come to the U.S., including those in life sciences, cyber security, information technology, aerospace, and defense.
While in Israel, Gov. O'Malley's itinerary included Hadassah Hospital, meeting with Israeli President Shimon Peres, and meeting with Naftali Bennett, Israel's Minister of Industry, Trade and Labor. He also spoke at the Tel Aviv Stock Exchange and visiting with companies that already have a Maryland presence, such as ELTA Systems, an Israeli aerospace company. Gov. O'Malley concluded his trip with a tour of Yad Vashem, Israel's Holocaust Memorial and Museum, and a wreath laying ceremony.
At the end of his trip, Governor Martin O’Malley (D-MD) announced the launch of the Maryland/Israel Development Partnership, which will fund development efforts by Maryland and Israeli companies working in the cyber-security and life sciences sectors. "This alliance represents a commitment to ensure the long-term success of our economy by exploring the common interests and growth opportunities of innovation internationally," said Israeli Chief Scientist Avi Hasson. Maryland’s Department of Business and Economic Development (DBED) and the Office of the Chief Scientist in the Israeli Ministry of Industry, Trade and Labor will decide together which research partnerships to fund.
Through the Maryland Venture Fund, DBED will fund up to half of the Maryland company’s research costs in the form of convertible debt or equity, with a cap of $400,000 per project. Beyond that investment, the company could also be eligible for Maryland’s Biotechnology Investment Incentive Tax Credit, which was recently increased to $10 million per year, or the Cyber-security Investment Incentive Tax Credit. Maryland has long maintained ties with Israel, building on shared strengths in biotechnology, IT, aerospace and defense.
This is O'Malley's third trip to Israel, having traveled twice in 2008, as Baltimore's mayor and as governor.
Gov. O'Malley and the Maryland delegation meets with President Shimon Peres.