Statement on the U.S. – Israel Joint Economic Development Group

U.S. Embassy Jerusalem
Press Release
Monday, November 9, 2020

On November 9, American and Israeli officials held the 35th meeting of the U.S. – Israel Joint Economic Development Group (JEDG). This annual economic policy dialogue between the two nations has been held since 1985. More than 80 representatives from dozens of agencies and ministries took part in the event, held virtually for the first time. Both sides reaffirmed their commitments to economic policy coordination and cooperation, and expressed determination to expand our strong and enduring bilateral economic relations.

Heads of delegations U.S. Secretary of the Treasury Steven Mnuchin and Israeli Minister of Finance Israel Katz underscored the unshakeable bond and everlasting partnership between the two countries. A major theme was the historic Abraham Accords and the economic possibilities they will bring partner countries – tangible benefits like high-value jobs, and opportunities in healthcare, education, and tourism. U.S. Ambassador to Israel David Friedman said, “The Abraham Accords are creating a more peaceful and prosperous Middle East. We look forward to the opportunities for American and Israeli companies that will flow from normalized relations.”

This year’s agenda also addressed economic recovery from the novel coronavirus pandemic, clean energy finance and development, and financial services. U.S. and Israeli experts explored foreign investment screening mechanisms to protect Israel’s national security from potentially malign foreign investors and to safeguard the U.S.-Israel innovation and investment ecosystem.

Participants agreed to jointly address the mutual interests of their business communities in a “Fireside Chat” with U.S. and Israeli private sector representatives in the coming weeks. In this first-ever JEDG follow-on event, senior government officials will present JEDG highlights and share practical business opportunities open to U.S. and Israeli companies.

The Israeli JEDG delegation was headed by Finance Minister Katz and included officials from the Ministries of Finance, Foreign Affairs, Energy, and Environmental Protection as well as from the Bank of Israel.

Treasury Secretary Mnuchin headed the U.S. delegation that included Ambassador Friedman, Assistant Secretary of State for Near Eastern Affairs David Schenker and other officials from the Departments of State, Treasury, Housing and Urban Development, the Environmental Protection Agency, and the U.S. Agency for International Development.

The U.S. – Israel Joint Economic Development Group is the premier platform for U.S.-Israel bilateral economic dialogue.