The US-Israel business summit, addressed recently on this site by US Chamber of Commerce Senior Vice President Myron Brilliant, was a notable affair. Attended by senior government and Chamber of Commerce officials, corporate executives, entrepreneurs, and professionals from both countries, the gathering extolled the virtues of Israel's impressive economy and capabilities and lauded the remarkable accomplishments that many of its best and brightest have already achieved. And, as Mr. Brilliant pointed out in his article, the summit launched the US-Israel Business Initiative.
While this Initiative is indeed extraordinary, and the summit highlighted numerous success stories that have already been written, one could have left the summit wondering just how individual companies may act to build upon this platform and harness the momentum from the summit. An understanding of the Initiative's stated objectives, as well as further information provided by US Chamber officials responsible for this region, may provide some such guidance.
The declared focuses of the Initiative include analyzing the US Israel commercial relationship "to pinpoint areas for commercial growth"; relaying to US policymakers and opinion leaders "key information on Israeli innovation and opportunities for US-Israel commercial partnership"; bringing together American and Israeli business leaders "to spur collaboration and develop information exchanges"; and educating "the broader business community on global market opportunities in growing US-Israel business."
The Initiative is a work in progress, and the US Chamber of Commerce is still seeking to "define and drive the strategic direction" of the Initiative. It hopes to continue bringing together American and Israeli business and political leaders and intends to establish "sector-specific working groups" to shape the commercial relationship between the countries.
The Israel-America Chamber of Commerce, which worked with the US Chamber of Commerce to build this Initiative, has capably created the infrastructure on the Israeli side of the globe to build and energize the Initiative and move it forward. Israeli companies interested in pursuing opportunities under the Initiative can work through the Israel Chamber to pursue the focuses outlined at the summit and provide input from the Israeli side to guide the direction of the Initiative. The US Chamber has likewise brought its formidable force to bear on advancing the Initiative and now offers its members an increasingly focused opportunity to enhance their Israel trade relationships.
With this renewed sense of purpose, these two proponents of the Initiative should be able to work closely together to build a platform that will serve the needs of their respective constituents. It will be important for them to use this new means of focus to identify barriers that currently hinder bilateral commercial growth and to propose solutions to remove them. They should also seek to determine which growth initiatives will serve the largest common denominator of businesses and suggest mechanisms that the respective governments and Chambers of Commerce can work to implement in order to achieve those goals. In doing so, it is essential that they seek input from those responsible for driving that growth, namely persons in the fields of manufacturing, hi-tech, energy, finance, law, accounting, export, and so forth.
The Initiative should also seek to capitalize on Web 2.0 and social media networking capabilities. While many Israeli and US groups already exist on sites such as LinkedIn, an interactive web site dedicated to advancing the goals of the Initiative seems imperative. A properly built and maintained site would help sustain the momentum created at the summit, by keeping interested parties updated and networked. Moreover, such a site would allow participants on both sides to continuously energize the Initiative with new ideas and business proposals, particularly if such a site is properly developed by industry sector. The Chambers should seek to draw into any such project as many of their members as possible in order to exponentially increase the opportunities for bilateral cooperation.
Israeli businesspersons interested in dealing with the United States should familiarize themselves with the Initiative as it moves forward. While the practical commercial impact of the Initiative remains to be seen, there are now formidable forces behind it.
Israeli companies should monitor its progress and explore the opportunities that the Initiative will create. Working with organizations like the Israel Chamber and other professionals involved in building the Initiative will keep such companies up to date on components of the Initiative that may benefit them.
Finally, the Initiative should create in the United States a greater awareness of Israeli capabilities and conditions that will make trade between the two countries even more fruitful and profitable. Those who have capably positioned themselves to take advantage of such benefits will have the greatest opportunities to reap the possible rewards.
Aron U. Raskas, a participant in the US-Israel Business Initiative summit, is an American attorney at Outside Counsel Solutions, LLP.
Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2010
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