U.S. Department of Commerce Invests $1.4 Million to Attract Foreign Direct Investment to New York, New York, Opportunity Zone
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $1.4 million grant to Yeshiva University’s Innovation Lab in New York, New York, to provide technical assistance to Israeli firms seeking to locate in New York City. The EDA grant, to be located in an Opportunity Zone, will be matched with $600,000 in local funds.
“The United States is the world’s largest recipient of foreign direct investment because of our innovative and stable market,” said Secretary of Commerce Wilbur Ross. “I commend Yeshiva University’s Innovation Lab for working to bring Israeli firms to the U.S.”
“It’s encouraging to see global companies exploring the U.S. market and finding partners that can help them create a footprint, expand operations, and achieve growth in an Opportunity Zone,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This EDA investment will allow Yeshiva University’s Innovation Lab to provide potential investors with the technical assistance they need to invest here and contribute to our economy.”
“Technology has forever changed our world and the way we process information, and innovation through tech impacts our daily way of life,” said U.S. Congressman Adriano Espaillat (NY-13). “Founded in partnership with The Yissum Technology Transfer Company of Hebrew University, The Innovation Lab of Yeshiva University serves as a launch pad for Israeli entrepreneurs in New York City, providing them with business infrastructure, access to talented students, as well as YU’s network of expert mentors. Today’s grant announcement will help further the mission and success of the program.”
The funding announced today goes to one of New York’s 514 Opportunity Zones. Created by President Donald J. Trump’s Tax Cuts and Jobs Act of 2017, Opportunity Zones are spurring economic development in economically-distressed communities nationwide. In June 2019, EDA added Opportunity Zones as an Investment Priority, which increases the number of catalytic Opportunity Zone-related projects that EDA can fund to fuel greater public investment in these areas. To learn more about the Commerce Department’s work in Opportunity Zones, please visit EDA’s Opportunity Zones webpage. To learn more about the Opportunity Zone program, see the Opportunity Now resources page here.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.