NYCEDC Signs New Partnership Agreement with City of Tokyo to Boost Economic Cooperation
The Signing Follows Week of Activities Bolstering Relations Between NYCEDC and the Tokyo Government Including Tours of NYC’s Life Sciences Ecosystem and “SusHi” Night Startup Event
NEW YORK, NY—New York City Economic Development Corporation (NYCEDC) today signed a new memorandum of understanding with the Tokyo Metropolitan Government (TMG), committing both cities to mutually support New York City-based businesses looking to expand in Tokyo and vice-versa. New York City and Tokyo are the first and second-largest metropolitan areas in the globe by GDP, and have a long-standing trade and investment relationship. On Wednesday, 25 Japanese life sciences companies toured New York City’s most dynamic life sciences hubs to explore potential partnerships. The tour included West End Labs and Harlem Biospace, to the Ford Center Incubator and CURE, as well as a drive past SPARC Kips Bay. On Thursday, New York City-based startup founders and entrepreneurs attended and pitched their businesses at a TMG-organized Invest in Tokyo event, in advance of the annual “SusHi Tech” conference in Tokyo in 2025.
“Tokyo and New York City are siblings, the two largest metro areas in the world and global icons of commerce and creativity,” said First Deputy Mayor Maria Torres-Springer. “I am thrilled by the signing of today's Memorandum of Understanding, a document that cements the connection between the New York City Economic Development Corporation and Tokyo Metropolitan Government and represents a strong, shared foundation for continued collaboration, partnership and business development in both New York and Japan.”
“From the size of our economies to the dynamism of our entrepreneurs, builders, and creators, New York City and Tokyo are global leaders and partners in innovation,” said NYCEDC President & CEO Andrew Kimball. “By focusing on our most innovative, fast-growing sectors like the green economy, life sciences, and tech, this new partnership will cement our position as the strongest economies and greatest cities in the world.”
“The Tokyo Metropolitan Government is honored to sign an MOU with NYCEDC today, which outlines our commitment to collaborate on advancing innovation and economic growth in our respective cities. It is a significant step forward that two major global economic hubs are joining forces to pursue a sustainable society,” said the Tokyo Metropolitan Government.
“Today's Memorandum of Understanding marks an exciting new chapter in the relationship between two of the world’s leading cities—New York and Tokyo,” said Japan Society President & CEO Joshua W. Walker, Ph. D. “As a longtime nonprofit bridge between the two great global financial, cultural, and media capitals, Japan Society is excited to work with both cities in strengthening our partnership and building on the work that we've already accomplished this past year in Tokyo and close to 120 years here in New York.”
Today’s signing builds upon an already strong relationship between Tokyo and New York City. In early 2023, NYCEDC President Kimball led a trade mission to Tokyo and the SusHi Tech Conference in 2023, which yielded two new business expansions to New York City—the health and clean tech startups Ubie Health and Aeterlink. In November 2023, NYCEDC signed an agreement with the Japan External Trade Organization to promote mutual trade and investment. And earlier this year, Mayor Adams hosted a roundtable with Japanese CEOs, addressing how New York City can support Japanese businesses’ operations and goals. New York City is the top destination for Japanese foreign investment, and Japan is the third largest source of foreign direct investment (FDI) into NYC overall and the second largest green economy investor into NYC.
About NYCEDC
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city's future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.
