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This week I've been in Israel, on a trade mission to cultivate water technology economic development in Michigan. As co-chair of the joint Michigan-Israeli working group on water technology, I know there's great opportunity to diversify our economy and create jobs -- while leveraging our most precious natural resource, the Great Lakes.
I want to be clear: I am not proposing to sell Michigan's water. Companies seeking to use our water should locate here in Michigan -- where they can have all the water they need. Instead, through our Green Jobs for Blue Waters initiative, I want to position Michigan as North America's center of excellence for water technology. Right now, water technologies are a $500 billion global market -- but by 2020, that market is expected to grow to nearly $1 trillion. That means great opportunity for Michigan's economy -- and that is why we intend on seizing the opportunity, much as we did to become the Nation's leader in advanced battery technology.
Michigan's unique position in the water technology field proves we are at the forefront of this technology. Michigan's location in the middle of the Great Lakes, which contain about 20 percent of the world's supply of fresh water, has primed the state's successes in agriculture, tourism and the auto industry. We need to continue to protect water resources and use it wisely for economic development purposes that include retention of current businesses and the attraction of new ones.
We were the first state to sign an official agreement with Israel to develop water technologies for export in the United States. Due to its arid location, firms in Israel have a strong need to effectively and efficiently use their scarce water resources. Michigan is poised to help them do just that. With the Green Jobs for Blue Waters initiative, we can provide Israeli companies with the assistance they'll need to be successful in the U.S.. With our water resources and top-notch higher education system, we can provide the perfect environment for water technology research and development. And, with our hard-working advanced manufacturing base, we can improve products and bring them to market faster than ever.
I've had an opportunity to meet with a number of CEOs from water technology firms while in Israel, and spoke at the 5th Annual International Water Technologies & Environmental Control Exhibition in Tel Aviv yesterday. The meetings went well, and I'm excited for the work we will do in months to come to build Michigan's Blue Water Economy.
Together with Israel, I believe we can seize what is undoubtedly a historic moment. We can prove that protecting natural resources, promoting economic growth, and creating jobs of the future all go hand in hand -- and there's no better place to prove it than in Michigan.
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