Under Governor Phil Murphy’s leadership, New Jersey has significantly expanded its global economic footprint over the past eight years. Choose New Jersey, the state’s nonprofit economic development organization, has led 14 international missions that have resulted in 81 formal agreements with foreign governments, academic institutions, and private enterprises. These collaborations have helped attract $13.6 billion in foreign direct investment (FDI) and generate over 27,000 jobs since 2018. n nThe latest figures represent a 50% increase in FDI compared to the prior administration, elevating New Jersey from 13th to 3rd in national rankings for such investment. The state’s strategic outreach has strengthened ties with 47 universities, 27 state agencies, four incubators, two corporate research groups, and two utility supply chain firms. n nGovernor Murphy highlighted the success of these initiatives, stating, “New Jersey’s global strategy is paying off. By expanding our presence in key markets and forging and strengthening relationships through strategic economic missions, we’ve brought home new jobs, investment, and opportunities for our residents.” n nThe New Jersey Economic Development Authority (NJEDA) has supported these efforts through incentive programs and international promotion, including the launch of the Global Economic Index, which tracks memoranda of understanding as a measure of international engagement. n nTo further assist overseas companies entering the U.S. market, NJEDA established the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE) in Jersey City. The program offers shared office spaces and comprehensive support services, aiming to foster long-term employment growth. n nRalph LaRossa, chair of Choose New Jersey’s board and CEO of Public Service Enterprise Group Inc. (PSEG), credited the state’s collaborative approach for its rising global influence. “Gov. Murphy’s vision for Choose New Jersey has created opportunities for our state to forge lasting relationships that have bolstered New Jersey’s business community and elevated our global reputation,” LaRossa said. n
— News Original —nChoose New Jersey highlights global economic gains (photos)nThe basics: n nChoose New Jersey leads 14 international economic missions under Gov. Murphy n nGenerated 81 agreements with foreign governments, universities & businesses n nAttracted $13.6 billion in foreign direct investment, created over 27,000 jobs n nNJ BASE launch works to help international firms enter US market, support long-term job growth n nAs Gov. Phil Murphy’s second and final term winds down, Choose New Jersey is celebrating the Garden State’s growing reputation as a global destination for business growth. n nSince Murphy took office in 2018, Choose New Jersey and the state have built formal partnerships with more than a dozen countries through international economic missions. According to the organization, the results are a significant increase in foreign investment, job creation and academic collaboration. n nTo highlight the efforts and growth over the last eight years in foreign direct investment, Choose New Jersey is out with a new report. The research finds that FDI generated more than 27,000 jobs in New Jersey since 2018. Additionally foreign direct investments attracted $13.6 billion, during that period. n nThat latter figure marks a 50% jump from the previous administration, which moved New Jersey from 13th to third nationally. n nChoose New Jersey has hosted 14 international economic missions led by Murphy. The trips culminated in 81 partnership agreements, memoranda of understanding, and letters of intent with foreign governments, universities, businesses and cultural organizations. n nThose agreements include partnerships involving: n n47 colleges and universities n n27 state agencies n nFour incubators n nTwo corporate research organizations n nTwo utility supply chain companies n n“New Jersey’s global strategy is paying off,” said Murphy. “By expanding our presence in key markets and forging and strengthening relationships through strategic economic missions, we’ve brought home new jobs, investment, and opportunities for our residents.” n nOfficials say those agreements and partnerships are reinforced by the New Jersey Economic Development Authority’s incentive programs and global outreach efforts. NJEDA has promoted its economic tools internationally, launching the Global Economic Index. The guide includes MOUs as a key indicator of strong international relationships. n nTogether, NJEDA, Choose New Jersey and the governor’s office say the effort has increased research investment, attracted international companies exploring U.S. expansion and created new employment opportunities for residents. n nTo further boost foreign direct investment, NJEDA also launched the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE) in Jersey City, which NJBIZ previously reported. The facility is designed to help international firms enter the U.S. market. It offers coworking space and wraparound services, with a focus on long-term job creation. n n“I am proud of the international relationships we have built,” said Murphy. “They have strengthened our innovation economy, kept our universities at the forefront of research and innovation, and positioned our key industries to thrive on the global stage.” n nRalph LaRossa, chair of Choose New Jersey’s board, said that collaboration is at the heart of New Jersey’s economic growth and global influence. n n“Gov. Murphy’s vision for Choose New Jersey has created opportunities for our state to forge lasting relationships that have bolstered New Jersey’s business community and elevated our global reputation,” said LaRossa, who also serves as chair, president and CEO of Public Service Enterprise Group Inc. (PSEG).
