Listen to this articleThe basics:
- Choose New Jersey leads 14 international economic missions under Gov. Murphy
- Generated 81 agreements with foreign governments, universities & businesses
- Attracted $13.6 billion in foreign direct investment, created over 27,000 jobs
- NJ BASE launch works to help international firms enter US market, support long-term job growth
As 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.
Since 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.
To 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.
That latter figure marks a 50% jump from the previous administration, which moved New Jersey from 13th to third nationally.
Choose 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.
Those agreements include partnerships involving:
- 47 colleges and universities
- 27 state agencies
- Four incubators
- Two corporate research organizations
- Two utility supply chain companies
In good company
The universities, state agencies and organizations driving the highest number of partnerships through Choose New Jersey’s economic missions, include:
“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.”
Officials 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.
Together, 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.
To 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.
“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.”
Ralph LaRossa, chair of Choose New Jersey’s board, said that collaboration is at the heart of New Jersey’s economic growth and 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,” said LaRossa, who also serves as chair, president and CEO of Public Service Enterprise Group Inc. (PSEG).
The full FDI report is available here.
