NJ opens global trade office to attract foreign companies
One of Gov. Phil Murphy's goals is to focus on a stronger and fairer economy for New Jersey. That includes supporting the expansion of international trade and investment. So the New Jersey Economic Development Authority is creating a new Office of International Trade and Investment to do just that.
Tim Sullivan, CEO of the EDA, says 70 percent of the world's purchasing power and 95 percent of the world's consumers are located outside the Unites States. The goal of the OITI is to strengthen its ties in the global economy. So much of the New Jersey economy is tied into important sectors such as pharmaceuticals.
He says this is a dedicated effort for New Jersey to widen its global reach. He says it's important that New Jersey is competing for opportunities that presents the state in the international markets.
"We're hoping to be able to attract and grow businesses that are based overseas that want a U.S. presence and make sure they know that New Jersey is a great place to come," he says.
New Jersey is currently home to more than 1,100 multinational companies and the headquarters of an estimated 270 foreign companies. Sullivan says Murphy recently announced thatIsraeli-based Telepharmaceuticals plans to build its North American headquarters in Parsippany.
If many European, Asian or American companies are thinking about where to settle in the United States, Sullivan wants to remind them that New Jersey has great locations, great talents and great infrastructure.
International trade missions is one of the first orders of business for the new office, says Sullivan.
EDA Vice President Wesley Mathews will serve as the director of OITI, working with government and private sector partners to promote the strengths of New Jersey as a premier business and investment destinations.