Choose New Jersey cites record gains in international business ties under Murphy administration
NEW JERSEY – Choose New Jersey is citing historic gains in international business attraction and global partnerships since Gov. Phil Murphy took office in 2018, pointing to expanded economic missions, increased foreign investment and dozens of formal agreements with governments, universities and businesses worldwide.
The state’s nonprofit business attraction organization said New Jersey has strengthened its reputation as a destination for global business growth through partnerships with more than a dozen countries, helping drive investment, innovation and job creation.
“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,” said Governor Phil Murphy. “I am proud of the international relationships we have built. 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.”
Choose New Jersey said it has hosted 14 international economic missions led by Murphy, resulting in formal partnerships and memoranda of understanding.
Since 2018, the state has seen the signing of 81 partnership agreements, memoranda of understanding and letters of intent with international governments, universities, businesses and cultural organizations. Those agreements include partnerships involving 47 colleges and universities, 27 state agencies, four incubators, two corporate research organizations and two utility supply chain companies.
Officials said the agreements have been supported by the New Jersey Economic Development Authority, which has deployed economic incentives and programs promoted globally to attract corporate expansion and investment. The NJEDA also launched the Global Economic Index report, which identifies memoranda of understanding as a key indicator of strong international partnerships.
State officials said those efforts have contributed to increased job opportunities, expanded research investment and more visits from international companies exploring expansion in New Jersey.
To further attract foreign direct investment, the NJEDA established the New Jersey Business Acceleration and Softlanding Ecosystem, or NJ BASE, in Jersey City. The facility serves as the state’s first landing pad for foreign companies, offering co-working space and support services to help businesses establish operations in the United States.
According to available data, foreign direct investment has resulted in more than 27,000 new jobs in New Jersey over the past eight years. During that period, the state attracted $13.6 billion in foreign direct investment, a 50% increase compared with $8.9 billion during the previous administration, moving New Jersey from 13th in the nation in 2017 to third in 2023.
International partnerships have also expanded opportunities in higher education, allowing students and faculty to participate in study abroad programs and collaborative research. Organizations with the highest number of partnerships during Choose New Jersey’s economic missions include BioNJ, Kean University, New Jersey City University, the New Jersey Economic Development Authority, the New Jersey Institute of Technology, Rowan University, Rutgers University and Stockton University.
“Collaboration is at the heart of New Jersey’s economic growth and global influence,” said Ralph LaRossa, chair of Choose New Jersey’s Board of Directors. “Governor 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, elevated our global reputation, and laid the foundation for future economic progress.”
