Monday, July 25, 2011

Christie & Co.: NJ Sees Expanded Foreign Investment

On the heels of its 30th Anniversary Celebration of the New Jersey-Zhejiang Province Sister-State Agreement, the Christie Administration reported today that foreign direct investment (FDI) in New Jersey over the past 18 months points toward increased expansion of foreign partners investing in New Jersey and creating more high-paying jobs in the State.

“New Jersey’s import-export industry is a cornerstone of our economy and increasing investment into New Jersey is critical to the growth of our economy,” said Governor Christie. “By expanding the number of businesses that bring operations into New Jersey, we can leverage foreign investment as a powerful engine for New Jersey’s economic growth and job creation.”

Since taking office, there have been 14 new FDI projects, including three Memorandum of Understandings that were signed during last week’s New Jersey-Zhejiang Trade Symposium. These projects represent over $1.4 billion of new capital investment in New Jersey and are expected to create over 410 new jobs and 1,500 construction jobs. The majority of the FDI came from China, Italy, Germany, France and the United Kingdom.

“Through his vision and leadership, Governor Christie has created an ambitious economic development strategy that has strengthened New Jersey’s global reputation and increased our overseas market share,” said Lt. Governor Kim Guadagno. “Thanks to Governor Christie, there is a new energy and enthusiasm in the global community about investing and doing business in New Jersey.”

The Christie Administration has shown a new, unprecedented commitment to growing exports and foreign direct investment to create Jersey Jobs. Under his leadership, the Partnership for Action strategy was implemented, creating the New Jersey Business Action Center and its Global Advocacy team focusing on bringing new global investment into the State. As part of our aggressive strategy to grow foreign investment, the State has hosted more than two dozen foreign delegations and meetings with trading partners including last week’s Symposium, as well as a 75-member delegation with China’s Vice Minister of Commerce last fall.

Additionally, the State has invested $1 billion into modernizing the Bayonne Bridge to receive additional tankers – an infrastructure investment crucial to Port Newark – increasing its capacity to handle the next generation of shipping vessels; signed two agreements to open trade offices in Shangri and Europe to provide continuous outreach to foreign markets; as well as leveraged the Governor’s appointment to the Advisory Committee for Trade Policy and Negotiations by President Obama to share the importance of trade to the American economy - specifically supporting Free Trade Agreements and granting fast-track Trade Promotion Authority for the President to encourage expansion of trade.

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