Expanded global presence, international missions, and more than 80 MOUs strengthened economic, academic, and cultural partnerships, elevating New Jersey’s reputation as a destination for business growth.

Newark, New Jersey — Choose New Jersey, the state’s leading nonprofit business attraction organization, is celebrating New Jersey’s enhanced reputation as a global destination for business growth. Since Governor Murphy took office in 2018, Choose New Jersey and the State of New Jersey have established international partnerships that foster increased investment, collaboration, and innovation between New Jersey and over a dozen countries.

“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 has hosted 14 international economic missions led by Governor Murphy, resulting in partnerships and formal Memoranda of Understanding (MOUs).

Since taking office in 2018, Governor Murphy has witnessed the signings of 81 partnership agreements, MOUs, and Letters of Intent (LOIs) that forged critical partnerships with international governments, universities, businesses, and cultural organizations, including:

• 47 colleges and universities
• 27 state agencies
• 4 incubators
• 2 corporate research organizations
• 2 utility supply chain companies

The strength of these agreements is underscored by the work of the New Jersey Economic Development Authority (NJEDA) and its ability to deploy innovative economic incentives and programs that have been promoted worldwide to attract investment and corporate expansion. As part of their efforts, they launched the NJEDA Global Economic Index report, which included MOUs as one of five key indicators of a strong global partnership. In all, NJEDA efforts in partnership with the Office of the Governor and Choose New Jersey have led to new job opportunities for residents, increased research investment, and a rise in visits from international companies exploring expansion in the state.

In an effort to continue attracting foreign direct investment (FDI) into the state, the NJEDA created the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE) in Jersey City. The landing pad will serve as the state’s first-ever facility to attract foreign companies in key industries by offering a supportive co-working space and wraparound services, helping businesses expand and grow in the United States, while creating good-paying, long-term jobs.

Based on available data, results from the last eight years include:

• Job creation: More than 27,000 new jobs due to foreign direct investment in New Jersey.
• Foreign direct investment: $13.6 billion of FDI, 50% more than $8.9 billion of FDI during the previous administration, moving New Jersey from 13th (2017) to 3rd (2023) in the nation.

International partnerships also increased opportunities in higher education, enabling students and faculty to study abroad and engage in collaborative research. The following universities and state agencies forged the highest number of partnerships during Choose New Jersey’s economic missions:

• BioNJ
• Kean University
• New Jersey City University (NJCU)
• New Jersey Economic Development Authority
• New Jersey Institute for Technology (NJIT)
• Rowan University
• Rutgers University
• 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.”

Read the full report here.

About Choose New Jersey

Choose New Jersey is the state’s leading non-profit business attraction organization. We harness the collective power of New Jersey’s business, government, labor, and academic sectors to expand New Jersey’s economy. We work globally, using our marketing expertise, concierge business development services, deep knowledge of the state, and convening power, in collaboration with state government, to empower businesses, entrepreneurs, leaders, and innovators to make New Jersey their home. Learn more at choosenj.com.