The state’s Economic Development Authority is rolling out a new office aimed at attracting international trade and investment to New Jersey, according to a statement issued Wednesday.
Called the Office of International Trade and Investment, the office is charged with attracting international businesses to the state and tapping into the state’s access to the diplomatic community of the New York metro area.
OITI will also partner with Choose New Jersey to coordinate trade missions and other international state outreach. Meanwhile, the state’s Business Action Center will retain an Office of Export Promotion to promote New Jersey-based businesses as a potential global export.
“With 70 percent of the world’s purchasing power and 95 percent of the world’s consumers located outside the United States, strengthening our international trade and investment efforts is vital to New Jersey’s global competitiveness and to our ability to create sustainable economic growth,” said EDA CEO Tim Sullivan.
The EDA, in their Wednesday statement, estimates that at least 1,100 international companies have set up shop in New Jersey, while 270 foreign companies have a headquarters in the state.