Lieutenant Governor of New Jersey, Kim Guadagno, recently announced the Christie Administration’s new Office of International Business Development and Protocol for the State of New Jersey. The new office will leverage the state’s advantages in these areas to attract foreign investment, expand New Jersey’s partner network to improve lead development, and increase export opportunities for New Jersey’s businesses.
“As foreign companies consider investing beyond their home countries, they look to business-friendly environments with diverse business communities,” Guadagno said in a statement. “From our highly educated workforce and thriving industry clusters to our world-class intermodal transportation system supporting a gateway to international markets, New Jersey is well positioned to promote our assets, increase foreign direct investment and increase opportunities for New Jersey businesses to maximize exports”.
The Christie Administration has been working to increase foreign direct investment and succeeded in attracting 21 new foreign investment projects .The office will work to attract foreign companies to invest in the state, concentrating its outreach efforts on New Jersey’s top investor nations – Germany, Switzerland, Japan, France, the United Kingdom, the Netherlands, and Canada – and countries where New Jersey enjoys rich relationships, such as Taiwan, India, Korea and Israel.
New Jersey remains a premier east coast distribution location, midway between Boston and Washington D.C. The New York-New Jersey metropolitan area is one of the largest most affluent consumer markets in the world. One important reason for this is its strong maritime, rail, aviation and highway transportation network. Strategically located at the heart of the mid-Atlantic corridor, the region offers efficient access to millions of consumers in a single day. It’s maritime and transportation facilities rank among the largest and most productive in the nation.
Conveniently reaching a population base of over 33,000,000 people with access to all modes of transportation; NJ Turnpike, Routes 1 and 9, Newark International Airport plus LaGuardia and JFK in New York, and multiple rail options: Canadian Pacific Railway, CSX and Norfolk Southern in the northern half of the state; Winchester and Western Railroad and West Jersey Railroad both connect to the Conrail System providing linkage to interstate destinations.
The freight railroads play a vital role in moving goods to and from the State’s ports – about 15 percent of the Port of New York and New Jersey’s containers currently move by rail, a modal share that is anticipated to increase when the new class of post-Panamax vessels begins serving the Port.
New Jersey may be small in size but it currently boasts five Foreign Trade Zones within the state with pharmaceutical firms, food distributors, auto-makers, and oil companies currently taking advantage of Foreign Trade Zone status at the Port of New York and New Jersey.
Companies operating in a Foreign Trade Zone (FTZ) pay no duties on merchandise imported for manufacturing or assembling, when the final product is exported outside of the United States. Duties are only paid when these products leave the zone for the domestic market. In addition, there are no duties paid on merchandise shipped from one FTZ to another.
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