Bill Text: NJ SR152 | 2018-2019 | Regular Session | Introduced


Bill Title: Encourages foreign-based companies to make direct investments in NJ.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2019-08-23 - Introduced in the Senate, Referred to Senate Economic Growth Committee [SR152 Detail]

Download: New_Jersey-2018-SR152-Introduced.html

SENATE RESOLUTION No. 152

STATE OF NEW JERSEY

218th LEGISLATURE

 

INTRODUCED AUGUST 23, 2019

 


 

Sponsored by:

Senator  THOMAS H. KEAN, JR.

District 21 (Morris, Somerset and Union)

 

 

 

 

SYNOPSIS

     Encourages foreign-based companies to make direct investments in

 

CURRENT VERSION OF TEXT

     As introduced.

  


A Senate Resolution encouraging foreign-based companies to make direct investments in New Jersey.

 

Whereas,   Foreign direct investment creates jobs, drives innovation, creates opportunities for New Jersey residents and companies, and plays an essential role in ensuring economic growth in New Jersey; and

Whereas,   The International Monetary Fund defines foreign direct investment as a "cross-border investment" in which an investor that is "resident in one economy [has] control or a significant degree of influence on the management of an enterprise that is resident in another economy"; and

Whereas,   Foreign direct investment plays a key role in globalization by creating direct, stable, and long-lasting links between economies and by encouraging the transfer of technology and know-how between economies; and

Whereas,   According to the federal Bureau of Economic Analysis (BEA), California, New York, Texas, and New Jersey are the four states that receive the most foreign direct investments in the United States, together receiving over half of all new foreign direct investment and accounting for 34 percent of United States gross domestic product; and

Whereas,   According to the latest available data from the BEA released in October 2017, United States subsidiaries of foreign-based companies employ 276,400 New Jersey workers, which is 8.1 percent of the State's private-sector workforce, ranking New Jersey first of all states in the share of its private-sector workforce from foreign direct investment; and

Whereas,   Also, according to that data, 98,400 New Jersey jobs provided by United States subsidiaries of foreign-based companies are in the manufacturing sector; and

Whereas,   Also, according to that data, New Jersey's employment from foreign-based companies has grown 24 percent in the past five years, while the State's overall private-sector employment has grown by less than six percent in that same period; and

Whereas,   The State of New Jersey offers foreign-based companies a highly educated and multi-cultural workforce that simplifies talent recruitment and provides a global workforce with an environment that makes both executives and employees feel at home; and

Whereas,   The State of New Jersey offers foreign-based companies a strategic location with rapid access to 40 percent of the United States population; and.

Whereas  The State of New Jersey further offers foreign-based companies a world-class transportation infrastructure with access to the busiest port on the East Coast and flights to more than 110 cities in the United States and to 130 international destinations; and

Whereas,   A foreign-based company of any size that seeks access to New Jersey's highly skilled workforce and the prosperous markets of the United States can utilize a wide range of resources to learn more about the process of locating and expanding business operations in New Jersey; and

Whereas,   Resources to assist companies seeking to invest in New Jersey are available through organizations such as the United States Department of Commerce, the United States Small Business Administration, the United States Department of State, the New Jersey Economic Development Authority, the New Jersey Business Action Center, the New Jersey District Export Council, and Choose New Jersey, Inc., all of which want to see companies succeed and grow in the State of New Jersey; now, therefore,

 

     Be It Resolved by the Senate of the State of New Jersey:

 

     1.    The New Jersey Senate welcomes foreign-based companies to invest and create jobs in New Jersey.

 

     2.    The New Jersey Senate encourages foreign-based companies to contact the New Jersey Economic Development Authority, the New Jersey Business Action Center, the New Jersey District Export Council, and Choose New Jersey, Inc., to discuss making and expanding foreign direct investments in the State of New Jersey and in the State's diverse and highly qualified workforce.

 

     3.    Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Secretary of the Senate to the Chief Executive Officer of the New Jersey Economic Development Authority, the New Jersey Business Action Center, the New Jersey District Export Council, the Organization for International Investment, and Choose New Jersey, Inc.

 

 

STATEMENT

 

     This resolution encourages foreign-based companies to make direct investments in New Jersey.

     Foreign direct investment creates jobs, drives innovation, and creates opportunities for New Jersey residents and companies, while ensuring economic growth in New Jersey.  The State of New Jersey offers foreign-based companies a highly educated and multi-cultural workforce that makes talent recruitment easy and provides a global workforce with an environment that makes executives and employees feel at home.

     The State of New Jersey encourages foreign-based companies of all sizes that seek access to New Jersey's highly skilled workforce and the prosperous markets of the United States to utilize a wide range of resources to learn more about the process of locating and expanding in New Jersey.  The New Jersey Senate specifically encourages foreign-based companies to contact the New Jersey Economic Development Authority, the Business Action Center, the New Jersey District Export Council, and Choose New Jersey, Inc., to discuss making and expanding foreign direct investments in the State of New Jersey and in the State's diverse and highly qualified workforce.

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