Choose New Jersey Named to National Economic Development Coalition

Choose New Jersey, Inc. will undertake a leadership role with the FDI Frontlines Coalition, a national organization focused on arming state, regional and local economic development organizations (EDOs) with the resources they need to attract more foreign direct investment (FDI).  Michael Chrobak, chief economic development officer for Choose New Jersey, will represent the organization with the Coalition.

“Global investment plays a critical role in New Jersey’s economy, and Michael’s efforts through Choose New Jersey have made the Garden State a leader in attracting foreign investment,” said Nancy McLernon, president and CEO of the Organization for International Investment (OFII), a non-profit business association representing 170 of the world’s largest employers that is supporting the coalition.  “EDOs engage with global investors to create opportunities for their communities, fighting every day to improve the business climate in America.  At its essence, the FDI Frontlines Coalition is about helping EDOs attract more global investment, and we’re honored to have Michael help lead this initiative.”

With the support of OFII and its insourcing member companies, the FDI Frontlines Coalition will offer EDOs an opportunity to enhance their global investment IQ by providing research and business insight while also amplifying their voice on ways America can attract more foreign direct investment.

“New Jersey has invaluable assets that the global community has recognized and will continue to take advantage of, including more than 225,000 scientists and engineers, which is the highest concentration per square mile in the world, global access to 110 international destinations and 90 U.S. cities served non-stop daily from Newark and nearby airports, as well as being one of the most diverse states in the country,” said Chrobak.

The FDI Frontlines Coalition was officially launched at the SelectUSA Investment Summit in Washington, DC on Monday, which brought President Obama, seven cabinet secretaries and three governors together with thousands of EDOs and foreign employers to focus on increasing foreign direct investment in America.  Already, more than 175 EDOs have joined the national coalition.

New Jersey ranks 7th in the nation in the total number of jobs and 5th in per capita jobs supported by foreign companies.  Nationally, these insourcing companies employ 5.8 million Americans, support an annual payroll of $456 billion, paying U.S. workers an average of $78,927 – more than 33 percent higher than the economy-wide average.  Insourcing companies also produce more than 21 percent of U.S. exports, providing $334 billion in American goods annually to customers around the world.

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