NJEDA Unveils NJ Global Economic Index

On Mar 22, 2024

The New Jersey Economic Development Authority (NJEDA) today presented the inaugural New Jersey Global Economic Index, a report that highlights, ranks, and analyzes the sources of foreign direct investment (FDI) into New Jersey. The report, which will be released annually, aims to guide and further develop international business relationships with the state.

“During my administration, New Jersey has developed strong ties with key international partners, from Ireland to East Asia,” said Gov. Phil Murphy. “The findings in this report will provide guidance and assist New Jersey companies, agencies, and organizations in developing relationships abroad, which in turn will create jobs, strengthen the economy, and provide new opportunities for New Jersey residents and communities.”

The Global Economic Index indicates that New Jersey, regionally, has the strongest economic relationships with Europe, the Asia Pacific region, and North America. While Europe had the highest number of countries listed as top performers, research found that India ranked first as a global partner with New Jersey, followed by the United Kingdom, Ireland, and Germany. The report notes that the United Arab Emirates and Israel also hold a high rank as global partners. Additionally, the Asia-Pacific region is also as an area of opportunity for New Jersey, including South Korea and Japan, which ranked seventh and eighth as global partners, respectively.

“The findings in the New Jersey Global Economic Index show the progress we have made fostering international relationships, attracting and quantifying FDI, and maximizing opportunities abroad,” said NJEDA CEO Tim Sullivan. “This report will inform us as we move forward with our goal of creating more jobs, increasing our visibility in foreign markets, and acting as a global economic leader.”

During his time in office, the governor, along with the NJEDA and Choose New Jersey, has embarked on economic mission trips to India, Ireland, Israel, and Germany. As a result, Choose New Jersey has opened offices in those countries to foster ties between the Garden State and critical foreign partners. Last October, the governor, NJEDA, and Choose New Jersey traveled to East Asia, making stops in Japan, South Korea, and Taiwan. While in Taiwan, Murphy announced Choose New Jersey will open its fifth foreign office in Taipei City.

“This report will aid us in our efforts moving forward, as it is a reflection of the work we’ve accomplished, and an indicator of the work we still need to do,” said Wesley Mathews, president and CEO of Choose New Jersey. “I am proud to have worked alongside the NJEDA to meet Governor Murphy’s mission to make New Jersey a business leader on the international stage. I look forward to continuing important conversations abroad, so that New Jersey can remain a top destination for work and travel alike.”

“This report demonstrates a new way of thinking about and analyzing our economic relations,” said NJEDA Director of International Innovation and Partnerships Andrew Gross. “By indexing the State’s sources of global investment, we are able to gain a deeper understanding of New Jersey’s relationships abroad, while encouraging development in regions where we aren’t seeing as much economic activity.”

Developed by the NJEDA Office of International Innovation and Partnerships, with support from the Chief Economist’s Office, the 2024 New Jersey Global Economic Index launched at an event today hosted in the NJEDA’s Newark office for international diplomats and economic promotion organizations.

The full report can be found online here.

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