Bill Text: NJ SR27 | 2020-2021 | Regular Session | Amended
Bill Title: Encourages foreign-based companies to make direct investments in NJ.
Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: (Passed) 2020-03-05 - Filed with Secretary of State [SR27 Detail]
Download: New_Jersey-2020-SR27-Amended.html
SENATE RESOLUTION No. 27
STATE OF NEW JERSEY
219th LEGISLATURE
INTRODUCED FEBRUARY 3, 2020
Sponsored by:
Senator THOMAS H. KEAN, JR.
District 21 (Morris, Somerset and Union)
SYNOPSIS
Encourages foreign-based companies to make direct investments in New Jersey.
CURRENT VERSION OF TEXT
As reported by the Senate Economic Growth Committee on February 24, 2020, with amendments.
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 1[[has]] has1 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 1[the latest available] October 20171 data from the BEA 1[released in October 2017]1, 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 1[in the past five years] between 2012 and 20171, while the State's overall private-sector employment has grown by less than six percent in that same period; and
Whereas, 1[The State of]1 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, 1[The State of]1 New Jersey offers foreign-based companies a strategic location with rapid access to 40 percent of the United States population; and1[.]1
Whereas, 1[The State of]1 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 1that have invested in New Jersey1 succeed and grow 1[in the State of New Jersey]1; 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 1Director of the1 New Jersey Business Action Center, the 1Exeuctive Secretary of the1 New Jersey District Export Council, the 1Chief Executive Officer of the1 Organization for International Investment, and 1the Chief Executive Officer of1 Choose New Jersey, Inc.
