NJEDA Unveils First Annual New Jersey Global Economic Index

India ranked first as a global partner with New Jersey

India ranked first as a global partner with New Jersey

The New Jersey Economic Development Authority (NJEDA) unveiled the inaugural New Jersey Global Economic Index, a report that looks at and ranks the sources of foreign direct investment (FDI) into the Garden State. The goal of this annual report is to boost international business relations within the state, while simultaneously helping reach New Jersey Gov. Phil Murphy’s goals for economic development.

“During my administration, New Jersey has developed strong ties with key international partners, from Ireland to East Asia,” said 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,” Murphy added.

The Global Economic Index revealed that New Jersey has the strongest relationships with Europe, the Asia Pacific region and North America. Many European countries were top performers on the report, however, it was India that ranked first as a global partner with New Jersey.

Following India was three European countries, with the United Kingdom, Ireland and Germany leading the pack in that respective order. The United Arab Emirates and Israel also ranked highly on the report. The Asia-Pacific region also offers an area of great opportunity for New Jersey, with South Korea and Japan ranking seventh and eighth, respectively.

The presence of both of the countries on the list can largely be attributed to Governor Murphy’s 9-day economic mission trip to East Asia, in which he visited South Korea, Japan and Taiwan. Governor Murphy’s trip focused on building a better relationship with the countries in that region, in the hopes of growing New Jersey’s international relations.

Governor Murphy, along with the NJEDA and Choose New Jersey, have also gone on economic mission trips to India, Israel, Ireland and Germany during his time in office. Following their trips, Choose New Jersey opened offices in those countries to strengthen the relationships between New Jersey and its foreign partners.

“The NJEDA is committed to supporting Governor Murphy’s vision for a stronger, more diverse economy, and 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 Chief Executive Officer 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.”

The 2024 New Jersey Global Income Index was introduced on Friday, Mar. 22, at an event hosted in the NJEDA’s Newark Office for international diplomats and economic development organizations. The plan for the report in the future is to be able to continue providing the state with information every year that will improve foreign relations.

To view the full report, click here.