The Future of Business in New Jersey

Steve Adubato sits down with Tim Sullivan, CEO, New Jersey Economic Development Authority, and Jose Lozano, President & CEO, Choose New Jersey, to discuss the recent trade mission to India, the future of business in New Jersey, and new job opportunities.

10/26/19 #323

Excerpt:

"We're now joined by Tim Sullivan, CEO, New Jersey Economic Development Authority, and Jose Lozano, President and CEO of Choose New Jersey. Gentlemen, good to see you. Great seeing you. Thanks so much for having us. As we do this program, it's the beginning of October, just back from India? India. India. Describe the trip. Six days, seven cities, over 50 meetings, and over a thousand engagements with companies. And the governor was right there? The governor was there with a full supportive delegation. Describe the goal of something like this? Well the goals are, I think we're several. It was primarily an economic development mission. You know, New Jersey is one of the biggest recipients of foreign direct investment from Indian companies already, and we want to grow that as much as we can. New Jersey and India have long-standing cultural ties and, you know, people-to-people relationships. That is an enormous asset in trying to build a relationship with an economy that's as big and is growing as fast as India. So this was about both short-term... getting some jobs announced right here in New Jersey, but also building a long-term relationship with India. Let's talk about some of these jobs. Yeah. How many are we talking about? Over 1,200 jobs. Yeah. Okay. And we... Jose, we've known each other a long time. Yeah! [laughter] Potential jobs? Real jobs? What are we talking about? Yeah. Real jobs. These are real jobs that CEOs looked at the governor and looked at us and said, "We are going to commit to expanding our companies and our footprint in New Jersey. It's a great place that we're doing business there. We're really successful, and we're ready to expand." So they made the commitments. And within three companies alone, we... over 1,200 jobs. Are they certain types...? Go ahead. I'm sorry. That's just the immediate jobs. I think long-term, over the next year, I think the governor, and our team, collectively believe, you know, we'll... that'll be double or triple that number. Yeah. I agree. Are they certain types of companies? Yes. Mostly in the IT and the professional services section of the house. Yeah. What makes... again, it's interesting, we've had so many conversations with those who have argued, "New Jersey's not attractive. The business climate... The economics don't work. The taxes are too high. Regulation..." And you just come back and tell me about these jobs? By the way, before you even answer, let's just say that Choose New Jersey and the EDA are working with us on an innovation series, and being very supportive of that. So go ahead. Make the case. Because some others see it differently. This is a really, really easy narrative. The... it's a great..."