New Jersey driving new investment interest from Asia-Pacific
Writer: Ryan Gandolfo
May 2024 – Nonprofit economic development agency Choose New Jersey recently opened its New Jersey Asia Pacific Center in Taipei, Taiwan, a strategic expansion for the mid-Atlantic state that is home to the fourth-largest Taiwanese population in the United States. This initiative, first announced by Gov. Phil Murphy and Taiwan President Tsai Ing-wen during a 2023 East Asia economic mission, aims to strengthen economic ties and foster collaboration between New Jersey and East Asian markets.
“The inauguration of the New Jersey Asia Pacific Center marks a new era of opportunity and collaboration,” said Murphy, alongside Choose NJ President and CEO Wesley Mathews and Taiwan President Tsai Ing-wen at the center’s opening in May.
The center will serve Taiwan, Japan, South Korea, and China, promoting New Jersey as a destination for companies looking to establish or expand their operations in the United States. It will be led by Sam Lin, the center’s director.
Since the 2023 economic mission led by Murphy, interest from East Asian companies in New Jersey has surged by 845%, according to Choose NJ, reflecting the state’s appeal as a business hub, thanks to its strategic location, skilled workforce, and strong infrastructure. The Asia-Pacific region is well represented among the Garden State’s top economic partners. In March, the New Jersey Global Economic Index, released by the New Jersey Economic Development Authority (NJEDA), showed India (No. 1), South Korea (No. 7), and Japan (No. 8) among the Top 10 international partners.
The New Jersey Asia Pacific Center will target key sectors such as technology, life sciences, manufacturing, clean energy, and artificial intelligence. ”This marks a milestone in our efforts to strengthen our presence in key markets,“ said Mathews, as cited by Choose NJ. “We aim to showcase New Jersey’s strengths to our Asia-Pacific partners.”
This new center is the fifth international office for Choose New Jersey, joining offices in India, Israel, Germany, and Ireland. The move underscores New Jersey’s commitment to expanding its global economic reach and attracting foreign investment.
Since its founding in 2010, Choose New Jersey has attracted over 420 companies to the state, generating $11 billion in capital investments and creating nearly 49,000 jobs. The New Jersey Asia Pacific Center is expected to further these efforts, positioning New Jersey as a prime destination for foreign direct investment from East Asia.
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