Mumbai: Ahead of Prime Minister Narendra Modi's visit to the US later this week, New Jersey Governor Philip D. Murphy on Thursday made a passionate appeal here to Indian businesses for making investments in his state. Describing himself as the 'Head of Sales', Murphy said not only was New Jersey ready to welcome the Indian business community but also has on offer what the latter were looking for to enable sound global investments and growth for their ventures.
"An environment where new ventures and partnerships can grow, and where innovative companies can invest and expand. Since taking over as Governor, my top priority has been to foster an unrivalled economic ecosystem where Indian companies can find a home and succeed," urged Murphy. The first-ever sitting Governor of New Jersey to visit India, Murphy, 62, is on a six-city seven-day tour, and was addressing a meeting organized by CFO Engage. A former US Ambassador to Germany, he took charge as the 56th Governor of New Jersey in January 2018.
Murphy added that in international business, no one can grow entirely on their own or believe they can grow a thriving, sustainable and innovative economy through "a protectionist and closed mindset".
Dwelling on the advantages of New Jersey as an investment destination for Indian businesses, Murphy said he set up the Office of International Trade and Investment within the Economic Development Authority to focus on creating foreign direct investment strategies for the state and for the diplomatic and global business community in the great New Jersey-New York area.
"India is New Jersey's fourth-largest overall foreign trade partner exceeding $8.3 billion annually, it is also the second-biggest source of greenfield FDI, and New Jersey is the destination for half of all Indian FDI in the entire north-eastern US, a critical American economic corridor, and home to over 60 million people," Murphy said. Highlighting the location advantages, he said New Jersey is next door to the world's biggest capital market New York in north and the country's fastest growing business hub of Philadelphia to the south, where around 420,000 Indians are settled.
The state is also home to some of the world's leading institutions of higher education like the Princeton University and Rutgers University, the US's most highly educated and highly-skilled doctorate and technical talent, diversity, with a second-to-none global connectivity to consumers and work forces.
Murphy said New Jersey was linking the state with Indian institutions and businesses for joint interests in mutual economic growth and prosperity, researchers from the state were going to India to engage in R&D projects in emerging Indian market sectors, like clean energy, and explore new avenues for Indian firms to set up businesses.
"I welcome each of you to join us as a partner. It will be your best decision ever for a great and innovative future on both sides of the world. This will be good for all and enable a stronger and fairer global economy that works for the families of New Jersey and families of India," added Murphy.
