The New Jersey Economic Development Authority (NJEDA) Board has approved the establishment of a landing pad in Jersey City for international businesses aiming to expand their operations within the state. The initiative, known as the New Jersey Business Acceleration and Softlanding Ecosystem (NJ BASE), is designed to attract foreign companies in key sectors by providing a supportive co-working environment to facilitate their growth in the United States.
Governor Phil Murphy emphasized the significance of this development, stating, "This is an exciting milestone in New Jersey’s mission to diversify our economy and expand our leadership role in technology innovation and diplomatic relations." He highlighted efforts made during his tenure to build international relationships through trade missions aimed at bringing jobs to New Jersey.
Tim Sullivan, NJEDA Chief Executive Officer, remarked on the strategic advantages of NJ BASE: "Under Governor Murphy’s leadership, New Jersey has developed strong economic relationships with countries around the world." He noted that NJ BASE will enhance these connections and support entrepreneurs seeking entry into the U.S. market.
The facility will focus on industries vital to New Jersey's economy, such as cybersecurity, artificial intelligence, fintech, and other innovative technologies. Located in Downtown Jersey City, NJ BASE will initially accommodate 15-20 companies. A third-party entity will operate it following a Request For Proposal (RFP) process initiated by NJEDA.
Wesley Mathews, President & CEO of Choose New Jersey, described NJ BASE as a "game-changer" for international firms considering U.S. expansion. Andrew H Gross from NJEDA added that its opening would draw industry leaders from strategic sectors globally.
Last month saw the release of the second annual New Jersey Global Economic Index by NJEDA. This report highlights foreign direct investment into New Jersey during Governor Murphy's administration and supports his global economic development objectives.
