- IACC Gujarat branch hosts roundtable discussion with high-level delegation from New Jersey.
- The largest population of Indian-origin people in New Jersey comes from Gujarat: Wesley Matthew, President & CEO of Choose: New Jersey
- India is the sixth largest trading partner of New Jersey and the fourth largest supplier of goods imported by the state
- Out of the top 200 Indian lifesciences companies, 64 have presence in the US and 39 are in New Jersey: Tarun Gupta, Director of New Jersey India Centre
NE BUSINESS BUREAU
AHMEDABAD, DEC 17
A high-level delegation from New Jersey met with leading entrepreneurs from the state on Saturday and pitched for investments in the American state.
At a roundtable conference hosted in Ahmedabad by Gujarat chapter of Indo-American Chamber of Commerce and Industry (IACC), the pre-eminent chamber dedicated to promoting closer trade ties between India and the US, representatives of New Jersey Department of Commerce spoke about the several reasons that have made New Jersey the preferred investment destination in the US for Indian companies.
“New Jersey is the fourth smallest state in the US but is home to the second-largest Indian population in the country. The largest population of Indian-origin people in New Jersey comes from Gujarat. We are not the lowest-cost state in the US. We are at the higher end of the economic chain, but still, hundreds of Indian businesses choose us because of one, our location and two, because of the skilled workforce. New Jersey is now the fourth-fastest growing state in the US,” said Wesley Matthew, President & CEO of Choose: New Jersey, the organisation that helps companies expand their business into the US and New Jersey.
Matthew described New Jersey’s excellent public school system, top healthcare infrastructure, and economic momentum as the other key benefits of investing in the state.
US Census data shows that India-US merchandise trade amounted to $134.148 billion from Nov 2021 to Oct 2022 as compared to $107.429 billion in the same period a year before. This indicates an increase of 24.87 per cent in October year-on-year. Read More: https://t.co/voomL4ft1g pic.twitter.com/RzqgvuWu8u
— Indo-American Chamber of Commerce (@iaccindia) December 16, 2022
New Jersey is home to 1,100 multinational companies, 225 foreign companies’ headquarters, and 15 Fortune 500 companies. India is the sixth largest trading partner of New Jersey and the fourth largest supplier of goods imported by the state. Bilateral trade between India and New Jersey is $10.7 billion.
In his welcome address, Kshitij Patel, Chairman of IACC Gujarat, said, “Gujarat and New Jersey have inked a sister-state agreement MoU for cooperation in economic development, clean energy, higher education, tourism, cultural exchange, as well as health and trade investments. IACC Gujarat is committed to facilitating the growth of trade and ties in other sectors between Gujarat and New Jersey.”
The New Jersey delegation was in Ahmedabad to explore opportunities for Indian companies looking to establish operations in the US.
Besides strong economic growth, diversity is another reason why many foreign businesses choose New Jersey. The state is home to the second-highest concentration of foreign-born residents and the country’s most diverse city, Jersey city.
Tarun Gupta, Director of New Jersey India Centre, said, “Indian companies employ 70,000 Indian citizens directly in the US, of which over 11,000 are in New Jersey. For most Indian companies, the biggest draw for the US is the size of the market. Out of 150 Indian tech companies in the US, 50 are in New Jersey. Out of the top 200 Indian lifesciences companies, 64 have presence in the US and 39 are in New Jersey. We want this number to go up. We are also focusing on young startups and active collaborations in the fintech space.”
During their Ahmedabad visit, the delegates met senior government officials and representatives from several businesses that have ties with New Jersey. They also paid a visit to GIFT City in Gandhinagar.
