Gov. Phil Murphy sat down with New Jersey Chamber of Commerce President & CEO Tom Bracken on Wednesday, July 26, at New Jersey Institute of Technology in Newark to discuss ways to improve and expand the state economy. The governor used the event to announce a trade mission this fall to Japan and South Korea, with the primary goals to be attracting jobs and investments to the Garden State.
“Japan and South Korea have long been some of New Jersey’s most vital economic, academic, and cultural partners,” said Gov. Murphy. “I look forward to leading a large New Jersey delegation to these trading partners this fall to reaffirm our … ties and make the case for New Jersey as the best place to expand and grow a business.”
Bracken said the most effective way to attract companies, in addition to trade missions, is for the state to adopt pro-growth policies, like replenishing the state’s Unemployment Insurance (UI) Fund, as many states have done, instead of relying on payroll tax increases on employers; creating a significant grant fund to provide working capital to companies; create a commission to eliminate red tape; and launch an economic council with quarterly meetings to discuss the economy.
Bracken praised Murphy for allowing a surcharge on the state’s corporate business tax to expire at the end of the year – which business leaders say will help make the state more competitive.
“You stuck to your guns,” Bracken said. “And I respect you for that.”
The governor said the Chamber’s proposal for more state grants to companies is something worth considering, noting that “banks, especially regional banks, have pulled back” on lending.
“We are open to more capital for companies,” Murphy said. “I will talk to the NJEDA to see if there is way around it.”
A special thank you to NJIT President Teik C. Lim and the NJIT staff for hosting this special event.
Read more about the trade mission here.
Watch a rebroadcast of today's economic fireside chat here.