New Jersey faces challenges in a global economy

There is a world of economic opportunity just waiting for New Jersey companies in today's global market, but there are challenges that must be addressed, according to one New Jersey lawmaker.

A Garden State assemblywoman wants to create the Office of International Trade and Protocol within the New Jersey Economic Development Authority.

"The new office would encourage and promote the expansion and development of foreign export markets for New Jersey products and services as well as providing assistance to New Jersey businesses in developing international markets for their products and services overseas," said Assemblywoman Holly Schepisi (R-Westwood).

A bill (A-4450) sponsored by Schepisi would establish the office and staff it with consultants and advisors with very specialized expertise. The assemblywoman acknowledged that for some New Jersey companies seeking to do business internationally the language barriers are a very big challenge.

"The goal would be for certain countries and core languages that we would have people who would be able to facilitate and so, if we're looking to do something with South Korea and the Korean markets we would have somebody within the office that would be able to speak that language," Schepisi said.

Participating companies would pay on a "no-profit, no-loss" basis which means the office would be partially funded through profits earned by New Jersey businesses.

"The idea is to encourage and promote foreign investment in New Jersey by maintaining contact with representatives of foreign governments and businesses on an ongoing basis," Schepisi said.

By helping Garden State businesses confront other challenges geographic, regulatory and financial challenges in a global market to state could assist the companies in creating jobs and expanding their horizons, Schepisi predicted.

"Commerce doesn't end at the state line or at the border," she said.