SENATE COMMERCE COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1065

STATE OF NEW JERSEY

DATED: JUNE 3, 1996

      The Senate Commerce Committee reports favorably Assembly Bill No. 1065.

      This bill authorizes the Commissioner of Commerce and Economic Development to establish a New Jersey Corporate Overseas Network Program.

      The New Jersey Corporate Overseas Network Program would supplement trade leads the Division of International Trade develops during trade shows, trade missions and other such events by calling on New Jersey companies with international contacts to provide new leads in the export, joint venture partnership and foreign investment areas to the division. The division would share those leads with appropriate New Jersey businesses. The program is also intended to enable the division to identify opportunities to develop free or shared-space arrangements with New Jersey companies which have established international offices.

      The bill authorizes the commissioner to delegate responsibilities for the program to a nonprofit entity designated by the department, which may include a nonprofit corporation proposed by the New Jersey Economic Master Plan Commission, to implement the recommendations of the master plan commission.

      The bill requires the commissioner to report to the Governor and the Legislature on the outcome of the department's efforts to implement the program within one year of the effective date of the bill.