ASSEMBLY COMMERCE AND MILITARY AND VETERANS' AFFAIRS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1433

STATE OF NEW JERSEY

DATED: FEBRUARY 15, 1996

      The Assembly Commerce and Military and Veterans' Affairs Committee reports favorably Assembly Bill No. 1433.

      As reported, this bill authorizes the Commissioner of Commerce and Economic Development to establish the New Jersey Higher Education International Network.

      The purpose of the New Jersey Higher Education International Network would be to use the international contacts developed by State and private institutions of higher education, which may include, but need not be limited to, the New Jersey Institute of Technology, Rutgers, The State University and appropriate community colleges, to promote international business for New Jersey companies through reverse investment, foreign trade and venture partnerships. Many academic institutions are held in the highest esteem by foreign governments and can be effective in marketing New Jersey to key decision-makers globally. For example, the New Jersey Institute of Technology has been active in the former Soviet Union, Malaysia, the Philippines, Northern Ireland and France. The network would enable New Jersey businesses to utilize these existing relationships to promote foreign investment and international trade.

      The bill authorizes the commissioner to: (1) identify how foreign offices and affiliations of institutions of higher education can be utilized to promote international trade; (2) establish relationships with institutions of higher education for participation on the New Jersey Higher Education International Network; (3) develop procedures for dissemination of information gathered through the network to New Jersey companies; and (4) take all appropriate action to develop and facilitate the use of the network, which may include delegating responsibilities for establishing the network to a designated nonprofit corporation. The bill requires the commissioner to report back to the Governor and the Legislature within one year of the effective date of the bill.