A Certificate of Recognition with PSEG and energy and manufacturing companies Cheryong Electric and Taihan Cable and Solution was signed, highlighting the bilateral relationship between New Jersey and South Korea, including mutual job creation and cross-border trade.
General Business
On Oct 19, 2023
Following visits to Japan and South Korea, Gov. Phil Murphy and a delegation of business and academic leaders traveled to Taipei today. The mission of the visit was to deepen trade, investment, and academic ties between New Jersey and Taiwan, an economic relationship accounting for over $4 billion in annual revenues.
“Taiwan has long been one of New Jersey’s most vital economic, academic, and cultural partners,” said Murphy. “New Jersey is a global leader in life sciences, fintech, and infrastructure, which are key areas of investments for East Asia. Our state is also home to the fourth highest percentage of Asian Americans of any state in the nation, with nearly one million Asian American residents living in New Jersey. By deepening our economic and cultural ties, we can grow our economies and generate good-paying jobs for families on both sides of the Pacific. I am proud to highlight New Jersey as the best place for Taiwanese innovators and entrepreneurs to expand, grow, and reach new consumers.”
Governor Murphy’s activities and schedule included meetings with companies and executives, trade organizations, government officials, higher education leaders, startup incubators, and other key commercial and economic partners. Key industry sectors of focus included infrastructure, clean energy, financial services, life sciences, technology, logistics, manufacturing, and food and beverage.
Results from yesterday’s segment of the economic mission in South Korea included:
Public Service Enterprise Group Incorporated (PSEG) and energy companies Cheryong Electric and Hoban Group’s Taihan Cable & Solution recommitting to an ongoing partnership born from supply chain disruptions brought on by the COVID-19 pandemic. During that time of global hardship and uncertainty, PSEG worked with Cheryong and Taihan to secure two critical components, transformers and power cables, which were vital to keeping the power on for New Jersey customers.
The signing of four Memorandums of Understanding (MOU) with Korean institutions: one between Rutgers, The State University of New Jersey, and Seoul National University in Seoul, another between the New Jersey Institute of Technology and Korea Astronomy and Space Science Institute in Daejeon, a third between Kean University and Soongsil University, and a fourth between Kean University and Sangmyung University.
The signing of a Memorandum of Understanding (MOU) between the NJEDA and the Maternal and Child Health Promotion Center within the Yangcheon-gu Public Health Center, in Seoul, which establishes collaboration through sharing of clinical work and best practices that will advance both parties’ mission to establish leadership in infant and maternal healthcare and accelerate efforts to support positive health outcomes for mothers and infants.
The signing of a Memorandum of Understanding (MOU) between the New Jersey Motor Vehicle Commission (NJMVC) and the National Police Agency of the Republic of Korea (NPA) concerning the reciprocal issuance of driver’s licenses. The MOU is a landmark agreement that simplifies the process for citizens of New Jersey and South Korea to obtain and use driver’s licenses in each other’s jurisdiction.
The signing of a Memorandum of Understanding (MOU) between Princeton University and CJ AI Center, a leading global lifestyle company headquartered in South Korea, that establishes collaborative research efforts and innovation in the fields of artificial intelligence, machine learning, and computer and information sciences between the two entities.
Gov. Murphy and Choose New Jersey’s East Asia economic mission features a diverse 30 to 40-member delegation comprised of business leaders, university representatives, and elected officials. The delegation will come home this Saturday.
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