Council for Trade and Investment Promotion
32 Passaic Street,
Dynamic and sustained economic growth, supported by investments and entrepreneurship are the needed ingredients for the private sector to create more jobs and business opportunities and thus increase income for the man in the street.
In turn, this will generate income for the City to fund and expand its access to health, education and infrastructure services and help improve productivity.
But in many towns and cities in the State of New Jersey “foreign direct investments” (FDI) are too low, productivity gains are insufficient, incentives for innovation are inadequate, return on investments are not sufficiently predictable, and not enough to secure a safe and adequate jobs being created in the formal economy.
While United States is considered a developed country, many local government units (LGU) are still in dire need of trade and investment opportunities to address government’s budgetary constraints and other structural impediments that holds back productive investments, from both domestic and foreign.
Economic development is like developing an infrastructure facility on a “public-private-partnership (PPP) mode. The private sector has its own responsibility to support the government. It cannot leave economic development to the government alone. It has to work hand-in-hand. It must work as a team.
To help the private sector mobilize more productive investments, and improve the effectiveness of interventions that support this objective, the Council need to:
1. Be more strategic, and its support shall be in accordance with the market demand;
2. Focus on helping to lower the costs of investments, reduce risks, improve competition and develop human and institutional capacities in the City;
3. Promote responsible business practices in such areas as labor relations, the environment and anti-corruption within the system;
4. Support the City’s advocacy of enhancing the contribution of investment to pro-poor growth (i.e. increase the impact of growth on poverty reduction) by making labor, land and other markets work better for the poor, tackling constraints to women’s entrepreneurship, reducing barriers to formalization, promoting environmental sustainability, expanding access to knowledge and technology and unleashing the economic potential of the City;
5. Encourage entrepreneurship and innovation by supporting education and vocational training, research and development activities and technology transfers;
6. Support the City’s plan to improve and develop new and efficient infrastructure facilities, especially those under PPP concept offering it to prospective investors, who are qualified and eligible to undertake government infrastructure projects;
7. Help the City improve its capacity as an investment and tourism destination;
8. Seek out reliable, representative and accountable domestic partners who can drive reform program and help catalyze change.
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