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SpanishMurphy signs MOU with province of Ontario with innovation and development in mind
Tom Bergeron, ROI-NJ | September 09, 2024
In a renewed commitment between New Jersey and the province of Ontario, built upon a 2005 Memorandum of Understanding signed in Princeton, Gov. Phil Murphy signed a Sister State MOU with Ontario on Monday in Toronto. The agreement focuses on economic development and investment, workforce development, regulatory cooperation and academic cooperation.
The priority sectors of collaboration are life sciences, advanced manufacturing, information and communication technologies, energy, agri-food technologies, financial services and sports and tourism.
The signing came on the Day 3 of the New Jersey-Canada Economic Mission trip, sponsored by Choose New Jersey.
Murphy, who is leading a delegation of nearly three dozen, said the partnership will pave the way for innovation in artificial intelligence, fintech, digital health and so much more.
“Through this agreement, New Jersey and Ontario will bring together our workers, innovators, students and entrepreneurs to collaborate on launching new industries and creating new economic opportunities — on both sides of the border,” Murphy said.
Canada is New Jersey’s top international trading partner, generating over $17.5 billion through bilateral trade each year. In 2023, New Jersey’s economic relationship with Ontario alone accounted for more than one-third of that amount.
“Ontario and New Jersey have both benefited from a longstanding trade relationship, and this agreement will further strengthen our collaboration, driving economic growth for both jurisdictions,” Ontario Premier Doug Ford said. “At a time of global instability, it has never been more important for Ontario and our U.S. partners to work together to create more jobs and prosperity, promote our shared values and protect our shared national security interests. Now is the time to bet big on the U.S.-Canada relationship.”