Inaugural New Jersey-India Commission economic mission kicks off

A delegation of New Jersey leaders and officials is on the ground in India for an inaugural economic mission, which is organized by New Jersey-India Commission and led by Lt. Gov. Tahesha Way.

The delegation of over 20 New Jerseyans will be in India for nine days, focused on strengthening economic, educational and cultural ties between New Jersey and India.

India is the state’s second-largest foreign direct investor – with over $11.3 billion in annual bilateral trade.

And right out of the gate, there has been some notable developments on the trip.

The delegation attended the TiE Global Summit at the Bangalore International Exhibition Centre, where Way delivered the keynote speech about New Jersey’s and India’s shared priority in fostering a strong entrepreneurial ecosystem.

During that event, a Letter of Intent was signed between New Jersey and the State of Karnataka aimed at strengthening their respective technology industries by promoting innovation and emerging sectors.

“This partnership reflects and builds upon the longstanding economic and cultural relationship between New Jersey and India, strengthened by shared economic goals and deep cultural roots,” said Way. “This collaboration between New Jersey and the State of Karnataka will join global leaders in biotechnology and information technology in pursuit of innovation while fostering respective economies.”

Head of the class

The agreement also establishes collaboration with academic institutions.

“This agreement leverages New Jersey’s top-ranked schools and businesses, the power of the diaspora, and commits to nurture research collaboration between academia and business as a catalyst for innovation,” said U.S. Consul General in Chennai Chris Hodges.

“New Jersey and India share a commitment to advancing life sciences and technology through cutting-edge practices and research,” said Wesley Mathews, president and CEO of Choose New Jersey and chair of the New Jersey-India Commission. “This agreement establishes a new pathway toward innovation with the State of Karnataka while providing opportunities to foster cooperation between our respective innovation and technology communities.”

The delegation met technology organizations at Bangalore Bio-Innovation Centre, a state-of-art biotech incubator, at the Bangalore Helix Biotech Park.

Biotech connection

On Dec. 10, Way signed a Memorandum of Understanding with Choose New Jersey, the Institute for Life Science Entrepreneurship, and the Association of Biotechnology Lead Enterprises to create a strong connection between biotechnology companies in New Jersey and India.

In 2021, ABLE began its partnership with Choose New Jersey when it signed an MOU with ILSE and BioNJ.

ILSE is a nonprofit research institute, incubator and accelerator founded at Kean University in 2014. ABLE is a non-for-profit organization representing over 400 members, which focuses on accelerating the pace of growth of India’s biotechnology sector. The organization was first introduced to New Jersey officials during the 2019 economic mission Choose New Jersey-organized, Gov. Phil Murphy-led economic mission to India.

“This agreement exemplifies New Jersey’s global leadership in life sciences and technology,” said Mathews. “This latest collaboration will address gaps and opportunities in the current ecosystem and connect stakeholders in industry and academia.”

“ILSE is thrilled to strengthen our ties with ABLE and expand opportunities for collaboration between biotechnology companies in New Jersey and India,” said Thomas Richardson, president of ILSE. “Through this partnership, we aim to foster groundbreaking research and accelerate innovation in life sciences, benefiting the global community.”

“ABLE is proud to partner with Choose New Jersey and ILSE to drive innovation and collaboration between our vibrant biotechnology sectors,” said Narayanan Suresh, chief operating officer of ABLE. “This agreement represents a significant milestone in our mission to advance the biotechnology ecosystem in India while building strong, mutually beneficial relationships with global leaders like New Jersey.”

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