Murphy to make economic mission to Mexico, Nov. 5-9

Gov. Phil Murphy will make a long-awaited economic mission trip to Mexico, Nov. 5-9, Choose New Jersey will announce later Friday.

The trip, which will be organized and sponsored by Choose New Jersey, will be done in collaboration with the Statewide Hispanic Chamber of Commerce of New Jersey.

Based primarily in Mexico City, the trip will focus on deepening economic, educational, and cultural partnerships between New Jersey and Mexico — two regions with strong shared values, vibrant communities and dynamic industries.

Mexico stands as one of the United States’ largest trading partners and a growing hub for innovation and manufacturing. With New Jersey’s diverse economy, world-class infrastructure, and thriving Hispanic business community, the potential for mutual investment and collaboration is immense.

Many do not realize just how strong and significant the economic connection between Mexico and New Jersey already is.

In 2023, New Jersey imported $7.6 billion worth of Mexican products. And, while the number of exports to Mexico is less than half of that, it should be noted that the $3.3 billion worth of exports to Mexico make it the second-largest export market for the state.

Mexican businesses also play a large part in the great impact of the Hispanic business community in New Jersey.

Hispanics own 16.8% of all businesses in the state — and continually are noted as the group with the fastest-growing segment of small businesses in the state.

Last spring, the American Mexican Regional Chamber of Commerce was formed. Led by Francisco Del Toro, the co-owner of La Providencia, a boutique shop in Passaic that sells authentic goods from Mexico that celebrate Mexican culture, the chamber represents serious economic firepower. The 20 founding members of the AMRCC combine for annual revenues of more than $650 million.

The chamber was intended to serve the Northeast corridor from Washington, D.C. to Boston. Since its founding, other area chapters in the Mid-Atlantic have been discussed.

Those interested in going on the trip should reach out to Ryne Szott of Choose New Jersey at [email protected].

The trip represents the first economic mission to Latin America. Murphy, who has used these trips to bring business back to New Jersey while selling New Jersey to the world, previously has traveled to Canada, Great Britain, Ireland, Germany, India, Japan, Korea and Taiwan.

This latest trip will take place one day after the gubernatorial election.

Read the article here.