Governor Jon S. Corzine

NEW JERSEY CELEBRATES 25TH ANNIVERSARY OF PROVINCE-STATE AGREEMENT WITH ZHEJIANG PROVINCE

TRENTON

- Governor Jon S. Corzine today welcomed Chairman Xi of China's Zhejiang Province to celebrate the 25th anniversary of the province-state relationship between the State of New Jersey and Zhejiang with a ceremonial agreement signing.

"In today's global economy, international trade is a critical priority for the economic well being of our state and our citizens," said Governor Corzine. "The opportunities these trade relationships bring in terms of exports and foreign direct investment are vital elements of our state’s economic health. Maintaining our province-state relationship with Zhejiang Province is equally important for the bilateral exchanges it presents."

Originally signed on May 11, 1981, the agreement reaffirms the commitment to bilateral international exchanges in commerce and trade as well as culture and education. Maintained through The New Jersey Commerce, Economic Growth & Tourism Commission's Office of International Trade & Protocol, Zhejiang is the only province in China that holds such a relationship with New Jersey.

"New Jersey's province-state relationship with Zhejiang is one that we value very highly," said Commerce Secretary Virginia Bauer. "This mutual understanding offers opportunities for two different cultures to get to know one another, to break down barriers and to open doors to the global economy."

Zhejiang is one of China's richest provinces with concentrations in light industry and agriculture. In terms of attracting foreign direct investment from Zhejiang, opportunities exist in pharmaceutical and biotechnology, logistics related industries as well as agriculture and food packaging. There is also great export potential for New Jersey companies in Zhejiang including petrochemicals, energy-related and environmental industries and raw materials.

In addition to Chairman Xi, other members of the delegation included Mr. Zhong Shan, Vice Governor, Mr. Pan Jiawei, Vice Secretary-general of Zhejiang Provincial Government, Mr. Ruan Zhongxun, Director-General of Zhejiang Foreign Affairs Department and Mme. Zhou Saixing, Deputy Consul-General of the People's Republic of China in New York.

China is a burgeoning, yet complex market. It is New Jersey's 9th largest trading partner. In fact, Garden State companies exported approximately $598 million of New Jersey goods to China in 2005. These exports include: plastics and articles; industrial machinery, including computers; electric machinery, sound equipment, TV equipment and parts; iron and steel; optic, photo, medical or surgical instruments.

New Jersey is the 12th largest exporter of goods in the United States. If it were its own country, New Jersey’s economy would be the 18th largest in the world.