Law Makes NJ More Attractive to International Businesses

The recently passed measure treats mediated settlements as if they were court judgments, meaning they’re binding.

By Erin Delmore

New Jersey’s location and population make it an attractive place for business owners — that’s no surprise. But a recently passed law makes the Garden State a whole lot friendlier toward international businesses looking to grow their roots.

“Our geographic location is really advantageous. We’re in proximity to the biggest media market in the world, huge financial services. If you’re going to have a global footprint, you’re going to have a presence generally in Manhattan. What we’ve tried to do over the past couple years is kind of make it a seamless transition from our waterfront all the way to Manhattan and we’ve attracted some really great corporations moving from elsewhere here,” said Jersey City Mayor Steve Fulop.

The NJCU School of Business hosted a conference today on “Redefining Risk for Family Businesses: Global Growth in the 21st Century.” Panelists and featured speakers said New Jersey is uniquely poised to play a role in the flow of business dollars to the U.S.

“New Jersey is uniquely suited because of its diversity, its economic power engine, its resources. It is situated in an area that provides an enormous amount of opportunity in growth being on the eastern seaboard, its infrastructure, its highways, its housing, its innovation and entrepreneurship, its airports — all of these collectively are reasons why New Jersey can compete, even though it’s right next to New York City and close to Philadelphia,” said David Weiss, founder and director of the NJCU Institute for Dispute Resolution.

New Jersey is one of six states that are extra appealing to international business owners. The recently passed International Arbitration, Mediation and Conciliation Act treats mediated settlements as if they were court judgments — that is to say, they’re binding. Welcome news for business owners looking to avoid drawn out legal battles.

“There is a chamber of commerce on the West Coast but it’s not very active. It was thought that it is time to work with the consulate, with the embassy, with the Hungarian ministries to make it easier for start-ups, for companies that are looking to expand, to come to the U.S. market,” said Andras Revesz, secretary of the American-Hungarian Chamber of Commerce.

The New Jersey International Arbitration, Mediation and Conciliation Act was proposed to the state Legislature by NJCU. Gov. Chris Christie signed it into law in early February.