Lt. Gov. Tahesha Way on Tuesday signed a letter of intent between the state of New Jersey and the State of Karnataka in Bengaluru, India as part of the NJ-India Commission’s inaugural economic mission to India.
The letter of intent aims to strengthen New Jersey and the state of Karnataka’s respective technology industries by promoting innovation in emerging sectors. It was signed by Way at the TiE Global Summit in Bengaluru, where Way also delivered a keynote speech on New Jersey and India’s shared commitment to fostering welcoming business environments and deep cultural and economic ties.
“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,” Way said. “The collaboration between New Jersey and the state of Karnataka will join global leaders in biotechnology and information technology in pursuit of innovation while fostering our respective economies.”
The agreement leverages New Jersey’s thriving life sciences ecosystem and commitment to innovation alongside the state of Karnataka’s leadership in life sciences and technology to foster initiatives that drive economic growth through bilateral trade and record investment in the life sciences, technology, and electronics sectors. Additionally, it establishes collaboration with academic institutions, unlocking new opportunities for groundbreaking research and meaningful cultural exchange.
Wes Mathews, President and CEO of Choose New Jersey, applauded the signing.
“New Jersey and India share a commitment to advancing life sciences and technology through cutting-edge practices and research,” he said. “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 inaugural New Jersey-India Commission economic mission underscores New Jersey’s commitment to deepening ties with India across multiple sectors. Established in 2024, the New Jersey-India Commission brings together government, business, and academic leaders to strengthen bilateral trade, enhance cultural connections, and support collaborations that drive innovation.
The Commission played a pivotal role in facilitating the letter of intent, marking a milestone in the enduring relationship between New Jersey and India. This agreement follows two earlier partnerships established in 2019 with the states of Telangana and Gujarat, further reinforcing New Jersey’s strong and growing ties with India.
New Jersey, which dubs itself “The World’s State,” is a global hub that draws immigrants and international businesses from around the world.
India is New Jersey’s second-largest foreign direct investor, with $11.3 billion in annual bilateral trade. Indian residents are also New Jersey’s largest Asian demographic, making up more than 41% of the state’s Asian population. As the Indian population in New Jersey grows, Choose New Jersey’s services support business owners, both locally and overseas. The Choose New Jersey India Center has offices in Delhi and Bengaluru. New Jersey is the only state with two offices in the country, increasing the State’s ability to assist Indian businesses in their expansions into the U.S. market in New Jersey.
