Corizine said, “Foreign trade is essential to the New Jersey’s success in the future,” prior to signing Executive Order No. 147 on July 24, 2009 at a ceremony attended by more than 100 interested individuals. “When you think of biotech, the energy industry and technology applications there are no two economies that fit together better than New Jersey and Italy’s,” Corzine concluded.

To illustrate his point, the Governor pointed to the recent acquisition of the Parsippany-based DRS Technologies, one of the world’s fastest growing defense technology companies, by Italy’s Finmeccanica for $5.2 billion.

“This is the heart and soul of what we have to do,” Governor Corzine said. “We have to see capital flowing. If we see capital flow across borders we will see trade flow across borders. When trade flows, we see jobs.”

Ted Zangari and Sal Davino, co-chairs of the Trade Council said, “We need to remain competitive in the marketplace. T Trade Council will play international matchmaker, introducing local businesses to our foreign counterparts in Italy, leading to job growth and an improved State economy.”

Zangari said he was optimistic about the success of the Trade Council. He noted, “Five major commodities that Italy imports come from places other than New Jersey. Giving New Jersey the opportunity to increase exports to Italy will increase both jobs and trade.

The primary purpose of the Trade Commission will be to expedite trade agreements by hosting conferences, seminars, trade missions, university collaborations and other strategic initiatives.

The first conference will take place in Newark on October 16, 2009 at NJPAC from 9:00 a.m. until 5:00 pm. The conference will feature businesspersons from both Italy and New Jersey who will present ideas about trade opportunities. For more information, please call Danielle at 973-966-2800 x 246 or email at info@nj-italytrade.org

Davino also announced that the New Jersey/Italy Trade Council has established a Web-site – www.nj-italytrade.org. This Web site provides all the information needed to do business in Italy. While the site is currently in English it will be translated into Italian shortly.

In 2008 New Jersey exported approximately $1.4 billion in merchandise to Italy and two-way trade flowing between the ports of New Jersey and Italy was $9 billion. The state’s five largest export commodities to Italy, irrespective of port of exit, were:primary and precious metals, mineral fuel and oil, miscellaneous chemical products, industrial machinery and optical, photographic and medical instruments.The five largest import commodities which came into New Jersey ports were industrial machinery, beverages and spirits, vehicles except railways or tramway, mineral fuel and oil and leather art and handbags.

In 2008, Italy was New Jersey’s sixth largest export market and the business between the two economies has shown strong, consistent growth. With Italy importing worldwide more than $556 billion a year, there is plenty of room from New Jersey’s segment to grow, Davino said.

There are currently 57 New Jersey companies with 462 offices in Italy, while 23 Italian firms have 28 offices in New Jersey.

The Trade Council is an outgrowth of the New Jersey Italian Italian/American Heritage Commission. Part of the Trade Council’s mission is to help fund the educational, cultural and language study work of the Commission.

Governor Corzine notes that the State will receive a corollary benefit from the Trade Council’s work in that it will “help maintain the heritage of our two societies, one with each other — that we not lose track of language, that we not lose track of the traditions of Italy that we have in our society.”

The Executive Committee of the Trade Council is headed by co-chairs Davino, of Fidelity Land Development Corp., and Zangari, a partner in the law firm of Sills, Cummis & Gross, P.C. Also on the committee are Rosemary Alito, K&L Gates; Cav. Richard Bilotti, chairperson NJ Italian Italian/American Heritage Commission; Frank Cannone, Gibbons, P.C.; Mario M. Casabona, Casabona Ventures, LLC; Cav. Paul DiGaetano, former Assemblyman; Michael Eckstein, The Topaz Group; Angelo J. Genova, Genova, Burns & Vernoia; Vito Gagliardi, Porzio, Bromberg & Newman, P.C.; Cav. N. Larry Paragano, Paragano Enterprises; and Tom Pecora, Enna Holding, Ltd, Inc.