Paterson Receives American Cities of the Future Award for Foreign Investment
Thursday, October 10, 2013 • 3:54pm
PATERSON, NJ - The city of Paterson has received an award from fDi Intelligence for foreign direct investment. The award was presented to the City of Paterson for Excellence in Infrastructure to support foreign investment and global business development.
"This is a tremendous honor for the city,” said Mayor Jeffery Jones. “Our Administration has worked diligently to create and implement an economic development vision to make Paterson prosperous and economically sustainable. This is an important acknowledgement to the investments we have begun to build a prosperous Paterson."
The award was presented at a formal ceremony on Monday, Oct. 7, during the IEDC 2013 Annual Conference, in Philadelphia. Mayor Jeffery Jones, Ruben Gomez, Director of Economic Development, and Erik Lowe, Chairman of the Municipal Utility Authority, accepted the award on behalf of the city. fDi Intelligence’s American Cities of the Future Awards recognize cities for their strategies, investments, and resources that support foreign investment and global business development.
Jones’ vision is for Paterson to become a leading city in New Jersey for economic and sustainable development. “Attracting global and international business is priority for the city,” said Mayor Jones. “Paterson has hosted four international delegations over the past three years from India, China, Peru, and South Korea.” Paterson is one of the most ethnically diverse and densely populated cities in the United States. This combined with its logistical assets make Paterson competitive for international companies seeking to expand or gain an entry in the United States.
“Investment in infrastructure to support development and global business attraction is a vital component of the city’s approach to economic development,” said Ruben Gomez, Director of Economic Development. “Awards such as this are beneficial because they acknowledge our locational assets and Paterson’s assets position our city in front of our target international audiences,” said Gomez. According the mayor, the award also demonstrates that Paterson’s approach to economic development is working.
Paterson’s appeal as an international business location is rapidly ascending. The city boasts many competitive strengths including its location assets.
The city's economic profile continues to improve. Major growth industries include tourism, healthcare and food processing and manufacturing. There are 18 priority real estate projects with an estimated value over $150 million dollars in the pipeline. Unemployment has steadily decreased, dropping 2.6 percent since 2011. The city is also investing in residential development and local amenities including public parks to support future growth.