Governor Murphy is solidifying his economic legacy within the state, announcing his administration will make an overseas trip to East Asia this fall.

It's the latest stop on his trade tour around the world with similar previous trips to Israel, Germany, India and Ireland.

Missions, the governor's office says, strengthened New Jersey's economic ties with those countries, encouraging leaders to invest and create jobs here.

As senior correspond Brenda Flanagan reports, today's announcement was made as the administration rides high on a recent new business ranking.

Governor Murphy offered to do this Q&A with folks from New Jersey's Chamber of Commerce, a group with ongoing concerns over the state's economic clout and its business image.

That got a big boost from CNBC, whose latest report naming New Jersey this year's most improved state for business.

Jersey jumped 23 places from a dismal 42nd up to 19th out of 50 states.

Chamber President Tom Bracken admitted.

I was surprised by that.

A lot of people were surprised by that.

But the reality is, although we're 19th, we should be top ten.

The bad news is, I don't know about you.

I don't wake up in the morning and say, yes, we're 19th.

The governor announced New Jersey will forge new international business connections in Asia with trade missions to Japan and Korea this October, which.

Makes a lot of sense.

These are the fastest growing economies in the world, in Asia and in Latin America.

Know.

So it makes a lot of sense to go there.

Business leaders acknowledge Jersey's burnished its fiscal image under Murphy with seven credit ratings upgrades, a record budget surplus for fiscal year 2024 and the third full state pension payment.

But New Jersey still ranks 44th as the most expensive state in which to do business, and 48 four least business friendly.

It's a lousy image.

We have an opportunity to make some quantum leaps in our image, in our economy, in the business community.

If we can attack those aggressively.

We have a huge upside, and that's what we're looking for.

Bracken, who's also a member of the NJ PBS board, suggested making more working capital available state grants for businesses struggling to survive in a post-pandemic inflationary economy.

Creating a new commission dedicated to cutting government red tape.

And establishing an economic council that would meet regularly to give the governor feedback.

He also requested more help for diverse minority businesses.

They need more help with getting into state contracts.

They need more help getting into the supply chain.

Murphy promised help is on the way after the state completes a required disparity study.

He also repeated his promise not to extend the two and a half percent surcharge on New Jersey's highest in the nation corporate business tax.

But I can't look a business in the eye in this case big businesses and say honestly that we're still in crisis, that we need that the revenue that surcharge.

What I like the billion dollars that brings us.

You betcha.

But a deal's a deal.

Lawmakers have extended the corporate business tax surcharge twice before.

It's $1,000,000,000 chunk of revenue.

And there will be political costs to letting it lapse for aggressive groups have argued the surcharge could sustainably fund NJ transit.

But even if the lame duck legislature agrees with the governor's vow to let the surcharge expire.

But Republicans predict the surcharge could return if the economy tanks.

Well, threat that the cbdt as soon as there's economic downturn they may reimpose that that surcharge or a host of other taxes.

You see no inclination on the part of this administration or democrat led legislative leadership that that any appetite for rightsizing government.

Murphy said he will advance New Jersey's economy and business climate, promising to grow the pie, but make sure everybody gets a piece.

Not I see that I'm a proud, progressive and a cold blooded capitalist.

I'm Brenda Flanagan, NJ Spotlight News.