AB 475

Bill Subjects

Abstract

The Economic Revitalization Act establishes the Governor's Office of Business and Economic Development, also known as "GO-Biz," to, among other duties, serve the Governor as the lead entity for economic strategy and the marketing of California on issues relating to business development, private sector investment, and economic growth. Existing law requires the director of GO-Biz to develop an International Trade and Investment Program for the state and authorizes the director to establish and terminate international trade and investment offices outside of the United States as the director determines is appropriate, if specific requirements are met. This bill, no later than January 1, 2024, upon appropriation of sufficient funds for this purpose, would require GO-Biz to establish under its jurisdiction an international trade and investment desk in Tokyo, Japan, and makes related findings and declarations. The bill would require the trade and investment desk to have those powers and duties prescribed by the director to promote and facilitate the state's international trade activities and would require the trade and investment desk to, among other things, promote the export of California goods and services into Japan. The bill would also authorize GO-Biz to contract with the Japan External Trade Organization (JETRO) to provide office and meeting space, as specified. Existing law requires the director of GO-Biz to prepare and submit an annual budget and strategy and business plan for the International Trade and Investment Program that includes, among other things, a separately stated budget for each international trade and investment office. Existing law requires that budget and strategy and business plan to be submitted to specified legislative committees. This bill would require the director of GO-Biz to include information regarding the Japan trade and investment desk in that budget and strategy and business plan for the International Trade and Investment Program.