AB 2713, as amended, Quirk-Silva. Governor’s Office of Business and Economic Development: South Korea.
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.
begin insertExisting law authorizes the office to accept private donations for purposes of operating any international trade and investment office and for purposes of promoting international trade and investment events, and requires those moneys to be deposited in the Economic Development and Trade Promotion Account, a continuously appropriated fund in the Special Deposit Fund in the State Treasury. Existing law authorizes the office to use moneys in that account for these purposes.
end insertThis bill would begin insertauthorize the office to establish one or more public-private partnerships to help guide state activities relating to the export of California products and the attraction of employment-producing direct foreign investment with key country and industry partners. The bill would also end insertrequire the office to establish abegin delete public-private partnershipend deletebegin insert end insertbegin insertSouth Korean Trade Promotion Advisory Committeeend insert to help guide state activities related to the export of California products to South Korea and the
attraction of employment-producing direct foreign investment by South Korean investors.
This bill would authorize the office, for each public-private partnership established, to accept nonstate moneys, including, but not limited to, private sector funds, for activities related to this particular public-private partnership, consistent with specified requirements. The bill would require these private sector moneys to be deposited in the Public-Private Partnership Subaccount, which would be established within the Economic Development and Trade Promotion Account and would be continuously appropriated to the director, only for activities related to the particular public-private partnership for which the moneys were received, consistent with specified requirements.
end insertVote: majority.
Appropriation: begin deleteno end deletebegin insertyesend insert.
Fiscal committee: yes.
State-mandated local program: no.
The people of the State of California do enact as follows:
Section 12096.35 is added to the Government
2Code, to read:
(a) It is the intent of the Legislature for a
4public-private partnership established pursuant to this section to
5do the following:
6(1) Advise the office on trade and investment activities and
7strengthen the collaboration between activities taken by business,
8industry, foundations and nonprofits, and the public sector.
9(2) Discuss, among other things, the implementation of the state
10goals
and objectives of the state International Trade and
11Investment Strategy and opportunities to attract private sector
12deposits into the subaccount established pursuant to this section.
13begin insert(b)end insertbegin insert end insertThe officebegin delete shallend deletebegin insert mayend insert establishbegin delete aend deletebegin insert one or moreend insert public-private
14begin delete partnershipend deletebegin insert
partnershipsend insert to help guide state activities related to
15the export of California productsbegin delete to South Koreaend delete and the attraction
16of employment-producing direct foreign investmentbegin delete by South begin insert with key country and industry partnersend insert.
17Korean investorsend delete
P3 1(c) Members of a public-private partnership shall meet at least
2three times in a calendar year, which may occur as in-person
3meetings or through some electronic means, at the discretion of
4the office. A quorum shall not be necessary to meet and advise the
5office, except for those
recommendations that relate to the specific
6allocations of moneys from the subaccount. The office may use the
7moneys in the subaccount without approval of the public
8private-partnership pursuant to subdivision (e).
9(d) Each public-private partnership shall consider, among other
10tools, the use of a market order to help interested parties
11collectively contribute to marketing and promotion activities
12related to California exports and foreign investment.
13(e) For each public-private partnership established pursuant
14to this section, the office may accept nonstate
moneys, including,
15but not limited to, private sector funds, for activities related to the
16particular public-private partnership, consistent with the reporting
17and posting requirements described in Section 13997. The private
18sector moneys shall be deposited in the Public-Private Partnership
19Subaccount, which is hereby established within the Economic
20Development and Trade Promotion Account established in Section
2113997. Notwithstanding Section 13340, the director may expend
22moneys in the subaccount, without regard to fiscal year, only for
23activities related to the particular public-private partnership for
24which the moneys were received, consistent with the reporting and
25posting requirements of Section 13997.
26(f) In addition to the public-private partnerships established
27pursuant to subdivision (a) for other foreign trade and investment
28country partners, the office shall establish the South Korean Trade
29Promotion Advisory Committee to help guide
state activities related
30to the export of California products to South Korea and the
31attraction of employment-producing direct foreign investment by
32South Korean investors.
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