International trade and investment offices.

Existing law requires the Governor's Office of Business and Economic Development (GO-Biz) to develop and implement an International Trade and Investment Program that serves specified purposes. Existing law authorizes the Director of GO-Biz to establish and terminate international trade and investment offices outside of the United States if certain conditions are met. Existing law also authorizes GO-Biz to designate a nonprofit entity to operate international trade and investment offices outside of the United States. This bill would require the Director of GO-Biz to establish a process for accepting letters of interest from public and private entities that are interested in partnering with the state to operate an international trade and investment office in a foreign country. The bill would require the office to review the letters of interest and determine whether they are complete within 30 days of submittal. The bill would also require the director to make a determination, within 90 days of receipt of a complete letter of interest, as to whether to request a full proposal, as specified, for the operation of the office. Existing law authorizes GO-Biz to accept nonstate moneys for the purposes of operating an international trade and investment office. Existing law requires private sector moneys for these purposes to be deposited in the Economic Development and Trade Promotion Account, which is continuously appropriated to the Director of GO-Biz for these purposes. This bill would additionally authorize the moneys in the account to be used for the support of the operation of an international trade and investment office. By expanding the purposes of a continuously appropriated fund, this bill would make an appropriation.