Kane County officials announced today (Friday, Feb. 26, 2016) that the county has been selected to develop a regional plan to attract and leverage foreign direct investment.
Building off its existing Metro Chicago Exports initiative and the Kane County Jobs Committee’s export incentive plan, Kane County will join Charleston, Chicago, Indianapolis, Louisville-Lexington, Phoenix, and Wichita in developing their foreign direct investment plan.
These six metro areas were selected as part of the Global Cities Initiative — a joint-project of the Brookings Institution and JPMorgan Chase — after undergoing an extensive application process.
Metro Chicago Exports was selected for its readiness and commitment to strategically pursue foreign direct investment through such activities as greenfield expansions, mergers and acquisitions, and other types of foreign investment including EB-5, private equity, joint-ventures and sovereign wealth funds. MCE is well positioned to make foreign direct investment a central component of broader regional economic development strategies.
Launched in 2012, the Global Cities Initiative is designed to help metropolitan leaders advance and grow their regional economies by strengthening international connections and competitiveness on key economic indicators such as advanced manufacturing, exports, foreign direct investment and traded sectors.
“For this next cohort, we selected metro areas that have shown a commitment to attracting, expanding and leveraging foreign direct investment as part of a comprehensive global trade and engagement strategy,” said Marek Gootman, Brookings fellow and director of strategic partnerships and global initiatives. “The six metro areas selected will be strong role models for other regions and represent a growing group of leaders who understand the need to embrace the global market and solidify and strengthen international connections and competitiveness.”
Foreign direct investment has long supported regional economies, not only by infusing capital, but also by investing in workers, strengthening global networks, and sharing best business practices.
As the world’s largest economy with a stable investment environment, the United States has been a top destination for foreign direct investment. Yet in the world’s increasingly competitive investment market America’s global share of foreign direct investment has fallen. Metropolitan leaders, in partnership with their states, are best equipped to attract and retain foreign direct investment by promoting their areas’ unique specializations and establishing strategic and mutually beneficial relationships.
“International trade and investment represent a promising pathway for local businesses to grow and, in turn, create jobs and expand our local economy,” JP Morgan Chase said in a news release.
As part of this phase, Metro Chicago Exports will develop a foreign direct investment market assessment and plan, along with an implementation plan and a policy memo. This work, added to the region’s existing regional export plan, forms the second core component of a global engagement strategy that will strengthen the region’s global economic connections and competitiveness.
About the Global Cities Initiative
The Global Cities Initiative is a joint-project of the Brookings Institution and JPMorgan Chase designed to help metropolitan leaders advance and grow their regional economies by strengthening international connections and competitiveness on key economic indicators such as advanced manufacturing, exports, foreign direct investment, and traded sectors. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer learning network. The Global Cities Initiative is chaired by Richard M. Daley, former mayor of Chicago and senior advisor to JPMorgan Chase. It is directed by Amy Liu, vice president and director of the Brookings Metropolitan Policy Program. For more information, see http://www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities.
About Metro Chicago Exports
Metro Chicago Exports represents an unprecedented collaboration between the City of Chicago/World Business Chicago and the seven counties in Northeastern Illinois (Cook, DuPage, Kane, Kendall, Lake, McHenry and Will) with the goal of increasing exports from SMEs and supporting regional job growth.
- Brookings Institute webpage
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