INDIANAPOLIS, January 25, 2016 – Today, the Indy Chamber announced that the Indianapolis metro has been selected to develop a regional plan to attract and leverage foreign direct investment. This strategy will build off the existing Indianapolis Metro Export Plan to create a combined Global Trade and Investment Strategy, as part of the Global Cities Initiative, a joint-project of the Brookings Institution and JPMorgan Chase.
Indianapolis will join Charleston, Chicago, Louisville-Lexington, Phoenix, and Wichita in developing their foreign direct investment plan. These six metro areas were selected by Brookings following an extensive application process. Indianapolis 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.
The Indianapolis metro is well positioned to make foreign direct investment a central component of broader regional economic development strategies.
“The work we’re doing as part of the Global Cities Initiative is an important part of the regional strategic plan we’ve developed over the course of the last few years,” said Michael Huber, president and CEO of the Indy Chamber. “For the regional economy to thrive, we must grow regional businesses and attract talent on a global scale. We’re honored to be among world class peer cities in this cohort and look forward to developing this strategy and broadening the opportunities available for Indy businesses on the global stage.”
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. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer-learning network. This opportunity is part of the next phase of the Global Cities Initiative’s Exchange, a network that assists metropolitan areas as they create strategies to support sustainable economic growth, first through addressing exports and then foreign direct investment.
“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.
“JPMorgan Chase is proud to be a part of the development of Indianapolis metro FDI plan and to support innovative planning that will contribute to our region’s future economic success,” said Al Smith, Chairman, JPMorgan Chase Indiana. “International trade and investment represent a promising pathway for local businesses to grow and, in turn, create jobs and expand our local economy.”
Indianapolis will be represented by a team of local leaders including co-chairs Al Smith, JPMorgan Chase and Melina Kennedy, Cummins Inc; and core team members: Gil Latz, IUPUI; Kent Anderson, Indiana Economic Development Corporation; Diane Thomas, The International Center; Marvin Blade, Duke Energy; and Michael Huber, Indy Chamber.
“With internationalization as one of our strategic priorities, IUPUI looks forward to building on our partnerships with the city of Indianapolis that contribute to its continuing emergence as a global business leader and that better prepare our workforce for a 21st-century economy,” said IUPUI Chancellor Nasser Paydar.
As part of this phase, Indianapolis 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.
Findings from the market assessment will be presented at the Indy Chamber’s Global Indy: 2016 Global Outlook Luncheon featuring Brookings fellow and director of strategic partnerships and global initiatives, Marek Gootman, February 16 from 11:30-1 at the Indianapolis International Airport. Details and registration can be found here.
For more information on the Global Cities Initiative please visit www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities. For more information on the Indy Chamber’s Global Indy initiative, visit www.IndyChamber.com/export .