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For immediate Release
February 2, 2017
Foreign Direct Investment (FDI) Plan will help our community better attract, support, and integrate foreign-owned companies and foreign nationals
NORTH CHARLESTON, S.C. – Today, the Charleston Regional Development Alliance (CRDA) and community partners announced the release of the Charleston Metro FDI Plan, a comprehensive global trade and investment plan that outlines specific steps local business, civic, and government leaders can take to leverage exports and foreign direct investment to grow global engagement. This strategy is an integral stage of the Charleston region’s 11-month participation in the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. The final plan integrates lessons learned from previous GCI endeavors including an initial market assessment followed by export and foreign direct investment strategies.
With more than 85 percent of global growth through 2019 projected to occur outside the United States, global engagement is a necessity if cities want to catalyze both their economies and their workforce. Global companies – those that export and receive foreign direct investment – pay higher average wages, contribute more to regional R&D efforts, and increase productivity of domestic markets through the infusion of new technologies and practices.
“Leaders across the Charleston region have committed to take tangible action on what our research shows is key to a strong, diverse economy,” said Marek Gootman, fellow and director of strategic partnerships and global initiatives at the Brookings Institution. “Through this planning process, Charleston will determine how to better help local firms and the region take advantage of opportunities in the global marketplace. Charleston joins a select group of metro areas working to strengthen their international connections and competitiveness through the Global Cities Initiative, where executing regional trade and investment strategies is yielding measurable results.”
“International trade and investment represents a promising pathway for local businesses to create jobs, attract capital and grow our economy.” said Jeff Henry, JPMorgan Chase. “JPMorgan Chase is proud to be a part of the development of the Charleston metro’s export plan and to support innovative planning that will lead to our region’s future economic success.”
The Charleston Metro FDI Plan was released today at the CRDA’s Quarterly Investor Briefing held at the Daniel Island Club. It’s goal: To enhance the Charleston region’s ability to attract FDI and to maximize the overall economic and community impact of foreign companies and foreign nationals in the metro region.
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The event featured discussions led by six of the 39 Steering Committee Members involved in the development of the FDI Plan including: Jenna Edwards, CRDA; Mike Graney, CRDA; Ford Graham, K&L Gates; Stani Fowler, Dixon Hughes Goodman LLP; Elizabeth Gibbes, Parker Poe Adams Bernstein, LLP, and George Morrison, McNair Law Firm.
“The Charleston region’s strong economic momentum is the direct result of years of collaborative, consistent, and focused work by leaders throughout the community, guided by a regional strategy. As our economy evolves to meet demands of the marketplace, so should our community’s approach to foreign direct investment,” said David Ginn, CRDA President & CEO. “Multinational companies employ large numbers of people and invest significantly in our region. Supporting FDI is as much about supporting the companies and people who are already here, as it is about recruiting new investment and talent. Being a globally competitive community means we are always striving to be better and sustain our momentum.”
Charleston Metro FDI Plan’s Five-Year Objectives: (#2 is Year One Priority)
Three Focus Areas for Action:
For example, under Local Support and Integration, a recommended action is to expand the community’s resources to support and integrate foreign nationals, by creating a volunteer corps of ambassadors willing to connect with new foreign nationals in the region. For more details on the Charleston Metro FDI plan, please visit charlestoneconomicdevelopment.com
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. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer-learning network through replication and dissemination. For more information, see https://www.brookings.edu/project/global-cities-initiative-a-joint-project-of-brookings-and-jpmorgan-chase/ or www.jpmorganchase.com/globalcities.
About the Charleston Regional Development Alliance
The Charleston Regional Development Alliance is a professional economic development organization representing Berkeley, Charleston and Dorchester counties in South Carolina. With a large and growing network of business, academic and governmental partners, the CRDA directly assists companies with competitive location or expansion projects by connecting them with the right people, the appropriate resources and the most meaningful and relevant information. The CRDA promotes the Charleston region’s business, academic and lifestyle strengths worldwide to attract the world’s best companies, entrepreneurs and professional talent. Ultimately, the goal is to strengthen regional employment, build our base of high-value industries, and significantly improve the economic future for all who live and work in the greater Charleston area.
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Media Contacts:
Claire Gibbons, CRDA Director, Global Marketing & Communications
Direct: 843.760.3351 | [email protected] | CharlestonEconomicDevelopment.com
Anthony Fiano, Brookings Institution, 202.238.3113 | [email protected]
For media or press inquiries, contact:
[email protected] or call us at +1 843.767.9300
