Syracuse selected to develop regional plan to attract foreign direct investment; Building off existing CenterState Metropolitan Export Plan

According to CenterState CEO, Syracuse has been selected to develop a regional plan to attract and leverage foreign direct investment, building off its existing CenterState Metropolitan Export Plan, as part of the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. Launched in 2012, the Global Cities Initiative (GCI) helps business and civic leaders grow their metropolitan economies by strengthening international connections and competitiveness. 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 GCI's Exchange, a network that assists metropolitan areas as they create strategies to support sustainable economic growth, first addressing exports and then foreign direct investment. Once completed, the foreign direct strategy will complement the export plan to form a cohesive global trade and investment plan. As part of this phase, Syracuse 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. Syracuse will be represented by a team of local leaders including those from CenterState CEO and the CNYIBA. "We are incredibly grateful to have the support and resources of the Global Cities Initiative, the Brookings Institution and JPMorgan Chase as we work to develop and execute a plan to drive exports and foreign direct investment in CenterState New York," said Robert Simpson president of CenterState CEO. "In order to increase our competitiveness as a region and to support the sustainable growth of our region's businesses we need to increase our exporting market share. Through a thoughtful planning process we will be able to achieve these goals and create new wealth in this post-recession economy." Syracuse joins Atlanta; Des Moines, Iowa; Upstate S.C. representing the Greenville-Spartanburg-Anderson CSA; Los Angeles; and Milwaukee in developing their foreign direct investment plan. Brookings selected these six metro areas after an extensive application process. Syracuse was selected for its readiness and commitment to strategically pursue foreign direct investment such as greenfield expansions, mergers and acquisitions, and other types of foreign investment including EB-5, private equity, joint ventures and sovereign wealth funds. "For this next phase, we selected metro areas that are committed to attracting and leveraging foreign direct investment as part of a comprehensive global trade and investment strategy," said Brad McDearman, Brookings fellow and director of global special projects. "The six metro areas selected for this round will be strong role models for other regions and represent a growing group of leaders who understand the need to embrace the global market to remain competitive in the 21st century economy." Foreign direct investment has long supported regional economies, not only by infusing capital, but also by investing in workers, strengthening global connections 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. For America to regain its standing, cities and metropolitan regions must capitalize on their competitive advantages. 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. Syracuse is well positioned to make foreign direct investment a central component of broader regional economic development strategies. "We're delighted that Syracuse has been selected to develop a global trade and investment plan - it's exactly the kind of innovative planning that will ensure our community's long-term economic success," said Mark Allen, Upstate NY region executive, commercial banking for JPMorgan Chase. "We have a history of helping businesses connect to global markets and the Global Cities Initiative's foreign direct investment work brings another level of depth to our region's efforts to further create jobs, attract capital and grow our economy."