CONTACT:
Marian Hammond, marian@brinkcomm.com, 971‐570‐7946
Grace Palmer, gpalmer@brookings.edu, 202‐797‐6231
April 10, 2014
Portland, Ore. – Today, Greater Portland Inc announced that the Greater Portland region is joining a pilot to create and implement plans to attract foreign direct investment as part of the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. This metro foreign direct investment pilot is the next phase of the Initiative’s Exchange, a network of metropolitan areas committed to establishing actionable plans that will promote greater global trade and economic competitiveness.
Portland’s regional team will join representatives from Columbus, Ohio; Minneapolis-‐Saint Paul; San Antonio; San Diego; and Seattle today to participate in the first working session in Seattle, where they will discuss the process for developing their foreign direct investment plan. Brookings selected these six metro areas after an extensive application process. Greater Portland 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 equity joint ventures, and sovereign wealth funds.
“For this pilot, 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 metro trade and investment. “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 comparative advantages to secure more of this growing, global source of investment. Metropolitan leaders, in partnership with their states, are best equipped to promote their areas’ unique appeal, establish strategic and mutually beneficial relationships, and attract foreign direct investment. Greater Portland is well positioned to make foreign direct investment a central component of broader regional economic development strategies.
“We’re delighted that Greater Portland will be a part of this new pilot – it’s exactly the kind of innovative planning that will ensure our community’s long-‐term economic success,” said Michael Hurley, Oregon & Southwest Washington President of 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.”
Greater Portland will be represented in the pilot by a team of local leaders including Derrick Olsen, Vice President of Regional Strategy & Coordination, Greater Portland Inc (Co-‐Team Lead); Michael Gurton, International Business Development Officer, Portland Development Commission (Co-‐ Team Lead); Amanda Lowthian, Business Development Strategist, and Karen Goddin, Deputy Director, Business, Business Oregon; Sarah Garrison, Manager, Economic Development, and Mark Clemons, Economic Development Director, City of Hillsboro; Kellie Holloway Jarman, Senior International Trade Specialist, U.S. Export Assistance Center, Portland; and Jonathan Fink, Vice President for Research and Strategic Partnerships, Portland State University.
“We see our partnership in the Global Cities Initiative as an important asset to the region’s economic sustainability,” said Sean Robbins, President and CEO of Greater Portland Inc. “Alongside exports, foreign direct investment is a key building block to growing a modern economy and creating family-‐ wage jobs here at home.”
“Our current work with exports has revealed significant interest throughout the world in both Portland companies and our way of life, with the Daimler Trucks North America $150 million investment our most recent example,” said Patrick Quinton, Executive Director of the Portland Development Commission. “The Global Cities Initiative is an outstanding opportunity to develop innovative strategies that will help grow foreign investment and local jobs.”
As part of the pilot, Greater Portland 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 export plan, forms the second core component of a global engagement strategy that will strengthen the region’s global economic connections and competitiveness.
Launched in 2012, the Global Cities Initiative is a five-‐year joint project of Brookings and JPMorgan Chase aimed at helping city and metropolitan leaders become more globally fluent by providing an in-‐ depth and data-‐driven look at their regional standing on crucial global economic measures, highlighting best policy and practice innovations from around the world, and creating an international network of leaders who ultimately trade and grow together. For more information please visit brookings.edu/projects/global-cities.aspx or jpmorganchase.com/globalcities.
Read more at:
brookings.edu/about/projects/global-cities/exchange
greaterportlandinc.com/global
