The Twin Cities is one of six U.S. metro areas that have been chosen for a national pilot project with the goal of boosting foreign investment in each selected region.
The pilot is part of the Global Cities Initiative, a five-year project that was created in 2012 by the Washington D.C.-based Brookings Institution and New York-based JPMorgan Chase & Co.
The selection was recently announced by the state Department of Employment and Economic Development (DEED). The state agency said it partnered with economic development group Greater MSP and the St. Paul Port Authority on the “extensive application process.”
DEED previously announced tapping local attorney Laurence Reszetar in March as its first director of foreign direct investment for the Minnesota Trade Office.
“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,” Brad McDearman, a Brookings fellow and director of metro trade and investment, said in a statement. “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.”
The other cities selected for the pilot project are Columbus, Ohio; Portland, Oregon; San Antonio; San Diego; and Seattle.
The project calls for putting together a market assessment and implementation plan for foreign investment in the region.
“Foreign direct investment is an important part of the Minnesota economy, helping to create jobs, open new markets and bring investment dollars for new or expanded facilities in the state,” DEED Commissioner Katie Clark Sieben said in a statement.