The Greater Phoenix Economic Council announced the release of the Metro Phoenix Global Investment 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 Greater Phoenix region’s participation in the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase & Co. 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 research and development efforts, and increase productivity of domestic markets through the infusion of new technologies and practices.
“Leaders across the Greater Phoenix 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, Greater Phoenix will determine how to better help local firms and the region take advantage of opportunities in the global marketplace. Greater Phoenix 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.”
The Metro Phoenix Global Investment Plan was released today at an event held in partnership with the MEMS and Sensors Industry Group at ASU SkySong, featuring remarks from:
- Curtis Reed Jr., Region Manager for the Arizona Middle Market, JPMorgan Chase
- Chris Camacho, President & CEO, Greater Phoenix Economic Council
- Sethuraman Panchanathan, Executive Vice President, ASU Knowledge Enterprise and Chief Research and Innovation Officer, Arizona State University
- Chet Hullum, General Manager of Industrial Solutions, Internet of Things Group, Intel Corporation
- Randal Schulhauser, Business Development and Market Insights Leader, Medtronic
- Wayne Chavez, IoT Sensors – Business Development Manager, NXP
- Stephen Whalley, Intel and the MEMS and Sensors Industry Group
“The report’s findings suggest that for Greater Phoenix, the opportunity lies in understanding where the region’s legacy sectors are evolving and specializing in their emerging technologies, particularly in the internet of things and sensors industries,” said Chris Camacho, president and CEO, Greater Phoenix Economic Council. “By capitalizing on the region’s existing supply chain, talented workforce and robust research capabilities, Greater Phoenix has the opportunity to develop a meaningful, recognized global industry identity.”
Key findings from the Metro Phoenix Global Investment Plan include:
- The impending internet of things revolution is creating new international investment opportunities for the region;
- Greater Phoenix is well positioned to capitalize on the evolution and growth of sensor application industries;
- Foreign entry through mergers and acquisitions will continue to grow over the next five to 10 years;
- Canada and Mexico are essential partners for both trade relations and long-term investment opportunities; Europe and Asia are essential for near-term FDI strategy.
“International trade and inward investment represents a promising pathway for local businesses to create jobs, attract capital and grow our economy,” said Curtis Reed Jr., Region Manager for Chase’s Middle Market banking in Arizona. “JPMorgan Chase is proud to be a part of the development of Greater Phoenix’s export plan and to support innovative planning that will lead to our region’s future economic success.”
For more findings and information on Greater Phoenix’s global trade and investment plan, please click here.
About the Global Cities Initiative (GCI)
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 click here or click here.
About the Greater Phoenix Economic Council (GPEC)
A true public-private partnership, GPEC is the regional economic development organization for Greater Phoenix. Working with its 23 member communities, Maricopa County and more than 170 private investors, GPEC attracts quality businesses to this dynamic region. By creating a high-performance economy through capital investments and jobs, Greater Phoenix companies enjoy a business climate where they can compete and thrive in today’s global economy. Since 1989, GPEC has worked to achieve an economically sound and sustainable region. For more information, visit GPEC and follow us on twitter.