The Greater Baltimore region has been selected to join a small group of city-regions that will create new strategies to attract and leverage foreign direct investment through the Global Cities Initiative (GCI), a joint project of the Brookings Institution and JPMorgan Chase. The effort builds on the regional export plan created through GCI, Greater Baltimore Committee, in order to take full advantage of international trade and investment as a major opportunity for economic development.
Selected by Brookings through a competitive application process, the Baltimore region will join Fresno, Houston, Salt Lake County, St. Louis, and Tampa Bay in developing a foreign direct investment plan. The Baltimore region was evaluated for its readiness, capacity, and commitment to maximize foreign direct investment sources such as greenfield expansions, mergers and acquisitions, private equity, joint ventures, and sovereign wealth funds.
Launched in 2012, the Global Cities Initiative helps metropolitan areas grow their economies by strengthening international connections and competitiveness, with a focus on traded industry sectors. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer-learning network for replication and dissemination.
“We chose to work with metro areas that proved they are committed to pursuing international economic opportunities and able to think creatively about foreign direct investment as part of a comprehensive economic development strategy,” said Marek Gootman, Brookings fellow and director of strategic partnerships and global initiatives. “We are confident that the Greater Baltimore region is positioned to take greater advantage of foreign direct investment, and can be a national leader in finding more effective approaches to global economic engagement.”
“This is an incredible opportunity to establish the Greater Baltimore region as a competitive market for international business growth and foreign direct investment. We are excited to have been selected by Brookings, and to collaborate with our partners in developing a foreign direct investment plan that will serve as a piece of the region’s future economic development strategy,” stated Shannon Landwehr, President & CEO of the Economic Alliance of Greater Baltimore, and Baltimore’s market leader for the program.
Foreign direct investment makes an outsized contribution to regional economic development, not only as a new source of capital. Foreign-owned enterprises tend to pay higher wages, invest more in research and development and worker training, increase exporting through access to global networks, drive productivity growth, and transfer innovations. As the world’s largest economy with a stable investment environment, the U.S. has been a top destination for foreign direct investment, yet its share of that investment has fallen. 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, mutually beneficial relationships.
“Developing a comprehensive plan to attract foreign direct investment will give the Baltimore region a distinct advantage when competing in an increasingly global economy,” said Maryland Commerce Secretary Mike Gill. “I know my team looks forward to working with the all the partners through the Global Cities Initiative as we look for new strategies to promote the Baltimore region’s outstanding benefits for foreign companies.”
The Greater Baltimore region will be represented by a team of local leaders including the Economic Alliance of Greater Baltimore, Maryland Department of Commerce, the Baltimore Metropolitan Council and the Greater Baltimore Committee, as well as industry and education partners.
As a result of this project, the Greater Baltimore region will produce a foreign direct investment market assessment; strategic plan with goals, tactics, and implementation commitments; and policy memo. The work will complement the region’s existing regional export plan to form a complete international trade and investment strategy.
About the Economic Alliance of Greater Baltimore
The Economic Alliance of Greater Baltimore is a not-for-profit economic development organization led by a partnership of regional business executives, elected government officials and leaders from higher education focused on fostering business retention and development, job creation, workforce development and new investment throughout the Greater Baltimore region. The region is defined as Baltimore City and its seven surrounding counties: Anne Arundel County, Baltimore County, Carroll County, Cecil County, Harford County, Howard County and Queen Anne’s County. The Economic Alliance markets Greater Baltimore, and establishes global recognition for the Greater Baltimore area, as a world-class region in which to live, work, learn and invest. More information can be found atwww.greaterbaltimore.org.
About the Maryland Department of Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the Arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.
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, focused on their traded sectors. 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, seehttp://www.brookings.edu/projects/global-cities.aspx orwww.jpmorganchase.com/globalcities.
