Out-of-town dollars are a wonderful thing for the Hoosier economy. Companies and industries from all over the world choose Indiana for their big ideas. Some invest in multi-million-dollar production facilities, others expand their distribution capabilities, and some come here for their research and development initiatives. The list goes on and on and has been growing every year. Recently, a new state-by-state analysis of foreign direct investment (FDI) shows us just how robust this spending is for our economy, and how much of an impact it makes for our communities.
The Washington DC-based Global Business Alliance (GBA) used data from the Bureau of Economic Analysis (BEA) to build its findings about job creation and economic growth created by inbound dollars. They found that international companies employ about 204,100 workers here in our state.
“Indiana is a magnet for global investment with over 200,000 Hoosiers employed by international companies in the state and over half of them are manufacturing products right here in America,” said Nancy McLernon, president & CEO of GBA. “When international companies invest in America, they cast a vote of confidence in our workforce and economy.”
Other key findings from GBA’s report showed that:
Marketing and Networking
Indiana’s government and economic development leadership knows the value of FDI, and for years has maintained an aggressive effort to promote our state and network with foreign leaders. This year, for example, there have been several major conferences and trips abroad to draw in even more outside investment.
This summer, a delegation consisting of Governor Eric Holcomb and Secretary of Commerce Brad Chambers traveled to France and Portugal to foster international ties and pursue investment opportunities across several industries. Key areas of focus included energy, life sciences, technology, the future of transportation, and motorsports.
This event was the governor’s first visit to Portugal on state business (although not his first time visiting the country, as he was stationed at the NATO base in Oerias while he was in the Navy). While there, meetings were held with government and business officials, including a utility company called Energias de Portugal (EDP). The firm is focused on achieving 100% green energy by 2030 and operates three facilities in Indiana. The group also met with other business executives in the energy and technology sectors.
In France, the delegation held a business roundtable in partnership with U.S. Embassy Paris. The goal was to tout our growing sectors in advanced manufacturing, life sciences, semiconductors, electric vehicles, hydrogen innovations, and opportunities for future partnerships. They also met with several global motorsports companies during events surrounding the 24 Hours of Le Mans race.
Also, this spring, Secretary Chambers visited Japan and South Korea to build new pathways to accelerate investment in future-focused industries. He met with representatives from Toyota Motor Corporation, Subaru, and Aisin Corporation, all of which have a major presence in our state.
In South Korea, the secretary attended the country’s leading battery exhibition called the InterBattery Conference. Battery production is becoming a huge industry sector in Indiana, and our state was one of only eight U.S. states invited to exhibit during the event.
Extremely Active
So, as one can clearly see, efforts to bring even more FDI to our state are ongoing and extremely active. All of that work adds up to new and exciting opportunities for Hoosiers, including thousands of jobs, new business ventures, and greater growth for our economy. With each passing year, more and more companies from around the world are choosing our state as the place they want to do business. It’s a smart move on their part, undoubtedly, and it’s also a very good thing for all of our communities.
