WASHINGTON, DC – March 24, 2015 – (RealEstateRama) — The Governor’s Office of Economic Development and Tourism, has been named as a leader of the FDI Frontlines Coalition, a national organization focused on arming state, regional and local economic development organizations (EDOs) with the resources they need to attract more foreign direct investment (FDI).
“Global investment plays a critical role in Texas’s economy, and the Texas Governor’s Office of Economic Development and Tourism’s efforts have made the Lone Star State a leader in attracting foreign investment,” said Nancy McLernon, president and CEO of the Organization for International Investment(OFII), a non-profit business association representing 170 of the world’s largest employers that is supporting the coalition. “EDOs engage with global investors to create opportunities for their communities, fighting every day to improve the business climate in America. At its essence, the FDI Frontlines Coalition is about helping EDOs attract more global investment, and we’re honored to have the State of Texas help lead this initiative.”
With the support of OFII and its insourcing member companies, the FDI Frontlines Coalition will offer EDOs an opportunity to enhance their global investment IQ by providing research and business insight while also amplifying their voice on ways America can attract more foreign direct investment.
“Texas is thrilled to participate in the FDI Frontlines Coalition and looks forward to working with the Organization for International Investment,” said Texas Economic Development Director Bryan Daniel. “Under the leadership of Governor Greg Abbott, Texas is leveraging our economic development programs to be bigger, broader and bolder in attracting foreign direct investment, and we will work to ensure that the Coalition becomes a source of best practices and experienced guidance to our communities as well as a trusted partner to current and future foreign investors.”
The FDI Frontlines Coalition was officially launched at the SelectUSA Investment Summit in Washington, DC on Monday, which brought President Obama, seven cabinet secretaries and three governors together with thousands of EDOs and foreign employers to focus on increasing foreign direct investment in America. Already, more than 175 EDOs have joined the national coalition.
Texas ranks 2nd in the nation in the total number of jobs and 2nd in manufacturing jobs supported by foreign companies. Nationally, these insourcing companies employ 5.8 million Americans, support an annual payroll of $456 billion, paying U.S. workers an average of $78,927 – more than 33 percent higher than the economy-wide average. Insourcing companies also produce more than 21 percent of U.S. exports, providing $334 billion in American goods annually to customers around the world.
Learn more about the critical role insourcing companies play in America’s economy here.