We are entering a time of enormous change and potential economic growth. We are seeing a growth of the middle class outside the US in a way that we have never seen before. Consider that 79% of the world’s economic growth will happen outside the US. Our region is in competition with other regions and countries to gain our share of this marketplace.
Now is the time to sharpen our focus on the growing opportunities in global markets.
The many products that have made our region prosper in the past are in demand around the world, and we are producing many new products every day to meet the world’s needs. Our region has contributed greatly to the prosperity and quality of life of the American people over the past century; a reality that few people in the US realize and even fewer outside of our borders. People in the rapidly growing markets of Asia, Africa and South America don’t know that Post-It Notes and pacemakers were invented here (and frankly that’s old news). Or that we lead the world in companies focused on food, water and health solutions. Our region has a legacy of innovation and an ecosystem to drive it into the future. It is time we assert our region’s position as a global leader.
In partnership with the Minnesota Trade Office, the Saint Paul Port Authority, the US Commercial Service and LifeScience Alley, we developed the MSP Trade and Investment Plan to capitalize on these opportunities. We have so many assets on which to build: industry-leading companies, many foreign-owned enterprises, a multitude of global cultural and demographic connections.
The objectives of our plan are these:
- 1. Meet or exceed the national average (26%) of employment in foreign owned enterprises (FOEs) in advanced industries within seven years.
- 2. Diversify the region’s sources of FDI, including attracting investment from new geographies
- 3. Integrate export and investment activities in targeted industry sectors.
- 4. Become globally-known as a region with public and private sector solution providers in our targeted industries.
We can’t wait to tell our story to the world and drive the region’s economic vibrancy into the future. For more about the plan, look here.