Upstate SC Alliance releases new global trade & investment strategy to maximize region’s global potential

Plan calls for expanded professional services, a focus on material science innovations and Collaboration, Growth of Industry Clusters, and Building a Global Reputation

The Upstate SC Alliance announced the release of the Regional Foreign Direct Investment Plan, a comprehensive foreign investment plan that outlines specific steps local business, civic, and government leaders (including our local economic developers) can take to leverage exports and foreign direct investment to grow global engagement. This strategy is an integral stage of the Upstate region’s participation in the Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase. The Regional Foreign Direct Investment Plan is a complement to the Regional Export Plan released last year (currently in the first year of a multi-year implementation stage) and integrates lessons learned from previous GCI endeavors including an initial market assessment followed by 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 regions 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 R&D efforts, and increase productivity of domestic markets through the infusion of new technologies and practices.

“Leaders across the Upstate 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, the Upstate will determine how to better help local firms and the region take advantage of opportunities in the global marketplace. The Upstate Region, through the Upstate SC Alliance, 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 initiative/plan was released at the Upstate SC Alliance’s Annual Meeting, which featured Gootman as they keynote speaker, and was attended by both Upstate Alliance investors, elected officials, and community leaders.

Key findings from The Upstate SC Regional Foreign Direct Investment Plan include:

• While known for big wins, the Upstate’s foreign direct investment also reflects national trends.
• The region’s manufacturing base and FDI success position it as a key hub in the global value chains of its target industries.
• The region’s underdeveloped service sector hinders its competitiveness as an international business location.
• The emerging innovation ecosystem is an opportunity for advanced materials.
• Attracting and retaining talent is increasingly important.

“When we promote increased trade and investments in our communities, we create more jobs, attract capital and expand opportunity for more businesses of all sizes.” said Jeff Henry, commercial banking market executive for Chase in South Carolina. “Upstate’s export and foreign direct investment plans will create the framework for our region’s continued economic success.”

For more findings and information on the Upstate SC Alliance’s regional global trade and investment plan, please visit www.upstatealliance.com/goglobal.

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 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 http://www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities. 

About The Upstate Alliance

The Upstate Alliance is a public/private regional economic development organization designed to market and brand the Upstate of South Carolina. The Upstate represents the commerce-rich northwestern corner of South Carolina, including the I-85 corridor and the Greenville-Spartanburg-Anderson Combined Statistical Area (CSA). Additional information is available through the Alliance’s web site, www.upstateSCalliance.com.