Foreign direct investment (FDI) benefits Ohio’s economy in many ways. Foreign companies invest in property, buildings and equipment, and they employ thousands of Ohioans in good-paying jobs. They also spur innovation, fund research and development, and introduce new products, technologies and organizational processes that improve productivity.
In 2016, Ohio was home to more than 3,500 international establishments owned by more than 1,000 foreign companies representing 45 countries. These businesses employ 224,000+ Ohioans, giving Ohio the seventh largest international employment rate in the country. Simply put, foreign companies play a big role in Ohio’s economic growth.
That’s why JobsOhio is doing all it can to ensure global executives choose Ohio. And the strategy seems to be paying off in 2017.
First quarter results show that overall Ohio projects are up 13.5 percent, job numbers increased 34 percent compared to this time last year, and FDI is playing a major role. International investment in Ohio is up more than 11 percent from last year, leading to a 68.5 percent increase in FDI-related jobs. In the first quarter, international companies from Europe and the Middle East committed to expanding in Ohio, including German automotive supplier Borgers and Alkermes, a growing biopharmaceutical company from Ireland.
While attracting foreign investment is multifaceted process, international trade shows offer efficient access to potential foreign investors in a short period of time. That is why Ohio will have a strong showing at the 2017 SelectUSA Investment Summit in Washington, D.C.
Trade shows have been an important source of new international investment in the past. Ohio’s team made crucial connections at SelectUSA in 2015 that attracted Italy-based Sofidel to central Ohio, creating 310 jobs and a nearly $260 million investment.
Connections made at the 2015 SelectUSA Investment Summit resulted in U.K.-based Mineral Insulated Cable Company’s choice of Northwest Ohio earlier this month as its U.S. entry point. The decision is expected to bring 33 new jobs to the Bowling Green region and stems from meetings between company executives and an RGP representative, who educated them about Northwest Ohio’s key business assets, including its central location, logistics infrastructure and low cost of doing business.
JobsOhio is looking forward again to this rare opportunity to network with global investors from numerous industries looking to expand and bring jobs to the U.S. - and, hopefully, Ohio.