Tampa Bay one of six communities nationwide selected for Global Cities Initiative

June 17, 2016

    The Tampa metro area was one of six regions chosen to participate in the Brookings Institution and JPMorgan Chase’s Global Cities Initiative. Tampa Bay will join Baltimore, Fresno, Houston, Salt Lake County, and St. Louis in developing plans to attract and leverage foreign direct investment (FDI) in their respective communities.   The Tampa MSA was chosen for the program based upon its readiness, capacity, and commitment to maximize FDI sources, such as private equity, joint ventures, and sovereign wealth funds.   “We are confident that Tampa Bay is positioned to take greater advantage of foreign direct investment, and can be a national leader in finding more effective approaches to global economic engagement,” said Marek Gootman, Brookings fellow and director of strategic partnerships and global initiatives.   Launched in 2012, the Global Cities Initiative helps metropolitan areas grow their economies by strengthening international connections and competitiveness, with a focus on traded industry sectors. Program activities include producing data and research to guide decisions, fostering practice and policy innovation, and facilitating a peer-learning network for replication and dissemination.   The Tampa Hillsborough EDC will join a team of local organizations to represent Tampa Bay, including Pinellas County Economic Development, Pasco Economic Development Council, Port Tampa Bay, Tampa International Airport, and the University of South Florida, with additional support from the Tampa Bay Partnership and other public and private entities.   With this project, the community will produce a FDI market assessment, strategic plan with goals, tactics, and implementation commitments, as well as a policy memorandum. The work will complement our current regional export plan, including the work of the Tampa Bay Export Alliance, to complete our international trade and investment strategy.   “We are very excited to be a part of this Global Cities Initiative FDI cohort,” said J.P. DuBuque, Interim CEO and President of the Tampa Hillsborough EDC. “If we expect to compete in today’s economy, we have to put ourselves at the center of international commerce. The strategies identified in this study will help us get there.”   For more information on the Global Cities Initiative please visit www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities.   You can read more about why Tampa Bay was selected in this Tampa Bay Business Journal article.