Economic Development Update – Metro Foreign Investment Initiative

Last week, San Antonio was selected by the Brookings Institute as one of only six pilot communities they will work with to develop a foreign direct investment strategy.

The purpose of the foreign direct investment strategy is for San Antonio to develop a comprehensive and customized plan to attract foreign direct investment to our local economy which will support and grow our targeted industries.

This program is part of a broader Global Cities Initiative That the City has been participating in since September 2012. The Global Cities initiative is a 5-year, $15M project led by the Brookings Institute and JP Morgan Chase.  The Global Cities initiative aims to identify and establish strategies which will increase exports and attract foreign direct investment for the Participating thirty-one US and international communities.

San Antonio and the five other communities in this pilot program were selected from the thirty-one Communities Participating in the global cities initiative.

In September 2012, the City and our economic development partners began working with Brookings on the development of an export strategy – A comprehensive strategy to grow the number of goods and services our local economy exports to other markets and an effort to assist local firms in growing their business by reaching new markets. This export strategy was completed in October of last year and is now being implemented by the Free Trade Alliance.

Now San Antonio has been selected as one of only six communities to participate in the Foreign Direct Investment pilot program.  This demonstrates San Antonio’s growing role in the Global Cities Initiative.  This effort will create a comprehensive foreign direct investment strategy for our local economy and it will also help guide the development of Foreign Direct Investment strategies for the other cities participating in the Global Cities Initiative.

To undertake this effort, a working group has been formed under the leadership of the Economic Development Department and our key partners such as Bexar County, the Free Trade Alliance, Brooks City-Base, Port San Antonio and the Texas Governor’s Office.

The Foreign Direct Investment strategy will be completed in December 2014 and will then be integrated into the comprehensive economic development implementation plan that is being developed by the San Antonio Economic Development Foundation.

I would like to thank the Brookings Institute and JP Morgan Chase for their support and for the confidence they have placed in the City and our local economic development partners.

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