The Greater Baltimore region has been selected to join a small group of city-regions that will create strategies to attract foreign direct investment through the Global Cities Initiative (GCI), a joint project of the Brookings Institution and JPMorgan Chase.
The effort builds on the regional export plan created through GCI and the Greater Baltimore Committee to develop international trade and investment.
The Baltimore region will join Fresno, Houston, Salt Lake County, St. Louis, and Tampa Bay in developing a foreign direct investment plan.
The Baltimore region was evaluated for its readiness, capacity, and commitment to maximize foreign direct investment sources such as greenfield expansions, mergers and acquisitions, private equity, joint ventures, and sovereign wealth funds, according to a news release from the Economic Alliance of Greater Baltimore.
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. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer-learning network.
“We chose to work with metro areas that proved they are committed to pursuing international economic opportunities and able to think creatively about foreign direct investment as part of a comprehensive economic development strategy,” said Marek Gootman, Brookings fellow and director of strategic partnerships and global initiatives. “We are confident that the Greater Baltimore region 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.”
The Greater Baltimore region will be represented by a team of local leaders including the Economic Alliance of Greater Baltimore, Maryland Department of Commerce, the Baltimore Metropolitan Council and the Greater Baltimore Committee, as well as industry and education partners.