June 25, 2009

International Tactics Highlighted at RAEDC Event

FOR IMMEDIATE RELEASE
June 24, 2009
 

Embracing and Growing International Connections:
The Impact of Exporting and Foreign Direct Investment on Regional Economic Recovery Presented at Rockford Area Economic Development Council Quarterly Event
 

Approximately 250 Rockford Area Economic Development Council investors and community leaders attended the RAEDC second quarter event on June 24, which was held at Giovanni’s in Rockford. At the event, RAEDC leaders emphasized the importance of embracing and growing international connections, as exporting and Foreign Direct Investment will impact regional economic recovery.

Click Here to download the Power Point Presentation from the event.

 "The RAEDC hosts four investor events per year, and each event provides an opportunity for us to share specific tactics and outcomes of our regional collaboration’s work," stated RAEDC President Janyce Fadden. "Today’s focus on exporting and Foreign Direct Investment exemplifies the power of the RAEDC five-year strategic plan, Rockforward! In today's depressed economy, we continue to market the region to prospective companies that could choose us when the economy rebounds. We are positioning the Rockford Area for investment, and we are realizing results."

The primary goal of Rockforward! is to generate 2.8 Billion of new wealth by 2012 through the creation of over 10,000 new jobs. Rockforward!’s five powerful strategies include:

  - Creating a thriving business climate;

  - Implementing targeted marketing and recruitment;

  - Building a world-class business infrastructure;

  - Developing a proficient workforce; and

  - Leveraging positive change through the Emerging Opportunities Fund.

"We know that a rapidly changing global marketplace requires a focused, targeted, and regional approach to job creation, international trade, and entrepreneurial development," stated RAEDC Chairman of the Board John Chadwick. "The RAEDC has strategically implemented a growing number of international tactics focused on both exporting and attracting Foreign Direct Investment."

International tactics span the first two Rockforward! strategies, "creating a thriving business climate" and "implementing targeted marketing and recruitment." According to the International Trade Administration and the U.S. Department of Commerce, the many benefits of international trade include:

  - Creating new jobs;

  - Boosting wages;

  - Strengthening U.S. manufacturing and services;

  - Bringing in new research, technology, and skills;

  - Contributing to rising U.S. productivity; and

  - Buying from U.S. businesses.

The United States is the largest recipient of Foreign Direct Investment in the world and the largest investor abroad. Illinois ranks #1 in the Midwest as a destination for FDI, and 539,300 jobs in Illinois were supported by exports in 2008. "Foreign-owned companies invest significant amounts of capital to open or expand facilities in Illinois every year, infusing money into the economy and keeping unemployment low," stated RAEDC Vice President of National Business development Eric Voyles. "The RAEDC collaborates with regional partners to market the Rockford Area, building relationships with companies here and abroad and letting them know that the Rockford Region is open for business.

Specific investments in the Rockford Region by international companies were celebrated at today’s event, including Wanxiang, one of China’s leading companies, which will build its first American solar-panel manufacturing plant in Rockford that has the potential of creating 240 new jobs and becoming one of the largest solar farms in the United States. The investment by Radius, a Swedish High-Tech Firm, was also celebrated for moving its U.S. Headquarters to Rockford and for exceeding its original employment and sales projections.

Benefits of exporting were also promoted to local companies at today’s event, including:

  - Enhancing domestic competitiveness;

  - Increasing sales and profits;

  - Reducing dependence on existing markets;

  - Extending sales potential of existing products;

  - Stabilizing seasonal market fluctuations; and

  - Selling excess production capacity.

"We know that companies with international strategies will grow faster, be more profitable, and be much more sustainable," said RAEDC Vice President for Development Mark Podemski. "Just like continuous improvement, international growth strategies are mainly a matter of culture and require a willingness to try new approaches for growth."

Upcoming trade missions, delegations, and initiatives were announced at today’s RAEDC investor event, including:

  - Israel In-Bound Trade Mission – July 21, 2009

  - Changzhou China 10th Anniversary Celebration – September 26, 2009

  - Bioenergy Days in Lidköping Sweden - September 2009

  - Turkey Provincial Governors with NIU – October 8, 2009

  - China Auto Parts Association In-Bound Trade Mission - October 2009

  - Go Global III – April 20-22, 2010

  - Bioenergy Days in Rockford - September 2010

The event was sponsored by First Northern Credit Union and the following RAEDC Rockforward! President’s Circle Investors: Alpine Bank, Building Trades/Project First Rate, City of Rockford, Comcast, ComEd, First Rockford Group, Greater Rockford Airport Authority, IBEW/NECA, IronWorkers Local Union 498, JP Morgan Chase, Maverick Media, Northern Illinois Building Contractors Association, OSF Saint Anthony Medical Center, Rockford Area REALTORS, Rockford Health System, Rockford Register Star, SwedishAmerican Health System, Village of Machesney Park, WIFR-TV, Winnebago County, Woodward, WQRF TV / WTVO TV, and WREX-TV.　

Click Here to download the Power Point Presentation from the event.