Cruz said Texas not only boasts a diverse range of industries, from semiconductors and food processing to aerospace and aviation, but also attracts FDI from a wide variety of countries.
Ultimately, Cruz said, about 2,000 foreign companies have invested in Texas, including some of the world’s largest international global brands, such as Samsung, Toyota, Kubota, Ericsson, Mitsubishi, BAE Systems and Fujifilm.
“Economic development in Texas is a team sport, and we rely on the support of local and regional economic development organizations to provide a welcoming environment for companies considering the United States as a potential location for expansion,” Cruz said.
New York: Global Reach
The northeastern state of New York is a thriving global commerce and investment center. According to fDi Markets, since 2003, New York State has seen over $95 billion in foreign direct investment across more than 3,000 projects. The primary source markets for these projects, which support the largest number of jobs in New York State, are, in descending order, the United Kingdom, France, Canada, Germany, Japan, the Netherlands, and Switzerland. Leading industry sectors include manufacturing, finance and insurance, and retail.
“New York State is a global capital, and companies from a wide variety of industries from around the world know that New York State has unparalleled resources to foster their success. Our skilled and diverse workforce, innovative academic and industry partnerships, and strategic investments in cutting-edge technology give companies the ability to not only grow but thrive here,” said Hope Knight, president, CEO and commissioner of Empire State Development.
Recent FDI investments in New York State include IMA Life North America, part of the Italian IMA Group, a world leader in sterile drug processing and lyophilization equipment, which invested $30 million in Tonawanda, Erie County, New York. Another recent arrival is UK-based Edwards Vacuum, part of the Atlas Copco Group and a world leader in vacuum and abatement equipment for the semiconductor industry, which is constructing the first phase of a $319 million dry pump manufacturing facility in Genesee County.
Other investments include Japan-based Dassai Blue Sake Brewery investing $80 million to establish a brewery and tasting room in Hyde Park, Dutchess County; Japan-based Suntory relocating its global headquarters to New York City; and Niagara Asset Corporation, owned by Ireland-based Kerry Group, investing $121 million to expand and renovate its facility in Niagara Falls, Niagara County.
Looking ahead: U.S. elections and competition abroad
Looking ahead, EDPNC’s Chung noted that it is an election year in the United States, which may cause international companies to pause on making big decisions or commitments.
“The United States has been successful in attracting foreign investment in recent years, but foreign countries are investing money in their own infrastructure, and we will now face increased competition from the home country.”
— Christopher Chan, CEO, North Carolina Economic Development Partnership
“In this election, there are two very different views on bills like the Control Inflation Act, which, along with the CHIPS Act and the Infrastructure and Jobs Act, have enabled manufacturing companies, especially in the electric vehicle, solar and battery industries, to come to the United States,” Chung said. “Companies are hesitant to make big commitments because the future of these types of bills may depend on the outcome of the election at the national level.”
Moreover, he believes the U.S. could face increased competition from companies’ home countries.
“The United States has been attracting foreign investment for the past few years, but as foreign countries invest money in their own infrastructure, competition from the home country will intensify,” he said.
Still, Edgar said the U.S. will clearly remain attractive to international companies looking for investment opportunities overseas.
“The United States is the largest economy in the world,” he said. “It has markets and it has the rule of law. With so much of the rest of the world in a state of uncertainty, the United States seems like a much safer bet.” ♦
