The Milwaukee 7 Regional Economic Development Partnership has been selected to participate in a program to create a foreign direct investment plan for the Milwaukee region.
Participation in the Global Cities Initiative, led by the Brookings Institution and JPMorgan Chase, will allow the Milwaukee 7 to build off its existing Milwaukee Region Export Plan to fortify its relationships with international investors.
Through the GCI, the Milwaukee region will have guidance on generating relevant data, developing policy and creating a network of peers in its pursuit of economic growth through exports and foreign direct investment.
According to the Brookings Institution, Milwaukee was selected for the program because of its efforts to include foreign direct investment in local transactions, like greenfield expansions, mergers and acquisitions, EB-5, private equity, joint ventures and sovereign wealth funds.
The Milwaukee region will be represented by Jim Paetsch, vice president of the M7; Katy Sinnot, vice president of international business development at the Wisconsin Economic Development Corp.; Jenny Trick, executive director of the Racine County Economic Development Corp.; and John Bernaden, director of Rockwell Automation. The group will create a foreign direct investment market assessment and plan, an implementation plan and a policy memo with the goal of supplementing existing regional export efforts to increase Milwaukee’s international relationships and economic competitiveness.
“This FDI program, combined with the region’s export plan, will create a well-rounded, integrated set of strategies and implementation plans that will be part of an overall global trade and investment program that strengthens the region’s global engagement and competitiveness,” said Pat O’Brien, executive director of the Milwaukee 7. “Developing relationships, sharing practices and establishing ongoing engagement in global markets between the two initiatives will lead to longer-term, sustainable global trade and investment success.”
Other cities selected for the GCI are: Atlanta; Des Moines, Iowa; Update S.C. representing the Greenville-Spartanburg-Anderson CSA; Los Angeles; and Syracuse, N.Y.
“For this next phase, we selected metro areas that are committed to attracting and leveraging foreign direct investment as part of a comprehensive global trade and investment strategy,” said Brad McDearman, Brookings fellow and director of global special projects. “The six metro areas selected for this round will be strong role models for other regions and represent a growing group of leaders who understand the need to embrace the global market to remain competitive in the 21st century economy.”
