RegionalLogo-2-300x300 Contact: President’s Press Office, (312) 603-3323 press@cookcountyil.gov Goal: To further economic growth in the region The Chicago Regional Growth Initiatives (CRGI), an unprecedented collaboration among Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties and the City of Chicago to further regional economic growth, has been selected to develop a regional plan to attract and leverage foreign direct investment (FDI) as part of the Global Cities Initiative (GCI), a joint-project of the Brookings Institution and JPMorgan Chase. FDI occurs when a foreign company invests in a U.S. business enterprise either by opening a new operation or through a merger or acquisition. The foreign company must hold a majority stake in the U.S. operation for it to be considered "foreign-owned." FDI matters because the U.S. operations of foreign firms contribute inordinately to the economy. For example, FDI represents an increasing amount of private sector employment in the Chicago region, approximately 6% in 2011, FDI accounts for 12% of productivity growth, almost 20% of Corporate R & D and 20% of exports.[1] The Chicago region will join Charleston, Indianapolis, Louisville-Lexington, Phoenix and Wichita in developing their foreign direct investment plans. These six metro areas were selected by Brookings after undergoing an extensive application process. “For this next cohort, we selected metro areas that have shown a commitment to attracting, expanding and leveraging foreign direct investment as part of a comprehensive global trade and engagement strategy,” said Marek Gootman, Brookings fellow and director of strategic partnerships and global initiatives. “The six metro areas selected will be strong role models for other regions and represent a growing group of leaders who understand the need to embrace the global market and solidify and strengthen international connections and competitiveness.” The Chicago region was selected for its readiness and commitment to strategically pursue a regional approach to foreign direct investment by building upon its existing top-ranked FDI efforts, the growing work of Metro Chicago Exports, as well as its interest in undertaking new research to identify and understand additional strategies. “I am pleased that the Chicago region will be part of the Global Cities Initiative designed to attract foreign direct investment and create jobs,” said Cook County President Toni Preckwinkle. “This program provides us with a structured opportunity, for the first time, to develop a regional plan and strategy towards FDI.” "Working together is the most effective way for the seven counties and the City of Chicago to promote the amenities of our world-class businesses, the diversity of our communities and the power of our highly skilled workforce,” Kane County Board Chairman Chris Lauzen said. “From the Chicago Loop to farm fields, our region is making and growing products that fuel the global economy.” Foreign direct investment has long supported regional economies. As the world’s largest economy with a stable investment environment, the United States has been a top destination for foreign direct investment. Metropolitan leaders, in partnership with their states, are best equipped to attract and retain foreign direct investment by promoting their region’s unique specializations, develop strategies and vital relationships. “JPMorgan Chase is proud to be a part of the development of the Chicago Region FDI plan and to support innovative planning that will contribute to our region’s future economic success,” said Melissa Bean, Chairman of the Midwest, JPMorgan Chase. “International trade and investment represent a promising pathway for local businesses to grow and, in turn, create jobs and expand our local economy.” ### For more information on the Global Cities Initiative please visit www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities. The Global Cities Initiative is a joint-project of the Brookings Institution and JPMorgan Chase designed to help metropolitan leaders advance and grow their regional economies by strengthening international connections and competitiveness on key economic indicators. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer-learning network through replication and dissemination. For more information, see http://www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities. The Chicago Regional Growth Initiatives is an unprecedented collaboration among Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties and the City of Chicago to further regional economic growth. ### -------------------------------------------------------------------------------- [1] FDI in Chicago, IL-IN-WI Global Cities Initiative, A Joint Project of Brookings and JPMorgan Chase