Brookings Institution selects Tampa Bay for Global Cities Initiative
July 11th, 2016
The Tampa metro area has been chosen to participate in the Global Cities Initiative, a joint project by the Brookings Institution and JPMorgan Chase. One of only six regions selected, Tampa Bay will join Baltimore, Fresno, Houston, Salt Lake County, and St. Louis in developing strategies to attract and leverage foreign direct investment (FDI) in each of their communities.
Launched in 2012, the Global Cities Initiative helps areas grow their economies by strengthening international connections and competitiveness, with a focus on traded industries. Program activities include producing data and research to guide decisions, fostering practice and policy innovation, and facilitating a peer-learning network for replication and dissemination.
The Tampa area was chosen for the Global Cities Initiative based upon its readiness, capacity, and commitment to maximize FDI sources, such as private equity, joint ventures, and sovereign wealth funds. The Tampa Bay Business Journal offers more detail about the market’s selection here.
The Tampa Hillsborough Economic Development Corporation will work with local organizations such as Pinellas County Economic Development, Pasco Economic Development Council, Port Tampa Bay, Tampa International Airport, and the University of South Florida, with additional support from the Tampa Bay Partnership with other public and private entities, to represent the metro area.
“We are confident that Tampa Bay 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,” said Marek Gootman, Brookings fellow and director of strategic partnerships and global initiatives.
The Tampa Bay community will create a FDI market assessment, strategic plan with goals, tactics, and implementation commitments, as well as a policy memorandum. The work will complement our current export plan for the region, including the work of the Tampa Bay Export Alliance, to complete our international trade and investment strategy.