CHICAGO, June 23, 2011 /PRNewswire/ -- The Chicagoland Chamber of Commerce Foundation today announced that it has undertaken a ground-breaking economic study of the Tri-State Chicago Metropolitan Region to be conducted by The Organization for Economic Cooperation and Development (OECD).
This is the first study of a U.S. metro area and will encompass a dynamic geographic and economic area that includes parts of southeast Wisconsin, northwest Indiana and the Chicagoland area, creating a comprehensive understanding of how a more integrated economy will enhance the region's global competiveness. "This study will provide invaluable insight to the three states and encourage cross state participation, something that has been difficult to achieve," said Lance Pressl, President of the Chicagoland Chamber of Commerce Foundation.
The OECD, an international organization that aids governments in addressing socioeconomic issues worldwide will focus specifically on five key themes for this study:
- Human Capital: How does the Tri-State region produce, attract and retain the world's best talent to fuel economic growth for the long-term?
- Innovation: and Entrepreneurship: Given the region's rich innovative and entrepreneurship assets, how can the region better leverage and connect these assets in different ways to foster new firm creation, expand existing firms and become a magnet attracting business to the region?
- Green Economy: What are the policies, programs and incentives necessary to transform the Tri-State region into a global center of clean/green technology to reduce environmental resource consumption and enable the supply of environmental technologies and services?
- Transportation and Logistics: How does the Tri-State region retain and strengthen its standing as the North American hub for transportation and supply chain logistics?
- International Trade: What steps are needed to make the Tri-State Region a leader in bilateral trade and foreign direct investment?
"The opportunity to collaborate with Chicago and northwest Indiana during this study is monumental. It will give our entire region a head-start on the recovering economy, which is something that this area of Wisconsin would not have been able to do alone," commented Steve Bass, vice president of the Metropolitan Milwaukee Association of Commerce.
"The OECD Metropolitan Review allows us to recognize where we can create new, profitable opportunities for our businesses and how we can maximize our economic opportunity on a global scale by improving our relationships across borders," added Rex Richards, president of the Valparaiso Chamber of Commerce.
This Metropolitan Review is the first of its kind in the United States, but over 20 studies have been conducted by the OECD across the globe. The knowledge gained from this Review will be used to develop an agenda to maximize the region's assets, work cooperatively, and better position the region in the global economy. The study will also benchmark the region's economic competitiveness, attractiveness, and sustainability in relation to other domestic and international locations.
"The Tri-State Chicago Metropolitan Region is a unique review, because not only is it the first Territorial Review in America, but it presents the challenge of having three separate governments to work with. The final report will have suggestions and recommendations for how best to work through that challenge and capitalize on the assets of all three states," said Lamia Kamal-Chaoui, OECD Secretariat member.
Members of the OECD Secretariat completed a first fact-finding mission to the Tri-State Region in March 2011. The Secretariat is currently in Chicago to conduct Mission II to further its research by meeting with over 30 organizations and individuals from around the tri-state region, collecting information and experiencing the unique assets the region has to offer. Mission II includes events hosted by regional leaders, such as Chicago Cook County Board President Toni Preckwinkle, as well as mayor, county executives and business leaders from Illinois, Indiana and Wisconsin.
A steering committee of professionals, entrepreneurs and other experts in the economic landscape of the metropolitan region are working directly with the OECD team. Their main objective is to construct an accurate picture of the region's economic climate while helping to create a roadmap for building a robust global and competitive economy for tomorrow. "The OECD is listening very closely to the concerns and thoughts of the members of the community, which reassures us all that the study will be honest, reflect the true nature of our area and most importantly, provide actionable recommendations that will serve our best interests," said Laurence Geller, chief executive officer of Strategic Hotels & Resorts and steering committee member.
The OECD will make the findings of the Territorial Review available by early 2012. For more information about The OECD and previous Territorial Reviews, please visit www.oecd.org.
SOURCE Chicagoland Chamber of Commerce Foundation