Pennsylvania Set to Host WORLD FORUM for Foreign Direct Investment; Recognition of Commonwealth's Stature in the Global Economy
Forum will be held in North America for the first time ever
Jun 12, 2014, 10:00 ET
HARRISBURG, Pa., June 12, 2014 /PRNewswire-USNewswire/ -- In four days, Philadelphia will welcome global corporate leaders, ministries of trade and business decision makers from throughout the world as the City officially kicks off the 2014 WORLD FORUM for Foreign Direct Investment (FDI), June 16-18, becoming the first location in North America to host the prestigious international event.
"We are excited to have the opportunity to showcase the reasons why companies throughout the world are coming to Pennsylvania to grow and thrive," said Department of Community and Economic Development Secretary C. Alan Walker. "With Governor Tom Corbett continuing to strengthen Pennsylvania's global reputation, it's only fitting the keystone to U.S. markets will be the first location in North America to host the 2014 WORLD FORUM for FDI."
Red Hot Locations will hold its annual WORLD FORUM for FDI June 16-18, 2014 in Philadelphia, bringing together executives from global corporations, ministries of trade, site location consultants, trade and investment agencies, sovereign wealth funds and economic development officials from around the world.
For three days, the best and brightest in foreign direct investment will converge in Pennsylvania to learn about everything from the importance of abundant water and energy resources to the latest in incentives and innovations from industry experts.
"For the past 11 years we have held the Forum in Europe and in Asia, continents with countries, cities and regions which have competed for FDI for over 30 years," said Cathy Dawson, president of Red Hot Locations. "The Commonwealth of Pennsylvania heard that we were looking to host the conference in the U.S. and stepped in quickly. By hosting the WORLD FORUM, Philadelphia and Pennsylvania are reinforcing their position on the global FDI map, not just on the national map."
Home to nearly 6,000-foreign-owned businesses employing more than 250,000 people, fDi Magazine, an affiliate of Financial Times, cited Pennsylvania as only one of three U.S. states to have a positive growth in Foreign Direct Investment from 2012 to 2013. This year is projected to be another growth year for Pennsylvania with several foreign companies already announcing investments including three that are a direct result of Governor Corbett's business development missions to France and Germany (2012) and Brazil and Chile (2013).
In April, French food processing company Charles & Alice announced it will establish its first processing site in the United States in Lancaster County. The company will invest more than $10.6 million and has also committed to creating at least 50 new jobs. Charles & Alice will work with Lancaster-based distributor, Hess Brother's Fruit Company as their apple supplier for their products.
Torcomp USA, LLC, a machinery manufacturer, also announced in April that it will establish its first U.S. facility in Franklin County, a move that will create 73 new jobs in the region.
In February, Fibria Celulose S.A. (Fibria), the world's largest producer of Bleached Eucalyptus Kraft Pulp (BEKP), announced it will move its current shipping operations from the Port of Baltimore to the Tioga Marine Terminal operated by Delaware River Stevedores, Inc. at the Port of Philadelphia. The move will result in an additional 12 to 18 vessels and approximately 300,000 metric tons of BEKP annually to the port to be distributed to the northeast of the country, taking advantage of a comprehensive distribution network by rail and road.
Additional tonnage at the Port of Philadelphia is projected to generate more than $40 million in economic activity annually and result in 228 direct jobs and more than 380 total jobs in Pennsylvania.
Pennsylvania boasts the largest international business development network of any state in the nation with 11 investment offices covering 23 countries, 22 trade offices covering 73 countries and 10 local Regional Export Network Partners (REN) throughout the state.
Last fiscal year, with an appropriation of $7.3 million, the commonwealth's international business programs facilitated more than $795 million in new export sales for Pennsylvania companies supporting 7,000 jobs and more than $85.2 million in Foreign Direct Investment supporting more than 1,000 jobs.
For additional information on the WORLD FORUM for FDI conference, visit www.worldforumforfdi.com.
Steven Kratz, DCED, 717-783-1132
SOURCE Pennsylvania Department of Community & Economic Development
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