WASHINGTON, DC, USA - This week, World Trade Center San Diego (WTC San Diego) traveled to Washington DC for the SelectUSA Investment Summit.
For the first time ever, San Diego had an organized and coordinated effort for the nation’s foreign investment summit. In partnership with the city of San Diego and the city of Chula Vista, San Diego hosted a booth that attracted nearly 40 international companies and investors that communicated interest the San Diego region. These interests ranged from learning about the city’s concentration of innovation-based industries, San Diego’s climate action plan and the region’s growing talent pool. While quantifiable value is still be determined, the overall experience by the San Diego delegation was incredibly positive and we’re all in agreement that SelectUSA did a top-notch job.
The summit hosted more than 2,400 visitors from 70 international markets, including some of San Diego’s priority markets – Japan, China, Germany, Canada and more. Foreign direct investment (FDI) is a key tenet of the work WTC San Diego undertakes, especially as it tends to increase the research and development funding of a region (great when your region’s R&D efforts contribute more than $14 billion), pay employees better wages/salaries (great when your region’s pay is already competitive for its employed citizens) and can fill key capital gaps of a region (which enhances the fact that San Diego receives the fourth highest amount per capita of venture capital in the software industry).
Staying on the topic of foreign investment, WTC San Diego’s executive director Nikia Clarke attended the inaugural meeting of the Investment Advisory Council (IAC). The IAC is a group of key foreign and domestic business leaders that will advise Secretary of Commerce Penny Pritzker and the U.S. Department of Commerce on policies that will enable the government to ensure foreign investment flows into the U.S. economy. In an ever increasing global economy, where FDI is shifting from advanced economies to emerging, and from large business to small- and medium-sized enterprises, it has become apparent that the U.S. – both from a national and local level – needs to proactively market and attract foreign investment. With Nikia Clarke in attendance, the IAC will meet over the next two years in order to advise the current administration and help streamline the transition into the new one.
Finally, we couldn’t have had the presence we did at SelectUSA without the help and success of our leading local companies. To that effect, we want to thank Stone Brewing Co. for its incredible work in promoting the San Diego craft beer industry. Using their beer at the private reception WTC San Diego and the city of San Diego hosted on Monday night, we attracted more than 50 investors and gave them a taste of some San Diego region’s best assets – craft beer.
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