City Joins Global Trade NetworkPosted: Updated:
Indianapolis is one of eight metropolitan areas accepted into a Global Cities Initiative network. The Exchange, created by the Brookings Institution and JPMorgan Chase & Co. (NYSE: JPM), aims to improve trade efforts and boost economic growth. November 21, 2013
INDIANAPOLIS, Ind. - Today, Indianapolis is joining a new exchange network created by the Global Cities Initiative, a joint project of Brookings and JPMorgan Chase. The Exchange is a network of metropolitan areas committed to establishing actionable plans that will promote greater global trade and economic competitiveness. Brookings selected metropolitan areas to join the network after an extensive application process that evaluated regions' readiness and capability to pursue the Exchange's curriculum and commitment to fulfill its goals.
Indianapolis is one of eight inaugural Exchange metro areas that will design and implement a regional export plan in 2014. The network will expand over time to include additional U.S. and international cities working together to strengthen their local economies through increased engagement with the rest of the world. This builds on the Global Cities Initiative's work, which equips metropolitan leaders with the information, policy ideas, and global connections they need to bolster their regions' positions in the global economy.
"For the Exchange, we selected metro areas that are committed to expanding their global economic reach by working together to identify regional competitive strengths and increase exports," said Brad McDearman, Brookings fellow. "The eight metro areas selected for this round represent a growing group of U.S. metro areas that understand the need to embrace the global market to remain competitive in the 21st century economy."
Rapid urbanization in mature and developing markets is creating a new consumer class and 85 percent of global GDP growth is projected to occur outside the U.S. between 2013 and 2018. This is a great opportunity for U.S. firms and local economies to achieve economic growth to capitalize on their distinctive assets and expand their global trade and investment strategies.
"We're delighted that Indianapolis will be a part of this new network - it's exactly the kind of innovative planning that is needed to ensure our community's long-term economic success," said J. Albert Smith, Managing Director, JP Morgan Chase. "We have a long history of helping businesses connect to global markets and now the Exchange brings additional resources to help our region's leaders design strategies to further create jobs and grow our economy through greater global engagement."
Metro area leaders play a critical role in promoting trade and developing infrastructure. Indianapolis is uniquely positioned to make exports and global engagement a central, consistent part of broader regional economic strategies. Regional economic development leaders representing both the public and private sectors can help local firms access new markets and align existing export services because they know their regions best. These leaders are also best equipped to coordinate regional assets-such as skills training, innovation capacities, and freight and logistics-to better support global trade. Indianapolis will join Atlanta; Greenville, S.C.; Jacksonville, Fla.; Milwaukee; Phoenix; Sacramento, Calif.; and Wichita, Kan., in the Exchange's inaugural class, which will work together over the next four years to establish new metro-to-metro relationships and to share best practices in global economic development.
Indianapolis will be represented in the Exchange by a team of local leaders including:
-Marty Vanags, Indy Partnership, a business unit of the Indy Chamber
-Brian Gildea, Develop Indy, a business unit of the Indy Chamber
-Kathy Davis, Independent Researcher
-Gil Latz, IUPUI
"It is critical that Indy globally position itself to open new markets for our existing businesses as well as attract new jobs and investment," said Mayor Greg Ballard. "Being a member of the Global Cities Exchange will help Indy expand its economic reach."
"The competitiveness of the Indy region's economy is a cornerstone to the healthy, growing business community we enjoy today in the region. Now, with the opportunity to participate in Brookings' initiative and thereby increase our region's exports in the global economy, we will further strengthen our local economy," said Westfield Mayor Andy Cook.
As part of the Exchange, Indianapolis will first develop a regional export plan and later integrate a foreign direct investment strategy. Together these plans, which may also grow to include logistics and advanced industries, will comprise a customized global engagement strategy to strengthen the region's global economic connections and competitiveness.
The leaders of Indianapolis's Exchange team will join those of the other accepted metropolitan areas at Brookings in Washington, D.C., in December to participate in their first working group session, where they will learn how to develop an export plan as part of a global economic development strategy. Throughout the four-year Exchange, participating metros will periodically convene for in-person working groups and will continually engage in curriculum via conference calls and webinars.
The inaugural cohort of eight metropolitan areas will join twelve that are already involved in Brookings-led metropolitan export planning. Charleston, S.C.; Chicago; Columbus, Ohio; Des Moines, Iowa; Los Angeles; Louisville-Lexington, Ky.; Minneapolis-Saint Paul; Portland, Ore.; San Antonio; San Diego; Syracuse, N.Y.; and Tampa Bay, Fla., are all existing members of the Brookings Metropolitan Export Initiative and have been invited to continue their work as part of the Global Cities Exchange.
In addition to these 20 metro areas, the Global Cities Initiative will support strategic economic engagements in select international markets. Last week in M?xico City, Chicago Mayor Rahm Emanuel and M?xico City Mayor Miguel ?ngel Mancera announced the first international engagement of the Exchange by signing an agreement to formalize and strengthen their cities' economic partnership. The two cities will work together to expand exports, foreign investment, skilled workforce and research endeavors.
About the Global Cities Initiative
Launched in 2012, the Global Cities Initiative is a five-year joint project of Brookings and JPMorgan Chase aimed at helping city and metropolitan leaders become more globally fluent by providing an in-depth and data-driven look at their regional standing on crucial global economic measures, highlighting best policy and practice innovations from around the world, and creating an international network of leaders who ultimately trade and grow together. For more information please visit http://www.brookings.edu/projects/global-cities.aspx or www.jpmorganchase.com/globalcities.
About the Indy Chamber
The Indy Chamber is the voice of progress and improvement for the Indianapolis region's business community. With membership of nearly 3,000 businesses representing 230,000 employees in the Indianapolis region, the Indy Chamber is leading the effort to strengthen the business climate, improve the state of education, revitalize neighborhoods and enhance the region's workforce. In 2012, the Indy Chamber merged with Indy Partnership, Develop Indy, and Business Ownership Initiative. For more information about the Indy Chamber, visit www.indychamber.com.
Source: The Indy Chamber