The Atlanta region has been selected to develop a regional plan to attract and leverage foreign direct investment, building off its existing Metropolitan Atlanta Export Plan, as part of the Global Cities Initiative – a joint project of the Brookings Institution and JPMorgan Chase.  The project will be implemented by multiple organizations, including the Metro Atlanta Chamber working in partnership with state and local economic development agencies and local businesses.

Launched in 2012, the Global Cities Initiative helps business and civic leaders grow their metropolitan economies by strengthening international connections and competitiveness. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer-learning network. This opportunity is part of the next phase of the Global Cities Initiative’s Exchange, a network that assists metropolitan areas as they create strategies to support sustainable economic growth, first addressing exports and then foreign direct investment. In 2013, Atlanta was selected as one of eight cities as part of the Global Cities Exchange to develop a comprehensive regional export plan that is currently in development.

Metro Atlanta will join Des Moines, Iowa; Upstate S.C. representing the Greenville-Spartanburg-Anderson CSA; Los Angeles; Milwaukee; and Syracuse, N.Y. in developing their foreign direct investment plan. Brookings selected these six metro areas after an extensive application process. Metro Atlanta was selected for its readiness and commitment to strategically pursue foreign direct investment such as greenfield expansions, mergers and acquisitions, and other types of foreign investment including EB-5, private equity, joint ventures and sovereign wealth funds.

“For this next phase, we selected metro areas that are committed to attracting and leveraging foreign direct investment as part of a comprehensive global trade and investment strategy,” said Brad McDearman, Brookings fellow and director of global special projects.  “The six metro areas selected for this round will be strong role models for other regions and represent a growing group of leaders who understand the need to embrace the global market to remain competitive in the 21st century economy.”

Foreign direct investment has long supported regional economies, not only by infusing capital, but also by investing in workers, strengthening global connections and sharing best business practices. As the world’s largest economy with a stable investment environment, the United States has been a top destination for foreign direct investment. Yet in the world’s increasingly competitive investment market America’s global share of foreign direct investment has fallen.

For America to regain its standing, cities and metropolitan regions must capitalize on their competitive advantages. Metropolitan leaders, in partnership with their states, are best equipped to attract and retain foreign direct investment by promoting their areas’ unique specializations and establishing strategic and mutually beneficial relationships.

Metro Atlanta is well positioned to make foreign direct investment a central component of broader regional economic development strategies. Metro Atlanta ranks seventh in the nation for jobs in foreign-owned establishments employing more than 135,000 people, according to the Brookings Institution. Atlanta also ranks among the top 20 cities in the world for "Global Cities of the Future" & #1 U.S. city for FDI strategy according to a 2014 report issued by fDi magazine.

“Our region has been leading the charge in developing an exports plan that will boost our competitiveness and help our economy continue to evolve. This new collaboration with Brookings will be a very important complement for job creation, attracting capital and projecting our economy to the future,” said David Balos, market leader for JPMorgan Chase in Atlanta.

"We are thrilled to be selected as one of the six metros to develop a foreign direct investment plan that will complement our regional export plan," said Pedro Cherry, vice president, community & economic development, Georgia Power, and chair of the Metro Atlanta FDI Plan Initiative. "The FDI plan will be a critical part of our long-term strategy to grow the regional economy, add high-quality jobs and elevate Atlanta's profile as a world-class metro."

Metro Atlanta will be represented by a team of local leaders including the Metro Atlanta Chamber, the City of Atlanta – Office of the Mayor, Invest Atlanta, Georgia Department of Economic Development, U.S. Commercial Service, JPMorgan Chase, Georgia Power and Partnership Gwinnett.

As part of this phase, metro Atlanta will develop a foreign direct investment market assessment and plan, along with an implementation plan and a policy memo. This work, added to the region’s existing regional export plan, forms the second core component of a global engagement strategy that will strengthen the region's global economic connections and competitiveness.

For more information on the Global Cities Initiative please visit www.brookings.edu/projects/global-cities.aspx orwww.jpmorganchase.com/globalcities.