Alabama is home to a diverse lineup of international companies, and the state’s business recruiters are looking to expand those ranks.
The economic development team is in Washington, D.C., at the 2019 SelectUSA Investment Summit, the premier foreign direct investment (FDI) event in the U.S.
FDI is a significant part of Alabama’s economy. Last year alone, it came from 16 countries, for a total of $4.2 billion in investment and 7,520 new and future jobs.
Since 2013, the state has attracted $12.8 billion in FDI, according to the Alabama Department of Commerce. It’s spread across a variety of sectors, including automotive, aerospace and bioscience.
“Team Alabama is looking to capitalize on a record-breaking year for FDI in the state, by continuing to build partnerships with world-class international companies looking to grow in the U.S.,” said Vince Perez, a project manager for the Alabama Department of Commerce.
Showcasing Alabama
SelectUSA is led by the U.S. Department of Commerce, and its annual summit regularly attracts top industry leaders and investors from around the globe. This year’s event is expected to draw more than 2,800 attendees from more than 70 international markets and 49 U.S. states and territories.
Participants of the past five summits have announced $103.6 billion in greenfield FDI in the U.S. within five years of attending, supporting more than 167,000 U.S. jobs.
“We are excited to have another opportunity to showcase Alabama’s vibrant business climate that’s been cultivated over the years through business-friendly policies,” Perez said.
“This year’s Investment Summit is very timely as we will be armed with the recently passed Incentives Modernization Act, which upgraded our already-strong incentive tool kit, making us more marketable than ever.”
The measure targets counties that have had slower economic growth. In particular, it expands the number of rural counties that qualify for investment and tax credit incentives. It also enhances incentives for technology companies.
Joining the Commerce Department at the SelectUSA Summit are PowerSouth, the North Alabama Industrial Development Association, the Economic Development Partnership of Alabama, Alabama Power Co. and Spire.
Speakers at the summit will include key government and industry leaders who will discuss opportunities in a broad range of areas and industries, such as energy, infrastructure, agriculture and technology.
FDI supports nearly 14 million American jobs and is responsible for $370 billion in U.S. goods exports. The U.S. has more FDI than any other country, topping $4 trillion.
This story originally appeared on the Alabama Department of Commerce’s Made in Alabama website.