Metro Indy releases export strategy aimed at broadening global economic reach
The Indy Chamber, joined by representatives from The Brookings Institution, JPMorgan Chase and regional business and civic leaders, released the Metro Indianapolis Export Plan, a regional strategy aimed at boosting the regional economy and, ultimately, growing jobs.
This strategy focuses on leveraging the progress made by some of the largest regional exporters - Eli Lilly and Company, Roche Diagnostics, Rolls-Royce, Allison Transmission, Dow AgroSciences, and others - to foster an export-friendly environment to encourage small and medium enterprises to enter the export market.
Across the nation businesses of all shapes and sizes are expanding their networks to reach a broader audience of customers and partners on a national and international scale.
In order to compete on an international stage, a shift in traditional economic development tactics of looking over the proverbial neighbor’s fence (state and county lines) is necessary. Seeking global business opportunities for the region by providing export assistance and seeking new projects from outside the U.S. is key and will be the sustainable economic development practice of world class cities of the future.
Indianapolis economic development leaders have incorporated global components into their efforts to attract companies and increase opportunities for Hoosier companies doing business abroad. Now, these efforts have intensified with the integration of the Global Cities Initiative.
In 2013, Indianapolis was selected to join an exchange network created by the Global Cities Initiative, a joint project of The Brookings Institution and JPMorgan Chase. The Initiative is a network of metropolitan areas committed to establishing actionable plans that will promote greater global trade and economic competitiveness.
Throughout 2014, the Indy Chamber conducted extensive market research, regional business surveys and in-person interviews to develop several key findings as it relates to the regional export strategy. A few of these key findings include:
- Indy is a leader in economic recovery following the Great Recession, but income growth lags behind peer cities.
- Real and perceived barriers to exporting keep small and medium enterprises from entering the global market, but there is real opportunity for growth if these businesses make the jump to exporting. • Large, experienced exporters are leading Indy’s rapid growth in emerging markets such as China and Brazil. Some smaller entrepreneur-minded businesses export to emerging markets, but most find it difficult to navigate.
- Many business executives cite the need for export training and coaching to help them learn all aspects of international business and how to protect their company.
- Companies in metro Indianapolis have a need for globally-minded talent. With this need comes a desire for a strong Indianapolis brand on an international scale.
To learn more about the Global Cities Initiative and the Metro Indianapolis Export Plan, visit www.indychamber.com/export.