Kentucky delegation aided by state’s improved business climate in attracting new business and jobs
FRANKFORT, Ky. (June 20, 2018) – Gov. Matt Bevin led a delegation of economic development leaders to the 2017 SelectUSA Investment Summit today in Washington D.C. for a business-recruiting and corporate engagement mission through Friday.
Across dozens of meetings, roundtables, talks and receptions, the group will work in tandem with officials from KentuckyUnited to develop new – and strengthen existing – relationships aimed at bringing additional jobs and corporate investment to the commonwealth.
“The SelectUSA Investment Summit is where we go each year to connect with private sector job creators who are looking to expand,” Gov. Bevin said. “The 2017 Investment Summit quickly proved to be a worthwhile venture, as conversations in Washington D.C. led to significant new investment and job creation in Kentucky. We will look to duplicate, and even exceed, the success of last year’s event as we explain to global corporate investors why Kentucky is the premier location in the United States to conduct business.”
Gov. Bevin is scheduled to speak at the summit on Friday, highlighting recent economic development successes and business climate improvement measures. Those are driving a record number of companies to investigate and realize the benefits of locating in Kentucky. The Kentucky General Assembly’s 2017 passage – and Gov. Bevin’s signing – of right-to-work legislation, an initiative to cut red tape for businesses, a revolution in workforce training efforts and a reimagining of the state’s initiative for supporting startups, innovators and small businesses all contribute to the state’s improved business climate.
The three-day summit, held at the Gaylord National Resort and Convention Center, is the fifth edition of the event and themed “Invest Here. Grow Here. Succeed Here.”
This year through May, Kentucky announced nearly $1 billion in international corporate investment, an amount expected to create more than 500 jobs. Those numbers come on the heels of substantial international investment in the state in 2017, which saw beyond $2.47 billion committed and more than 3,900 new jobs announced.
Since taking office, Gov. Bevin’s administration worked to attract a record $16.1 billion in corporate investment announcements. Of that, $5 billion – or 31 percent – stems from internationally owned companies. Of the nearly 43,800 jobs announced in the administration’s tenure to date, internationally owned companies account for 23 percent of new employment – about 10,300 jobs.
In Kentucky, 516 internationally owned facilities from 34 nations employ more than 111,000 people full-time. Those include manufacturing plants, corporate offices, logistics providers, service-related companies, tech firms and research operations, in a range of industries.
Japan holds top position as the state’s No. 1 international investor, with 194 current and planned facilities. Of those, about 75 percent are automotive related. Germany maintains the second most facilities at 78, and Canada ranks third at 37. Chinese corporations own seven facilities, including Lexmark and GE Appliances, two prominent Kentucky employers purchased last year.
KentuckyUnited is a public-private partnership of state, local and regional economic development organizations, utilities and private corporations, formed to market Kentucky’s business advantages to site location consultants and companies interested in siting a new location, expansion or relocation.
SelectUSA promotes foreign direct investment in the US and offers networking opportunities for state, regional and local economic development officials in an effort to attract global investors. Keynote speakers and exhibitors will be on hand to discuss a range of investment opportunities and to highlight FDI’s impact on economic development across the US.
In 2017, more than 2,800 people participated in the summit, a record since its inception in 2013. Attendees represented over 60 markets, including more than 1,200 global business investors and economic developers from 51 US states and territories.
SelectUSA is the US Government-wide program that promotes and facilitates business investment in the US. The organization provides services to international investors of all sizes and US state, regional and economic development organizations working across the federal government.
To learn more about SelectUSA and the 2018 Investment Summit, visit www.SelectUSA.gov.
Information on Kentucky’s economic development efforts and programs is available at ThinkKentucky.com. Fans of the Cabinet for Economic Development can also join the discussion on Facebook or follow on Twitter. Watch the Cabinet’s “This is My Kentucky” video on YouTube.