Foreign investment boosts Ohio economy

Columbus and the surrounding region are a top destination for international companies looking to set up operations in the United States, and that is good news for the Ohio economy. But as with all positive economic-development trends, we need to think strategically about how to maintain and expand it.

When you think about all of the U.S. employment, products and services that foreign direct investment provides, you quickly realize that it is not really foreign at all.

International investment in Ohio is a winning aspect of a 21st century economy and part of our everyday lives. From Honda vehicles to BrewDog beer, so many of the items central Ohio residents make are the result of an investment made by a company headquartered outside our country.

Importantly, international companies employ nearly 260,000 Ohioans. That means it could take three Ohio Stadiums to hold all the people in the Buckeye State employed because of global investment.

The majority of those jobs are in the manufacturing sector, paying an average compensation of $89,800 annually. A recent example is Sofidel, an Italian manufacturer of paper products that will employ hundreds of people at its 1.8 millionsquare-foot manufacturing facility in Circleville.

Ohio is reflective of how international investment benefits America’s economy — employing 6.8 million Americans nationwide, or 5.5 percent of the privatesector workforce. Foreign direct investment supports 2.5 million manufacturing jobs and produces more than 23 percent of U.S. exports. In addition to paying 17 percent of U.S. federal corporate income taxes, these international companies spend $57 billion annually on U.S. research and development and reinvest close to $100 billion back into their U.S. operations.

When a foreign-based company invests in the United States, it brings much more than jobs and financial capital. These employers often import world-class workforce-training programs, build local supply chains and become part of the communities in which they sustainably operate.

That is why the Columbus 2020 Regional Growth Strategy makes a priority of efforts to recruit marketleading companies from around the world to the 11-county Columbus region.

This work is a proven way to create job opportunities, build a sustainable tax base and spread prosperity throughout our region. Working to attract international business has evolved from being a rare pursuit to becoming a fundamental requirement for any major competitive metropolitan area.

And Ohio is a large, diverse state with a long history as an economic power. If Ohio were a country, it would rank as one of the top 25 economies in the world. As a natural manufacturing and logistics location, Ohio is well-positioned to attract attention and JobsOhio and others are working diligently and professionally to win even more investment for the state.

The leadership of today is following a long tradition of leaders like Gov. James A. Rhodes, who originally recruited Honda, and the numerous local officials who laid the groundwork decades ago to enable Rickenbacker International Airport to become a global freight hub for imports and exports. This leadership will continue to set Ohio and the Columbus region apart from others.

Competition for global investment has never been fiercer from other countries and U.S. regions. By working hard to understand our existing international connections and build new relationships with business leaders around the world, the Columbus region is becoming more globally fluent.

Working together, we can show the world what we all know to be the case: The Columbus region is a great place to call home.