SelectChicago FDI Opening Summary
The 5th Annual SelectChicago® Foreign Direct Investment Conference is off to a strong start. We learned the Midwest is rich with robust resources. COVID-19 hasn’t slowed the region down. Despite the recent media coverage, the Greater Chicago Region is safe.
We also explored the excellent quality of life in the Midwest and the strong labor market. Foreign owned companies explained the adaptations required to comply with recently closed borders.
What should you expect from different areas? SelectChicago showcased the variety of businesses in the Greater Chicago Area.
Michigan City, Indiana
What an opportunity for the manufacturing industry. Clarence Hulse shared how the Michigan City culture is attracting younger workers to live in the communities they work in.
Elk Grove Village, Illinois
Josh Grodzin put our international guests at ease. We enjoyed hearing about the long-term stability of Elk Grove Village.
The biosciences got some attention from Leslie Murphy. She surprised us with the rate of growth and affordability of the Skokie lab and research facilities.
Thank you to Erin Jason from Elmhurst, Illinois for hosting our panel at the 2020 SelectChicago FDI Opening.
Why Choose Chicagoland?
Coming back around to Michigan City, Indiana — we heard from Mike Guido, the CFO of Sullair (a Hitachi Group Company). He explained why the Japanese chose the region. He gave us the numbers on how manufacturing industrial compressors in the region is cost-effective.
Did you know Polish technology companies are actively supporting medium to large Chicagoland businesses. Dominik Janes from the Unity Group explained how the Poles have excelled at digitizing the industrial and corporate businesses.
Manufacturing remains a strong industry in the region because the cost of labor and facilities is affordable. Dr. Andreas Eckstein showcased how the German Federal State of Niedersachsen gained advantages by bringing German manufacturing into the region.
Why here and not there?
We were surprised by the numbers Harry Moser presented at the SelectChicago FDI Opening keynote.
Harry addressed rebuilding the US Supply Chain. We discovered the Total Cost of Ownership calculations. He showed us how much money is lost to delays, quality, and miscommunication. Our group uncovered the profitability of a locally managed, just-in-time manufacturing facility.
Local municipalities were given insights into the type of economic incentives to help reshore manufacturing and logistics services. Global companies gained discussion points for approaching their US buyers and setting up a cost-effective location.
What about US Federal assistance?
Are you worried about the changes in US Federal assistance mentioned in the news?
Seth Isenberg from SelectUSA reassured our regional and international attendees that support is still available. He explained how foreign businesses can do business under the new rules.
We heard a fascinating revelation at the SelectChicago FDI Opening. A foreign-owned business operating in the Greater Chicago Region is eligible for International Development Finance Corporation (DFC) economic incentives. They can use the secure US location and funding to provide assistance and exports from the USA to middle and low-income countries such as African and Indo-Pacific nations.
Is there still time?
Want to catch the next session on Wednesday, September 23, 2020? The conference is online allowing you to safely attend from anywhere in the world. Take a look at what is coming up
Or download a PDF version of the schedule, here.
Did you miss this last week’s sessions? Watch the replay. Contact the speakers.
Ticket Holders can login and send a private message to the speakers and see rebroadcasts 24 hours a day.
We are grateful to our sponsors for helping foreign-owned businesses start in Chicagoland.