Greater Philadelphia Selected to Develop New Market Prioritization
and Metropolitan Economic Partnership Strategies
as Part of the Global Cities Initiative
Participation seeks to deepen the impact of metropolitan trade strategies that will help Philadelphia determine how to best strengthen global economic engagement with international counterparts
PHILADELPHIA, PA – Today, it was announced that Greater Philadelphia has been selected to join a group of eight city-regions seeking to amplify the impact of trade strategies through new research and problem-solving that will determine how city-regions can best prioritize and execute economic partnerships with international metro counterparts. This new effort builds upon Philadelphia’s prior participation in the Global Cities Initiative (GCI), a joint project of Brookings and JPMorgan Chase, which included developing a regional export strategy.
“Even with strong trade and investment strategies, all metros face resource and capacity constraints to engaging internationally. In the global market haystack, metros need tools to focus on where they are most likely to find the needles,” said Marek Gootman, Brookings fellow and director of strategic partnerships and global initiatives. “We selected this diverse group of metros to test new approaches to identify, prioritize, and structure economic connections with specific foreign counterparts for maximum returns.”
Selected by Brookings through a competitive application process, Greater Philadelphia will join Atlanta, Columbus, Louisville/Lexington, Phoenix, San Antonio, San Diego, and Wichita in producing a locally-tailored market prioritization assessment, and initiating or expanding at least one metro-to-metro collaboration. These activities will yield an approach that can be replicated by other metropolitan areas.
“It is an honor for Philadelphia to be selected for this new phase of the Global Cities Initiative,” said Mayor Jim Kenney. “The economy becomes increasingly global with each day that passes, and in order to remain competitive, our city and region must identify ways in which we can more strategically focus our efforts internationally. Philadelphia’s participation in the Global Cities Initiative will allow the region to examine our existing economic strengths and opportunities for growth, while simultaneously identifying key markets around the globe where we can create or expand partnerships.”
The GCI metros will test a new evidence-based methodology to prioritize international markets for high-potential economic relationships. Through an assessment, each metro area will identify existing and potential market connections, sector synergies, and growth trends. Additionally, the cohort will examine different models to operationalize international metro–level economic partnerships targeted through prioritization, exploring bilateral and multi-lateral sector, geographic, and intermediary relationships.
“The World Trade Center of Greater Philadelphia is pleased to join Greater Philadelphia's regional leaders in this important GCI learning cohort that will take our metro export plan to the next level, identifying best markets and global partners, and tapping into the extensive network of world trade centers worldwide,” added Linda Conlin, President, World Trade Center of Greater Philadelphia.
Since its launch, the Global Cities Initiative (GCI) has raised awareness about the importance of international economic connections and competitiveness for growth and job creation, and spurred dozens of metropolitan areas to reorient their economic strategies toward engaging world markets. GCI has become a hub for coalitions of metro leaders across public, private, and civic sectors to connect with their counterparts for peer learning, problem-solving, and economic collaboration.
“Greater Philadelphia is a truly global region, and we’re delighted it’s getting this critical support to further develop international growth strategies,” said Mark Schrieber, Managing Director and Region Manager, JPMorgan Chase. “We must look beyond our metro area for growth opportunities; this effort will create international economic connections for local businesses and greater economic opportunity for all residents.”
The regional project team includes the City of Philadelphia, Select Greater Philadelphia Council, World Trade Center of Greater Philadelphia, and Temple University’s Fox School of Business.
Participation in the Global Cities Initiative will allow Greater Philadelphia to build on other ongoing efforts with an international focus. In 2016, the region worked with the Brookings Institution to release its three-year metro export plan, which identified several goals to create a more dynamic export economy. Just last month, City officials convened a group of local business and economic development leaders to begin building out a plan for more effective, cohesive marketing of the region for business and talent attraction.
To learn more about the Global Cities Initiative, visit https://www.brookings.edu/project/global-cities/ or www.jpmorganchase.com/globalcities.
The Brookings Institution is a non-profit organization. Its mission is to conduct high-quality, independent research and, based on that research, to provide innovative, practical recommendations for policymakers and the public. Brookings recognizes the value it provides in its absolute commitment to quality, independence, and impact, and makes all final determinations of the scholarly activities in the Global Cities Initiative, including the research agenda and products.
The Global Cities Initiative is a joint project of the Brookings Institution and JPMorgan Chase designed to help metropolitan leaders advance and grow their regional economies by strengthening international connections and competitiveness. GCI activities include producing data and research to guide decisions, fostering practice and policy innovations, and facilitating a peer-learning network. For more information, visit https://www.brookings.edu/project/global-cities/ or www.jpmorganchase.com/globalcities.
In early June, the World Trade Center of Greater Philadelphia, represented by board chairman Gary Biehn, signed into a memorandum of understanding (MOU) with WTC Tianjin. The MOU will create a framework of cooperation which will seek to expand trade and investment in targeted sectors of opportunity, including healthcare, higher education, legal services, aviation, petrochemicals, metalworking, and the medical device sector.
As reported by the Philadelphia Business Journal:
Biehn said the agreement is the culmination of a visit from Tianjin officials last June and a reciprocal visit in January in which the two sides talked about synergies among membership companies in areas such as health care, education, and legal and financial services. The deal will put Philadelphia on the map when the roughly 2,000 Tianjin WTA member companies that are looking for U.S. business opportunities.
Trade mission yields reciprocal visit from Chinese firm considering Phila. for U.S. HQ
On May 18th, the Philadelphia Business Journal reported that the Philadelphia Department of Commerce will be participating in a three week trade and investment mission to Asia beginning May 23rd.
On June 2, 2016, the WTCGP hosted a meeting at White and Williams, for a delegation of 7 officials from World Trade Center Tianjin, China. Eric Cao, WTC Tianjin Executive Director and Deputy Division Chief, China Council for the Promotion of International Trade, and Zhang Tiejun, Deputy Director, People’s Government of Tianjin Binhai New Area, set in place the initial steps to explore expanded trade and investment opportunities between Tianjin, the Binhai New Area and Greater Philadelphia. Participants included WTCGP members and leaders of Philadelphia’s international business organizations. Located in northern coastal China, Tianjin is the fourth largest municipality with a total population of more than 15 million people. Tianjin is a hub city for international shipping and logistics, manufacturing and research, and development. Created in 2009, Tianjin Binhai New Area is located in the coastal region of the Tianjin municipality. Designated by the Chinese government as a special Free Trade Zone, Binhai has an international seaport, and an international airport and is a 33-minute high-speed train ride from Beijing. There are 141 Global 500 companies with operations in Binhai New Area.
In this Philadelphia magazine business feature World Trade Center of Greater Philadelphia President Conlin hints at the possible impact of a change in trade policy with Mexico. Mexico was Philadelphia’s third-biggest export market in 2015.
Just How Much Does Philly Trade With Mexico?
In this inspiring story of a young woman's entry into the global market, World Trade Center of Greater Philadelphia COO Dino Ramos sheds light on some of the work ahead for this Cameroonian entrepreneur.
From Cameroon to Villanova, an entrepreneur's journey to develop a healthful tea
MIDJersey Business Magazine September issue reveals how MIDJersey companies are going global and how trade groups like World Trade Center of Greater Philadelphia can help small and medium-sized business owners reach new global markets.
A New Frontier
More MIDJersey Companies are Offering Their Producst and Services to a Global Market.
Here's How They're Doing It - And Where They're Going for Help
International trade continues to be a key driver of economic growth and jobs for Pennsylvania and the Greater Philadelphia Region. Garnering Business Facilities No. 10 ranking for exports is no surprise. As a proud partner with PA in providing trade counseling through the “Bringing the World to PA” program, we helped companies in these counties generate over $125M in new export sales, made possible through this nationally-recognized export development program.
More recognition is listed in the announcement from the Commonwealth’s Department of Community and Economic Development. The upshot? PA’s trade heart is healthy, with a strong beat towards growth in several sectors. This growth – a key driver of job creation state-wide – is exactly what international trade is meant to do. Americans should engage in, and learn about, the trade agreements that may be in jeopardy. Start here with the World Trade Center and join us at our next event to take part in the discussion.
Linda Mysliwy Conlin
President, World Trade Center of Greater Philadelphia
Pennsylvania Receives Recognition for Economic Success and Industry Sector Growth
From the PA Department of Community & Economic Development
Harrisburg, PA - On August 1, 2016, the Pennsylvania Department of Community and Economic Development (DCED) Secretary Dennis Davin announced that Pennsylvania received recognition for a series of accomplishments highlighting both economic success and growth statewide.
Pennsylvania's economy rose from the 21st to the 19th largest in the world, excluding other U.S. states, making it comparable to that of Saudi Arabia. The economy is larger than Argentina and Switzerland.
Additionally, Pennsylvania claimed top spots in Entrepreneur Magazine, which named State College among ‘The 15 Best U.S. Cities for Entrepreneurs’ for its vision and committed support, and across five key categories in Business Facilities’ Annual Rankings Report.
The Business Facilities' Annual Rankings Report features the best of the best in several categories scrutinized by investors, site selectors, business owners, and other key economic development professionals.
To find a comprehensive list of Pennsylvania’s awards and rankings visit dced.pa.gov/awards-rankings.
World Trade Center of Greater Philadelphia President Linda Mysliwy Conlin comments on Brexit impact for the Philadelphia-New Jersey region in recent Philadelphia Magazine business feature.
WHO IS BASSETTS' BIGGEST CUSTOMER?
Rosemary Connors of NBC10 reveals the answer in this news story covering the world famous ice cream maker's global success and the role of World Trade Center of Greater Philadelphia in helping Bassetts and other local companies go global.
is the best place to view posts about WTCGP news, events, press, and more!