On April 25, 2014 in Chicago, the Great Lakes Governors and the Premiers of Ontario and Québec launched a major new initiative with The Paulson Institute to attract foreign direct investment in regional manufacturing.
As part of the intitiative, the Council of Great Lakes Governors and The Paulson Institute will jointly host a “Competitiveness Forum,” featuring Michigan Governor Rick Snyder, Co-Chair of the Council of Great Lakes Governors, and Secretary Paulson. This forum will be an opportunity to focus attention on the challenges and opportunities inherent in foreign investment in regional manufacturing.
Of the initiative, Michigan Governor Rick Snyder, Co-Chair of the Council of Great Lakes Governors, said, “The Great Lakes Governors and Premiers are committed to competing and prospering in the global economy. This partnership will help foster continued growth in the Great Lakes region by creating and sustaining jobs.”
Illinois Governor Pat Quinn, Co-Chair of the Council of Great Lakes Governors, said, “By working together, we can help our region seize the opportunities that the new global economy presents. Our manufacturers have shown they are among the best in the world, and this new initiative will help improve their access to capital in order to compete.”
Hank Paulson, Chairman of the Institute, explained, “Unlike bond holdings, which can be bought or sold through a quick paper transaction, direct investments involve people, plants and other assets. They are, in this sense, a vote of confidence in another country’s economic system.” He added, “At a moment of considerable transition in the world economy, many emerging economies hold substantial foreign exchange reserves but are also beginning to seek productive direct investments. This includes countries like China, whose companies, for example, have begun to expand their direct investments, including greenfield investments, in the United States, Canada, and other advanced industrial economies.”