Presentation on theme: "Manager of Foreign Direct Investment"— Presentation transcript:
1 Manager of Foreign Direct Investment Mindy McLaughlinManager of Foreign Direct Investment
2 An OverviewJobsOhio was created in July 2011 by Governor John Kasich and the Ohio legislature to lead the state’s economic development efforts. It is a private, non-profit corporation that is significantly different from the state’s previous approach and unique in the country.ObjectivesCreate, retain & expand jobsAttract new capital investmentsClient-focused and metrics-drivenMaking it WorkJobsOhio’s nine industries and four business functions are led by general managers who are experts in their respective industries.Nine-member board, made up of dynamic business leaders who operate on a global scale.Six regional network partners with deep ties to local businesses, enhancing economic development opportunities.
3 Targeted StrategyJobsOhio is organized to focus on nine industries and four business functions that drive the state’s economy. Using a private-sector, approach, JobsOhio is led by experts in these selected areas.Target IndustriesEnergyAutomotiveAdvanced ManufacturingFinancial ServicesInformation TechnologyAerospace and AviationFood ProcessingBiohealthPolymers and ChemicalsKey Business FunctionsLogisticsHeadquarters & ConsultingBack OfficeResearch & DevelopmentFocus on the driving industries and business functions that have the greatest impact on job creation, retention & attraction.Work with regional organizations that have the pulse of local businesses to maximize our chances for successContinue sustainable economic development for Ohio through positive return on investment.
5 Why Ohio?Strategic locationStrong business climateSkilled workforceRobust infrastructure
6 Ohio’s Improved Tax Environment Corporate Franchise TaxEliminated on January 1, 2010Tangible Personal Property TaxEliminatedInventory TaxEliminated – No inventory tax in Ohio.Real Property TaxReal property, or real estate, which includes land and improvements to land (buildings, etc.) is subject to property tax in Ohio. The taxable value of real estate is 35 percent of market value. The effective tax rate applied to the assessed value varies by school district.Unemployment TaxWage base is first $9,000 paid to each employee in a calendar year and is taxed 2.7% for new employers.Lowest Tax Rates on New Capital Investment in the Midwest – Ernst & Young 2011
7 Foreign Direct Investment in Ohio FDI is defined by 51% foreign ownership in a company or parent company Approximately 40% of our active projects are international Top sources of investment are Japan, Western Europe, and Canada
8 Strategy on Attracting FDI Focus on industries and technologies where Ohio excelsBroad-Based ManufacturingEnergyAgribusinessInformation TechnologyStrategies on attracting companies from each of these sectors are closely tied to the strategies for attracting them domesticallyRetention & Expansion efforts are key
11 Sources of Investment from Asia COUNTRY# OF JOBS# OF ESTABLISHMENTSJapan50,846517India1,33020China - Hong Kong1,17411China8949South Korea41610Malaysia2702China - Taiwan1614Thailand601Singapore305
12 Largest Asian Companies in Ohio By Country (200 or more employees)Japan: Honda (13,500 employees)India Tata America International Corporation (400 employees)China- Hong Kong: Associated Hygenic Products LLC (350 employees)TTI Floor Care North America, Inc. (350 employees)China: Powers and Sons (320 employees)Malaysia Emery Oleochemicals LLC (260 employees)South Korea Hyundai Ideal Electric Co. (200 employees)
13 Top Industries for Asian Investment Automotive Advanced Materials Polymers and Chemicals
14 How AAPI Can Help?Make JobsOhio aware of potential attraction or expansion projectsCarry Ohio’s message of a sound investment strategy to international markets