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Mindy McLaughlin Manager of Foreign Direct Investment.

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Presentation on theme: "Mindy McLaughlin Manager of Foreign Direct Investment."— Presentation transcript:

1 Mindy McLaughlin Manager of Foreign Direct Investment

2 JobsOhio 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. Objectives Create, retain & expand jobs Attract new capital investments Client-focused and metrics-driven Making it Work JobsOhio’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. An Overview

3 Targeted Strategy JobsOhio 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. Focus 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 success Continue sustainable economic development for Ohio through positive return on investment. Target Industries Energy Automotive Advanced Manufacturing Financial Services Information Technology Aerospace and Aviation Food Processing Biohealth Polymers and Chemicals Key Business Functions Logistics Headquarters & Consulting Back Office Research & Development

4 JobsOhio Network

5 Why Ohio? Strategic location Strong business climate Skilled workforce Robust infrastructure

6 Ohio’s Improved Tax Environment Corporate Franchise Tax  Eliminated on January 1, 2010 Tangible Personal Property Tax  Eliminated Inventory Tax  Eliminated – No inventory tax in Ohio. Real Property Tax  Real 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 Tax  Wage 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 excels Broad-Based Manufacturing Energy Agribusiness Information Technology Strategies on attracting companies from each of these sectors are closely tied to the strategies for attracting them domestically Retention & Expansion efforts are key



11 Sources of Investment from Asia COUNTRY# OF JOBS # OF ESTABLISHMENTS Japan50,846517 India1,33020 China - Hong Kong1,17411 China8949 South Korea41610 Malaysia2702 China - Taiwan1614 Thailand601 Singapore305

12 Largest Asian Companies in Ohio By Country (200 or more employees) Japan: Honda (13,500 employees) IndiaTata 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) MalaysiaEmery Oleochemicals LLC (260 employees) South KoreaHyundai 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 projects Carry Ohio’s message of a sound investment strategy to international markets

15 Questions? 614-224-6446 15

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