Foreign direct investment (FDI) has played a large role in strengthening Minnesota’s economy. In fact, Minnesota ranks fourth in the country in terms of the job growth at international companies. The North Star State saw an increase of nearly 43 percent in FDI employment growth from 2013 to 2018. Currently, there are over 800 international companies in Minnesota, employing 147,000 workers, more than 59,000 of which are in the manufacturing sector. For more information about FDI in Minnesota and other states, check out our In Your State page.
Meredith Beeson, Global Business Alliance’s Director of State Government Affairs, spoke at Governor Waltz’s Foreign-Owned Enterprise Seminar on March 3, 2021 to discuss FDI trends in Minnesota and how its local economy has benefitted from international investment. The seminar, Thriving in Minnesota as a Foreign-Owned Enterprise, featured many prominent speakers including Governor Tim Walz and Department of Employment and Economic Development (DEED) Commissioner Steve Grove.
Beeson’s presentation highlighted the current state of FDIUS today and provided a snapshot of America’s economic competitiveness. She emphasized GBA’s mission to actively promote and defend an open economy that welcomes international companies to invest in America by stating, “International companies support economic growth and help enhance the state’s resiliency…When Minnesota is open for business, we all benefit.”
Globally connected companies help grow Minnesota’s economy and other local communities across the country. GBA member Daikin Applied recently expanded its manufacturing facility in Faribault, Minnesota. Daikin operates several facilities in the state, including in Owatonna and headquarters in Plymouth. The company currently employs over 1,700 Minnesotans. In 2019, Daikin Applied was awarded Minnesota Governor Tim Walz’s International Trade Award for its investment and success in the state. Another GBA member, Wipro, also recently opened a new office in Minneapolis in addition to its office in Bloomington, which created 100 new jobs at the technology hub.
View GBA’s presentation at Governor Waltz’s Foreign-Owned Enterprise Seminar on March 3, 2021.