Brookings and JPMorgan Chase Launch New Exchange Network

  Brookings and JPMorgan Chase Launch New Exchange Network

  New Network, Part of the Global Cities Initiative, Will Help Metropolitan
 Areas Create Global Trade and Engagement Strategies to Grow Jobs and Expand
                               their Economies

Business Wire

WASHINGTON -- November 21, 2013

Today, the Brookings Institution and JPMorgan Chase announce the launch of the
Exchange, a new network of 20 pioneering metropolitan areas committed to
increasing global trade and economic competitiveness. The program is part of
the Global Cities Initiative, which equips metropolitan leaders with the
information, policy ideas, and global connections they need to bolster their
regions’ positions in the global economy.

In the Exchange’s first year, business, civic, and state and local government
leaders from eight metropolitan regions–Atlanta; Greenville, S.C.;
Indianapolis; Jacksonville, Fla.; Milwaukee; Phoenix; Sacramento, Calif.; and
Wichita, Kan–will design and implement strategies to grow their local
economies by expanding global trade and investment. Brookings selected
metropolitan areas to join the network after an extensive application process
that evaluated regions’ readiness, capability, and commitment to pursue the
Exchange’s goals.

This group of eight will join 12 U.S. metro areas–Charleston, S.C.; Chicago;
Columbus, Ohio; Des Moines, Iowa; Los Angeles; Louisville-Lexington, Ky.;
Minneapolis-Saint Paul; Portland, Ore.; San Antonio; San Diego; Syracuse,
N.Y.; and Tampa Bay, Fla.–that are already involved in Brookings-led
metropolitan export planning through the Metropolitan Export Initiative.
Economic development leaders from these regions have been invited to continue
developing broader global engagement strategies as part of the Exchange. The
Exchange network will expand over time to include additional U.S. and non-U.S.
cities working together to strengthen their global competitiveness.

“In today’s fast-moving business climate, metropolitan leaders must expand
their economies globally,” said Amy Liu, co-director of the Global Cities
Initiative, Brookings senior fellow and co-director of the Brookings
Metropolitan Policy Program. “We created this Exchange to turn opportunity
into action and to turn good ideas into results. We will give metropolitan
leaders tools and guidance to develop actionable plans that will position
their regions to thrive in the hyper-integrated global economy.”

To achieve economic growth, cities and metropolitan regions must capitalize on
their distinctive assets and expand their global trade and investment
strategies. Rapid urbanization in mature and developing markets is creating a
new consumer class and 85 percent of global GDP growth is projected to occur
outside the U.S. between 2013 and 2018. This is a great opportunity for firms
and local economies.

Metro areas are uniquely positioned to make exports and global engagement a
central, consistent part of broader regional economic strategies. Local
leaders know their regions best and can help local firms access new markets,
align existing export services and bring new business to their regions. They
are also best equipped to coordinate regional assets—such as skills training,
innovation capacities, and freight and logistics—to better support global
trade.

“There are enormous untapped opportunities for leaders in cities and metro
areas to expand and strengthen their economies through greater global
engagement. But business, government and civic leaders must be proactive and
purposeful in acting on this opportunity,” said Richard M. Daley, former
Chicago mayor, senior advisor to JPMorgan Chase, and chair of the Global
Cities Initiative. “For decades, JPMorgan Chase has been helping companies
expand their businesses globally and now the Global Cities Initiative is doing
the critical work of preparing other partners in metropolitan regions to
recognize their unique assets and find their place in the global economy.”

Under the Exchange, each metropolitan area will develop a customized global
engagement strategy, which will integrate exports and foreign direct
investment, and may also include logistics and advanced industries. As part of
this work, metropolitan leaders will work with one another to establish new
metro-to-metro relationships and to share best practices in globally-oriented
economic development.

In addition to these 20 metros, the Global Cities Initiative will support
strategic economic engagements in select international markets. Last week in
México City, Chicago Mayor Rahm Emanuel and México City Mayor Miguel Ángel
Mancera announced the first international engagement of the Global Cities
Exchange and signed an agreement to formalize and strengthen their cities’
economic partnership. Guided by the Global Cities Initiative, the two cities
will work together to expand exports, foreign investment, and skilled
workforce and research endeavors.

For the past two years, the Global Cities Initiative has provided metropolitan
areas with research and networks to help them capitalize on their distinctive
strengths. For example, in Houston, the Initiative inspired local leaders to
create a workforce development plan. In Atlanta, the Initiative spurred the
development of a new regional export plan. And leaders in metropolitan areas
across the country, including Denver and Columbus, have incorporated the “10
Traits of Globally Fluent Metro Areas” framework into their economic
development planning.

In 2014, the Global Cities Initiative will hold forums in Phoenix and Las
Vegas; Jacksonville, Fla.; Seattle; Louisville-Lexington, Ky. and Munich.

Launched in 2012, the Global Cities Initiative is a five-year joint project of
Brookings and JPMorgan Chase aimed at helping city and metropolitan leaders
become more globally fluent by providing an in-depth and data-driven look at
their regional standing on crucial global economic measures, highlighting best
policy and practice innovations from around the world, and creating an
international network of leaders who ultimately trade and grow together. Since
its inception, the Initiative has held forums in Atlanta; Beijing; Columbus,
Ohio; Dallas; Denver; Houston; London; Los Angeles; Miami; São Paúlo, Brazil;
and Singapore. For more information please visit
www.brookings.edu/projects/global-cities.aspx or
www.jpmorganchase.com/globalcities.

Contact:

Brookings Institution
Grace Palmer, 202-797-6231
gpalmer@brookings.edu
or
JPMorgan Chase
Jennifer Kim, 212-622-7068
jennifer.h.kim@jpmchase.com

Read more at: http://www.brookings.edu/about/projects/global-cities/exchange.
 
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