From Peter Chapman, Executive Vice President of Business Development
To establish Detroit as a world leader in the industries it serves, and enhance the city’s international business relations, the Detroit Economic Growth Corporation (DEGC) is hosting the Select Detroit International Investment Summit. The Summit – a first for Detroit in partnership with SelectUSA – is an intimate business development platform designed to encourage foreign companies to establish operations in Detroit. The two-day program, which runs today and tomorrow, allows participants to engage in discussions and take part in industry tours in three tracks: clean energy, automotive and mobility, and food innovation.
DEGC events like Select Detroit, the US-Korea Business Summit, and programs like ExporTech Detroit set the tone for future foreign direct investment in Detroit and the region. They allow our homegrown businesses access to foreign markets and the ability to grow beyond the city limits. These opportunities create jobs in Detroit, and further show foreign companies that our city is the place to do business.
Fifteen businesses owned and operated in Detroit are participating in the inaugural program, including: Better Made Snack Foods, E.W. Grobbel Sons, Inc., Michigan Farm to Freezer, DTE Energy, NextEnergy and Srinergy. Two of these have participated in past DEGC programs.
- Michigan Farm to Freezer is a Round 7 Motor City Match winner, where it received a $35,000 cash grant to help open its doors in Eastern Market.
- Srinergy, a clean energy and technology provider, is a recent graduate of the DEGC’s ExporTech Detroit program – a national export assistance program helping companies enter or expand in global markets.
The DEGC is providing Detroit-based companies with unprecedented access to foreign markets to grow their businesses and provide opportunities for Detroiters. This is a holistic, curated approach to expanding Detroit’s economy – both extending commerce globally, and attracting foreign investment into the city. As a result, multi-national businesses are coming to Detroit, including Microsoft, Google, Sakthi Automotive Group, Tata Technologies, Srinergy and ArcelorMittal.
Local business participants will guide foreign companies from Canada, China, Italy, Japan, Mexico and South Korea on tours through the city’s commercial corridors to identify potential areas for investment. The Summit also includes a series of workshops for foreign companies to learn more about the city and its available resources. This includes a presentation by Tata Technologies, a global engineering consulting firm that recently announced its headquarters’ move to Detroit. By locating in the city, Tata Technologies now has access to 76 percent of the automotive research and development investment in the U.S.
Prasad Gullapalli, Srinergy, founder and CEO, was thrilled to join the Summit.
“Our participation in ExporTech and Select Detroit allows us to showcase our services in marketplaces beyond Michigan and the U.S.,” he said. “Direct access to foreign entities helps our goal of creating jobs and revenue growth within our organization and the city. Srinergy is thrilled to take part in endorsing Detroit as the hub for clean technology and innovation.”
Select Detroit is a spinoff of SelectUSA, a federal program led by the U.S. Department of Commerce. The program is designed to facilitate investment opportunities around the country and bring awareness to the role foreign direct investment plays in the U.S. economy.
This is Detroit’s first opportunity to host a “Select” event. The city was chosen due to its high output of goods and services in advanced industries, which totals $58 billion annually, as well as DEGC’s strategic focus on global commerce. Select Detroit is sponsored by DEGC with support from RSM US LLP. For more information on The Select Detroit International Investment Summit, visit www.selectdetroit.com.