Governor Snyder Leads Job-creating Investments
According to the Organization for International Investment (OFII), Gov. Rick Snyder made Michigan history this month by issuing the state’s first Open Investment Policy Statement, declaring foreign direct investment (FDI) helps power the economy in Michigan. He also re-affirmed that the state will treat foreign-based employers in an equitable manner.
Snyder delivered the statement during an event in Wyandotte at BASF Corporation, the largest affiliate of BASF SE, and the second largest producer and marketer of chemicals and related products in North America. BASF employs more than 2,000 employees at its nine locations across Michigan.
“Governor Snyder’s declaration is another milestone for Michigan’s economy,” said Nancy McLernon, president and CEO of OFII. “Over a quarter-million Michiganders have a job because of global investment entering the state.”
According to data from the U.S. Department of Commerce, foreign-based companies like BASF, Magna and Siemens employ more than 238,000 employees in Michigan. The manufacturing sector provides nearly two-thirds of these jobs. From a study published in 2016, OFII found that more than 775,000 total jobs in Michigan are tied to global investments, when related supply chain and paycheck effects are considered.
While issuing the Open Investment Policy Statement, Snyder highlighted the benefits of FDI and how Michigan has become a globally competitive state.
“By signing this Open Investment Policy, we have the chance to ensure that foreign businesses can continue to invest in our great state,” said Snyder. “That will ultimately help create new and better jobs for Michiganders, as we continue the path toward our future.”
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