July 14, 2024 9:53 pm

Glendale Aims to Boost Economic Growth through Foreign Direct Investment

The City of Glendale has announced its ongoing efforts to attract valuable foreign direct investment (FDI) with the goal of boosting economic prospects, enhancing business opportunities, and fostering job creation to enrich the lives of its community.

According to a 2022 report from the California Governor’s Office of Economic Development, Glendale supports over 1,400 jobs through FDI and hosts more than 90 foreign-owned enterprises. The primary foreign direct investment markets contributing to Glendale’s economy include the United Kingdom, France, Japan, Switzerland, Canada, the Philippines, Germany, the Netherlands, Australia, Luxembourg, Bermuda, and South Korea.

“Pursuing FDI is a viable way to bring more business opportunities to the city. When you look at the numbers, it underscores why the city wants to increase connections with global partners. We can help create international market access for our local businesses while attracting more foreign investment overall,” said Glendale Director of Community Development, Bradley Calvert.

Southern California is already a key location for FDI, with the region’s ten counties serving as the primary destination for the state’s foreign direct investment. These counties host over 11,000 foreign-owned enterprises and employ more than 400,000 Californians, according to the World Trade Center Los Angeles 2023 FDI Report.

In Glendale, the sectors attracting the most FDI include retail trade, finance and insurance, administrative support, professional services (including scientific and technical services), and wholesale trade. International companies currently operating in Glendale include Great West Financial, PCL Construction, Addeco, Sodexo, and Airgas.

An important strategy to promote Glendale’s business advantages will be participation in the June 2024 SelectUSA Investment Summit. This summit is recognized as the highest-profile event in the United States for facilitating business investment, connecting thousands of investors, companies, economic development organizations, and industry experts.

To further bolster its FDI strategy, Glendale maintains eleven sister city relationships with international cities in Mexico, the Dominican Republic, Armenia, South Korea, Japan, and the Philippines. These strategic relationships foster economic growth and development by providing continuous opportunities to interact with government and business leaders, promoting Glendale as a premier investment location.

“We are dedicated to growing our local economy. By promoting our business advantages to international partners, we can elevate Glendale’s innovation opportunities,” said Glendale Deputy Director of Economic Development, Soua Vang.