BRAC going after foreign investment

Many large, aggressive economic development agencies have a strategy for attracting foreign direct investment. BRAC hasn’t been one of them, although it’s working to change that now. The chamber’s new target industry report, released today, identifies possible sources of foreign investment for each sector. For example, Germany and the United Kingdom are leading countries in chemicals and energy production, so those countries will be the focus of BRAC’s marketing efforts in that sector. “There’s a lot of folks who say you’ve got to invest in the BRIC countries: Brazil, Russia, India, China,” says Iain Vasey, BRAC’s executive director of business development. “Those guys are absorbing investment. Those aren’t the guys that are pushing out investment into other markets.” The chamber plans to join international networking organizations, attend trade shows, meet with foreign consulates, and leverage relationships with foreign companies that already are here. The presence of a major international company, such as German chemical giant BASF, helps give the Capital Region credibility, BRAC says. In the future, the chamber may hire an employee dedicated to foreign investment, or perhaps even establish a permanent presence in a key country such as the U.K. Vasey says foreign business leaders don’t necessarily know about Baton Rouge, but says building a regional brand with partners in nearby cities and states can help to overcome that obstacle. Check out the complete report here. —David Jacobs