KANSAS CITY, Mo. – Governor Mike Parson made state history today by signing Missouri’s first Open Investment Policy statement, declaring that Missouri’s economy is stronger because of its successful attraction of foreign direct investment and reaffirming the state’s commitment to ensuring equitable treatment for international companies that set up operations in the state. Parson is the ninth governor to issue an Open Investment Policy statement.
Parson issued this proclamation at LMV Automotive Systems in Liberty, Missouri. LMV is a manufacturing division of Magna International, a mobility technology company and North America’s largest automotive supplier. The division, which makes body and chassis systems for global automakers, has experienced consistent growth since starting in 2012 and features an Innovation and Training Center to provide skills development to employees and local students.
International companies provide 110,000 jobs to Missouri workers. In the past five years, jobs provided by international firms have grown by 34 percent in Missouri, while the state’s overall private sector employment grew by 7.5 percent.
“Every day, we are looking to find good solutions and working to both strengthen and prepare our state’s workforce to meet the demands of tomorrow. Magna is a great example, employing more than 900 Missourians, proving that foreign direct investments can be a great success right here in Missouri,” Parson said. “Missouri is home to over 650 global companies, which supply over 49,000 good paying jobs in our manufacturing sector. By signing this open investment policy, we are reaffirming our commitment to both existing and potential businesses and expanding access to jobs.”
Nationwide, international companies produce 23 percent of U.S. exports, fund 16 percent of U.S. research, and development and provide workers with 24 percent higher compensation than the economy-wide average. In the past five years, 54 percent of the new manufacturing jobs created in the United States are at international firms.
“International companies are helping accelerate Missouri’s economy and hiring Show-Me State workers,” Nancy McLernon, President and CEO of the Organization for International Investment (OFII) said. “International companies bring more than just high-paying jobs to Missouri. So often, they become part of their local communities by investing in workforce training solutions, participating in community activities and supporting local non-profits. Governor Parson’s declaration clearly signals that Missouri will continue to welcome international companies and help them succeed.”
OFII is the only organization focused exclusively on supporting the international business community in Washington. Representing the U.S. operations of many of the world’s leading international companies, OFII ensures that policymakers at the federal, state and local level understand the critical role that foreign direct investment (FDI) plays in America’s economy. OFII advocates for fair, non-discriminatory treatment of foreign-based companies and promotes policies that will encourage them to establish U.S. operations, which in turn increases American employment and U.S. economic growth. For more information, please visit www.OFII.org.