Trip focusing on cultivating opportunities within the German automotive industry
FRANKFORT, Ky. (Feb. 14, 2014) – Gov. Steve Beshear departed Saturday for an economic development trip to Germany, focused on developing new opportunities for business growth in the commonwealth, specifically in the automotive industry.
“Kentucky has been very determined in its efforts to engage and attract automotive companies seeking to locate or expand, and our track record shows success,” Beshear said. “My goal is to continue to aggressively market the commonwealth’s many business advantages to the international business community and to build upon that momentum.”
Officials with the Kentucky Cabinet for Economic Development are accompanying Beshear on the trip, including Cabinet Secretary Larry Hayes and Acting Commissioner of Business Development Mandy Lambert. The delegation will return Wednesday, Feb. 19.
The commonwealth is home to 15 German automotive companies, employing more than 5,100 Kentuckians. In all, 60 German-owned companies, employing nearly 8,800 people, have operations in the state. Nearly 3,000 new jobs and capital investments in excess of $782 million have been announced by German companies during Beshear’s administration.
In 2013, Beshear announced the location or expansion of 12 German-owned companies in the commonwealth, including Kayser Automotive Systems in Fulton, Dr. Schneider Automotive Systems in Russell Springs, Bilstein Group in Bowling Green, and Vogelsang Corporation in Mt. Sterling.
Foreign direct investment has played an important role in boosting Kentucky’s economy. Last year, nearly 40 percent of all capital investment and almost 30 percent of new jobs announced in the manufacturing, service and technology industries were a result of foreign-owned enterprises.
Kentucky exports to Germany have also played a key role in boosting the commonwealth’s economy. In 2013, Kentucky’s exports of products and services to Germany totalled $900 million, a nearly 40 percent increase over 2012. Germany is Kentucky’s 8th largest trade partner.