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Beshear to make economic development trip to Germany, France

Governor to meet with several new prospects, existing industry executives on active job-creation projects

Gov. Steve Beshear and Larry Hayes, secretary of the Cabinet for Economic Development, are going to Germany and France to meet with several new prospects and existing industry executives on active job-creation projects.

FRANKFORT Ky. (July 25, 2012) — Gov. Steve Beshear will depart today for Europe, with meetings planned in Germany and France to showcase Kentucky’s business-friendly climate and strengthen existing ties with European companies already operating facilities in the commonwealth.

“Kentucky has a lot to offer companies in Europe and all over the world, for that matter,” Beshear said. “Already, foreign direct investment plays a vital role in our economy, with billions of dollars in value for the commonwealth, but it’s my hope to continue to grow that amount and capitalize on the global market.”

Foreign direct investment coming into Kentucky totaled more than $28.2 billion in 2007, the most recent year for which data is available. Germany ranked second in foreign direct investment, behind only Japan, with $8.5 billion. France was fourth, closely behind the United Kingdom, with $1 billion invested.

To boost economic development leads from European companies, Kentucky opened an office in Hamburg, Germany, last summer. Beshear will follow up on several business opportunities that have arisen thanks to the on-the-ground, in-country support designed to develop relationships with European business leaders.

“We’re seeing a lot of great leads come out of our Germany office, many that are close to making a final decision,” said Kentucky Economic Development Cabinet Secretary Larry Hayes, who will join the governor on the trip. “Kentucky is already home to nearly 180 European-owned businesses, representing just over 26,000 employees.”

In May, Beshear made an economic development trip to Asia to visit business leaders in Taiwan and Japan. Following the trip, Taica Corporation announced its decision to locate its first North American manufacturing facility in Winchester. In all, more than 9,000 new jobs and capital investments in excess of $2.3 billion have been announced by foreign-owned companies during Beshear’s administration.

Kentucky has more than 400 foreign-owned facilities employing nearly 76,000 workers.

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