FRANKFORT, Ky. (KT) - Gov. Matt Bevin recognized the significance of foreign direct investment to Kentucky’s economy and signed an Open Investment Proclamation on Wednesday
Approximately 7.4 percent of the state’s total employment is a result of FDI, and FDI is responsible for employing more than 117,000 workers in the Commonwealth.
“Foreign Direct Investment is critical for Kentucky’s economy and is essential to our competitiveness as we recruit jobs and provide growth opportunities for our local communities,” Bevin said. “Our work to attract FDI has uniquely positioned Kentucky to leverage global investment as we expand our economy and promote our state’s exports.”
Nearly 60 percent of all FDI jobs in the commonwealth are in the manufacturing sector with even more opportunities in the future, Bevin said.
The proclamation recognizes Kentucky as a welcoming environment for investment from global companies and reiterates the Commonwealth’s commitment to attract jobs and recruit the next generation of industries through partnerships with global employers.
In the past five years, Kentucky’s FDI employment has increased 31.5 percent, and the commonwealth’s percentage of jobs supported by global investment is higher than the national average.
However, jobs are not the only benefit provided by international companies. Companies that locate and invest in Kentucky often bring training programs, development opportunities, and industry-leading best practices to support the local workforce.
“As Governor Bevin knows, international companies are a good yardstick for gauging a state’s economic competitiveness,” said Clinton Blair, a Morgan County native and Vice President of Public Policy and Government Affairs at OFII. “Many may not realize it, but Kentucky is fourth in the nation when it comes to its share of workers employed by international companies. The Governor’s action today serves as a powerful signal to potential employers around the world looking to invest in the United States. It reaffirms that Kentucky is open for business and is committed to treating international companies fairly and helping them succeed.”