Last Updated on August 21, 2017 by cassnetwork
Governor Eric J. Holcomb will lead a delegation of business leaders and economic development officials next month to Japan, the state’s largest foreign investor, to strengthen relationships and encourage continued investment and trade between the two states.
“The cultural and economic ties between Indiana and Japan are storied and strong,” Governor Holcomb said. “With more than 280 Japanese businesses operating in Indiana today, the state’s relationship with Japan is crucial to our economy and to supporting Hoosier jobs across the state. I look forward to advancing these partnerships as we work together to take Indiana to the next level.”
Departing Indiana on Sept. 7 and returning on Sept. 15, the Governor will travel to Tokyo, Nagoya and Tochigi Prefecture, Indiana’s sister-state. During the trip, he will meet with Japanese government officials, national business chambers and executives of Japanese companies with operations in Indiana, including Subaru, Toyota and Honda. The Governor will also participate in the Midwest U.S.-Japan Association Conference, an annual meeting to convene business and government representatives from 10 Midwest states and Japan.
Among all U.S. states, Indiana is home to the largest amount of Japanese investment per capita in the nation, with more than 280 Japanese businesses that support more than 58,000 Hoosier jobs. Additionally, Indiana is the only U.S. state with three Japanese automotive original equipment manufacturers (OEM) and exports $1.6 billion of Hoosier-made goods to Japan annually, making the country Indiana’s fifth-largest export location in the world.
Since 2013, the Indiana Economic Development Corporation (IEDC) has secured nearly 70 commitments from Japan-based firms to locate or grow in the state, together planning to invest $3.16 billion and create more than 7,600 new jobs in the coming years. Already this year, Toyota Motor Manufacturing of Indiana announced plans to invest $600 million in its Princeton operations and create up to 400 new jobs by the end of 2019, while NTK Precision Axle Corporation and Kimura Foundry America both announced plans to establish new manufacturing facilities in Anderson and Shelbyville, respectively.
The cost of the state delegation, which will include Indiana Secretary of Commerce Jim Schellinger, is being covered through private donations to the Indiana Economic Development Foundation, and the IEDC’s office in Tokyo will assist with trip arrangements. A full itinerary and list of delegates will be made available closer to the date of the trade mission.
More information on Indiana’s economic ties with Japan is available here.
About IEDC
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, helping businesses launch, grow and locate in the state. Governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.
SOURCE: News release from Indiana Economic Development Corporation