With a little more hard work, I believe Phoenix’s economic story will serve as one every city can learn from.
After years of having a robust economy, the financial crash of five years ago and the Great Recession hit Arizona hard. Of course, nearly everywhere in America felt the impact, but my state hemorrhaged jobs and saw residential and commercial property value fall more quickly than almost anywhere else in America.
The lesson was a difficult one: Arizona’s economy was far too dependent on a narrow set of industries and to succeed in the future. We had to build a more diverse and sustainable economy with safeguards against the boom-then-bust cycle.
Since becoming the mayor of our state’s largest city—and the fifth largest city in the nation—just two years ago, we have taken bold steps on several fronts. We are investing in education and workforce development; spurring new research and development through bioscience investments; and we are cutting red tape to streamline the permitting process in the city. But a critical component to our long-term economic health is to leverage our city’s strengths and play a more significant role in the global economy.
Our international economic development strategy is straight-forward: build on our strengths—which include more than 140 foreign-owned companies in Phoenix—to expand our export base, engage a broad base of the local business community, and have the courage to think anew.
Arizona has long has a strong trade relationship with Mexico—and we have more than $5.7 billion in annual trade agreements with our neighbors to the south. But Arizona is ripe for trade growth, and we believe we can do more business with Mexico. Since taking office, I have led three trade missions to Mexico—including one to our Sister City of Hermosillo—to seek our new trade opportunities.
Each of these trade missions has been fruitful, especially because we have worked to make sure our delegations include key economic leaders from around the city: state and local chambers of commerce, the Greater Phoenix Economic Council, international airport officials, those from the Phoenix Convention and Visitors Bureau, and many more. We all understand that strengthening our relationship with Mexico is key to building a more sustainable economic future, and opening the doors to other international markets.
But our opportunities extend beyond our largest trade partner, and we believe we can do well in Canada, Asia, Europe, and Central America. After all, Phoenix is uniquely positioned to leverage our growing population, talented workforce, infrastructure, tourism, pro-business climate and competitive operating costs to increase in a significant way exports and direct foreign investment. With the right strategy, we can become a globally-relevant international trade destination.
I recently made the case for Phoenix at the World Economic Forum’s annual “Meeting of the New Champions” where I participated in a panel discussion on sustainability and urban ecosystems. While in Dalian, I met with more than a dozen international business leaders and Chinese government officials, and talked about our city’s strengths as a center for job growth and investment opportunity.
Phoenix is a city on the rise. We have learned the lessons of the Great Recession, and believe that with the right investments—and a sound strategy to grow our presence on the international stage, we can create an economy built to last.
This article was originally published in the Diplomatic Courier's November/December 2013 print edition.
a global affairs media network
Taking Phoenix International: A Global Economic Development Strategy
November 8, 2013
With a little more hard work, I believe Phoenix’s economic story will serve as one every city can learn from.
After years of having a robust economy, the financial crash of five years ago and the Great Recession hit Arizona hard. Of course, nearly everywhere in America felt the impact, but my state hemorrhaged jobs and saw residential and commercial property value fall more quickly than almost anywhere else in America.
The lesson was a difficult one: Arizona’s economy was far too dependent on a narrow set of industries and to succeed in the future. We had to build a more diverse and sustainable economy with safeguards against the boom-then-bust cycle.
Since becoming the mayor of our state’s largest city—and the fifth largest city in the nation—just two years ago, we have taken bold steps on several fronts. We are investing in education and workforce development; spurring new research and development through bioscience investments; and we are cutting red tape to streamline the permitting process in the city. But a critical component to our long-term economic health is to leverage our city’s strengths and play a more significant role in the global economy.
Our international economic development strategy is straight-forward: build on our strengths—which include more than 140 foreign-owned companies in Phoenix—to expand our export base, engage a broad base of the local business community, and have the courage to think anew.
Arizona has long has a strong trade relationship with Mexico—and we have more than $5.7 billion in annual trade agreements with our neighbors to the south. But Arizona is ripe for trade growth, and we believe we can do more business with Mexico. Since taking office, I have led three trade missions to Mexico—including one to our Sister City of Hermosillo—to seek our new trade opportunities.
Each of these trade missions has been fruitful, especially because we have worked to make sure our delegations include key economic leaders from around the city: state and local chambers of commerce, the Greater Phoenix Economic Council, international airport officials, those from the Phoenix Convention and Visitors Bureau, and many more. We all understand that strengthening our relationship with Mexico is key to building a more sustainable economic future, and opening the doors to other international markets.
But our opportunities extend beyond our largest trade partner, and we believe we can do well in Canada, Asia, Europe, and Central America. After all, Phoenix is uniquely positioned to leverage our growing population, talented workforce, infrastructure, tourism, pro-business climate and competitive operating costs to increase in a significant way exports and direct foreign investment. With the right strategy, we can become a globally-relevant international trade destination.
I recently made the case for Phoenix at the World Economic Forum’s annual “Meeting of the New Champions” where I participated in a panel discussion on sustainability and urban ecosystems. While in Dalian, I met with more than a dozen international business leaders and Chinese government officials, and talked about our city’s strengths as a center for job growth and investment opportunity.
Phoenix is a city on the rise. We have learned the lessons of the Great Recession, and believe that with the right investments—and a sound strategy to grow our presence on the international stage, we can create an economy built to last.
This article was originally published in the Diplomatic Courier's November/December 2013 print edition.
