Gov. Lee, Commissioner McWhorter Announce Strategic Economic Development Trip to the UK
State leaders to attend Farnborough International Airshow, recruit new investment from leading companiesNASHVILLE, Tenn. – Today, Tennessee Gov. Bill Lee and Department of Economic and Community Development (TNECD) Commissioner Stuart McWhorter announced they will travel to the United Kingdom for a strategic economic development trip to strengthen relationships with European businesses and increase investment from trusted global companies in Tennessee, spurring continued economic growth and job creation for Tennesseans.
The upcoming trip marks Gov. Lee’s first visit to the UK and third international recruitment trip since taking office in 2019. Lee and McWhorter will attend the Farnborough International Airshow and meet with current and prospective businesses to welcome new investment to Tennessee including AMI Metals and Smith & Nephew, which have existing operations in the state.
“Tennessee has earned a worldwide reputation as one of the best places to do business thanks to our booming economy, unmatched business climate, and skilled workforce,” said Gov. Lee. “As states across the country compete for economic investment from leading global companies, this strategic mission is crucial in demonstrating why the Volunteer State is the top choice to succeed and grow. We look forward to strengthening relationships and securing new investment for the Volunteer State to create new jobs and even greater opportunity for Tennesseans.”
The state’s recruitment efforts are spearheaded by TNECD, which oversees five representatives across Europe and Asia who play a crucial role in the state’s international recruiting success.
“Relationship building takes time and is a critical component of the work we do as a department. We often hear that these relationships are the deciding factor for companies choosing to locate or expand in our state,” said Commissioner McWhorter. “Since visiting Italy and France last summer, we have tracked company commitments made in Tennessee as a direct result of meetings held during our recruitment trip. Since returning, I am proud to share that 533 new jobs have been created and more than $156 million has been invested by companies we met abroad like Schneider Electric and Landmark Ceramics, and we anticipate that these numbers will grow with future announcements stemming from our visit last year.”
Economic Development Trips Deliver Proven Results
Tennessee’s strategic economic development efforts have netted positive returns, including more than $156 million in capital investment and 533 new job commitments from European companies like Schneider Electric and Landmark Ceramics.
In March, Schneider Electric announced its plans to expand in Middle Tennessee by investing an additional $85 million and creating 450 new jobs, a direct result of Gov. Lee and Commissioner McWhorter’s visit to their Paris headquarters in June 2023.
“At Schneider Electric, we recognize that strong, strategic partnerships with states are integral to create an impact in communities where we live, work and operate,” said Aamir Paul, President of North America Operations at Schneider Electric. “Our longstanding relationship with the State of Tennessee, which was reinforced during Gov. Lee's visit to Paris in 2023, underscores the importance of these connections. Engagements abroad, coupled with local connections, played a pivotal role in our decision to expand our operations in Tennessee, creating job opportunities and improving the lives of hundreds of Tennesseans.”
Tennessee’s longstanding international success dates back decades, and the partnerships formed are a testament to the profound leadership the state has seen.
Investment by UK-Based Companies
Today, there are nearly 115 UK-based companies statewide that employ more than 11,000 Tennesseans, and since Gov. Lee took office in 2019, three UK-based projects have created a total of 277 new jobs and generated $25.4 million in capital investment.
These numbers are expected to continue to grow after next week’s visit to the Farnborough International Airshow, which brings together more than 75,000 global leaders in aerospace, aviation, and defense for a five-day networking and collaboration event. In the last decade, the international airshow has facilitated more than $500 billion in deals.
Tennessee’s growing aerospace and defense sector has seen significant growth since 2019 with roughly 2,200 new jobs created and more than $314 million in capital investment from some of the state’s major employers including Smith & Wesson and West Star Aviation.
Learn more about Tennessee’s international economic development efforts here.
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This is a companion discussion topic for the original entry at https://www.tn.gov/governor/news/2024/7/19/gov--lee--commissioner-mcwhorter-announce-strategic-economic-development-trip-to-the-uk.html