U.S. Economic Development Administration Invests $812,834 to Promote Foreign Direct Investment in Maine
Contact: Public Affairs Department, (202) 482-4085
Wednesday 17, 2014
Wednesday 17, 2014
WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) today announced an $812,823 grant to the Maine International Trade Center (MITC) and the Maine Department of Economic and Community Development to establish a statewide “Invest in Maine” program that will work to attract critical foreign direct investment to the state. MITC recently conducted a two year pilot to engage international companies, and it believes that this investment will build on the momentum and interest generated by the pilot.
“Promoting trade, increasing exports, and attracting foreign investment to the United States is a major focus for the Department of Commerce and EDA,” said Assistant Secretary of Commerce for Economic Development Jay Williams. “The EDA investment announced today will help infuse Maine’s economy with new jobs and industries to create a stronger, more sustainable economy.”
According to the grantee, Maine is experiencing a significant economic transformation due to the loss of the traditional manufacturing jobs that have driven the state's economy for than a hundred years, coupled with an aging population of workers that are reaching retirement age without younger workers to replace them. EDA’s investment will build capacity and enable a workforce assessment, research, lead generation, marketing, and promotional activities to entice foreign companies to locate and invest in Maine. The grantee believes this investment will provide access to capital for companies in Maine and encourage job growth and business expansion in advanced, innovative, and general manufacturing, including the development of supply chains, as well as promote innovation in science and health care. In its pilot project focusing on the advanced materials sector, MITC engaged 112 international companies, resulting in 12 visits to Maine and 12 proposals. MITC expects to double this conversion rate in the added sectors of renewable energy, aerospace, food production and life sciences as a result of the Invest in Maine program.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.