Why EDO's Must Partner Globally

It's about more than attracting foreign direct investment and expanding international trade by companies in your area. Economic developers are thinking too narrowly about the significance of the global economy and international relationships.

The global economy is too important to entrust to your international trade or reverse investment departments. The CEO and Board of your organization should be vitally concerned about how globalization is impacting your area's economic future, and your organization's future strategic plan.

Global partnering is about the survival of your area's economic base within the global economy. It is about building the future relationships with your counterparts, and yes even competitors, abroad. My assessment is that only the "globally connected" will survive in the years ahead.

Why would you attempt to work with your international competition? Because working together may be the only way in the long run to combat the negative effects of offshore outsourcing and other rapidly growing global business strategies. It may also be the only way your area can successfully position itself for future business and job opportunities created by the global economy.

If your organization is not thinking about how to extend its strategic development network nationally and globally, it may not exist in five years. Now, do I have your attention?

I would like for all of you to read my new article on the subject of global partnering, which was published by Economic Development America. It is a first attempt to explain this issue and why it is important to economic development.

Some EDOs get it and I talk about what they are doing to advance their global networks. It is my view that eventually businesses (your customers) will actually demand that you get with this program. Don't wait to be pushed in this direction. Start moving in this direction now.

You can download my article, along with the rest of the journal publication here. If that link does not work, click here and download the Fall 2004 Issue of ED America.

And as always, I welcome your comments and questions.