By Mike Hixenbaugh The Virginian-Pilot May 18, 2012 VIRGINIA BEACH In an effort to lure more international companies here, VirginiaBeach leaders plan to establish a presence overseas - a first amongcities in Hampton Roads. The budget proposed by Mayor Will Sessoms and approved by the CityCouncil last week included an extra $250,000 for the city'sDevelopment Authority. About $100,000 will be used to open aninternational economic development office based in Europe,officials announced this week. "I'm extremely pleased to hear that," Sessoms said afterlearning of the authority's plans.
"This is an excellentopportunity to grow the economy." The money will be used to hire a European consultant who willrepresent and market the city to foreign companies and investors.The consultant would earn extra if prospective companies visited oragreed to open facilities here. The plan does not involve building an office or acquiring landoverseas, a city spokeswoman stressed. Increasingly across the country, localities and regional economicdevelopment organizations have looked to establish an internationalpresence to bolster ties to prospective foreign investors. FairfaxCounty is among the leaders, with offices in India, England,Germany, South Korea and Israel.
The Hampton Roads Economic Development Alliance, a joint effortrepresenting the entire region, has offices in the United Kingdomand Germany. Development officials here are recommending the new officeinitially be based in Stuttgart, Germany. The city in southernGermany is near the international headquarters of Stihl Inc., oneof Virginia Beach's largest employers. Six companies from Germany have facilities in Virginia Beach, morethan any other country. Laserpoint Vinyl Cutter
More could come, said Warren Harris,director of the city's Department of Economic Development. Officials expect the $100,000 investment in a foreign consultantwill spur about $30 million in capital investment and bring 200full-time jobs to the city, according to estimates included in thecity's budget. Harris said the estimate is based on"historical success" the city has had after travelingoverseas and establishing relationships with foreign companies. Harris hopes to eventually open additional offices in Europe and indeveloping countries such as Brazil, assuming the initial programsuccessfully draws businesses to the city. He believes it will. China Simple Graph Plotter
A relatively low cost of doing business and proximity tointernational ports makes Virginia Beach attractive, Harris said. U.S. factory workers produce one-third more than German factoryworkers and at four-fifths their cost, according to the Bureau ofLabor Statistics. Further, opening a facility here gives companiesmore direct access to the American consumer market. Contour Cutting Plotter Manufacturer
Sessoms has traveled to Germany twice in the past seven months aspart of the city's sister cities program. He said opening anoverseas office will help the city groom established relationshipswith international firms. "We can provide the same workers at a lower cost, and we oughtto be fighting to bring those jobs here," Sessoms said. Councilman John Moss, a frequent critic of city spending, said hebelieves establishing a development office overseas is a smartmove.
"Clearly we're not going to grow the economy with militaryspending," Moss said. "We've got to grow the economythrough the private sector. This investment actually makessense." Mike Hixenbaugh, 757-222-5117, mike.hixenbaugh@pilotonline.com.
"This is an excellentopportunity to grow the economy." The money will be used to hire a European consultant who willrepresent and market the city to foreign companies and investors.The consultant would earn extra if prospective companies visited oragreed to open facilities here. The plan does not involve building an office or acquiring landoverseas, a city spokeswoman stressed. Increasingly across the country, localities and regional economicdevelopment organizations have looked to establish an internationalpresence to bolster ties to prospective foreign investors. FairfaxCounty is among the leaders, with offices in India, England,Germany, South Korea and Israel.
The Hampton Roads Economic Development Alliance, a joint effortrepresenting the entire region, has offices in the United Kingdomand Germany. Development officials here are recommending the new officeinitially be based in Stuttgart, Germany. The city in southernGermany is near the international headquarters of Stihl Inc., oneof Virginia Beach's largest employers. Six companies from Germany have facilities in Virginia Beach, morethan any other country. Laserpoint Vinyl Cutter
More could come, said Warren Harris,director of the city's Department of Economic Development. Officials expect the $100,000 investment in a foreign consultantwill spur about $30 million in capital investment and bring 200full-time jobs to the city, according to estimates included in thecity's budget. Harris said the estimate is based on"historical success" the city has had after travelingoverseas and establishing relationships with foreign companies. Harris hopes to eventually open additional offices in Europe and indeveloping countries such as Brazil, assuming the initial programsuccessfully draws businesses to the city. He believes it will. China Simple Graph Plotter
A relatively low cost of doing business and proximity tointernational ports makes Virginia Beach attractive, Harris said. U.S. factory workers produce one-third more than German factoryworkers and at four-fifths their cost, according to the Bureau ofLabor Statistics. Further, opening a facility here gives companiesmore direct access to the American consumer market. Contour Cutting Plotter Manufacturer
Sessoms has traveled to Germany twice in the past seven months aspart of the city's sister cities program. He said opening anoverseas office will help the city groom established relationshipswith international firms. "We can provide the same workers at a lower cost, and we oughtto be fighting to bring those jobs here," Sessoms said. Councilman John Moss, a frequent critic of city spending, said hebelieves establishing a development office overseas is a smartmove.
"Clearly we're not going to grow the economy with militaryspending," Moss said. "We've got to grow the economythrough the private sector. This investment actually makessense." Mike Hixenbaugh, 757-222-5117, mike.hixenbaugh@pilotonline.com.
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