Press release from 07.10.2008
NRW.INVEST GmbH establishes its presence in North America
- New state representation aims to win US investors for North Rhine-Westphalia
Chicago/Düsseldorf, 7 October 2008 – Today, Dr. Jens Baganz, State Secretary for Economic Affairs and Energy of the German State of North Rhine-Westphalia, officially opened the new subsidiary of NRW.INVEST GmbH in Chicago, NRW.INVEST (NORTH AMERICA) LCC. The aim of the new office is the targeted acquisition of investors in North America, and in particular in the Chicago Metropolitian Area. The economic region surrounding the USA's third-largest city offers a differentiated and diverse economic structure with numerous internationally operating companies. "By opening our office we want to bring about a new dynamism in our economic relations with the USA. Following the Netherlands, the United States account for the highest share of foreign direct investments in North Rhine-Westphalia at approx. 16.6 billion euros or about 10 percent. We believe, however, that there is still more potential slumbering here that we can exploit", State Secretary Dr. Jens Baganz emphasized. "Even though we are now already the most important investment location in Germany for American companies." At present there are around 600 US firms in the Rhine and Ruhr region, including such renowned companies as Ford in Cologne, 3M and UPS in Neuss, QVC in Düsseldorf, USG in Viersen, and the Aptar Group in Dortmund.
The purpose of the office’s activities will be to intensify the direct contacts to the economy, federations, institutions, chambers, and politicians in order to inform them about the strengths of North Rhine-Westphalia as a business location. All activities will be supported by the head office NRW.INVEST Germany in Düsseldorf in order to provide American investors with optimal service.
The head of the Chicago office is Dr. John D. Gatto. Born in Philadelphia, the trained lawyer studied and worked in Germany for a long time. He was Director of the State of Wisconsin Department of Commerce European Office in Frankfurt for several years. He therefore possesses excellent qualifications to support US companies on their way into the German and European markets.
Foreign trade and direct investment NRW/USA
In 2007, foreign trade between the USA and North Rhine-Westphalia totaled around 15 billion euros and has grown by about 30 percent over the last ten years. Even though the USA is currently already one of the most important trade partners for North Rhine-Westphalia, there are still excellent opportunities for growth as Germany's economically largest federal state is under-represented in foreign trade with the USA. By comparison: foreign trade between the USA and Germany in 2007 totaled around 118 billion euros. The share of North Rhine-Westphalia was only 12.7 percent. Nevertheless, the federal state generated about 22 percent of the German gross domestic product.
The USA is, however, the most important investor in North Rhine-Westphalia outside Europe. With 16.6 billion euros of direct investment, the USA occupies second place behind the Netherlands and accounts for an impressive 10 percent of the foreign capital invested in North Rhine-Westphalia.
About NRW.INVEST (NORTH AMERICA) LLC
NRW.INVEST (NORTH AMERICA) LLC, a wholly-owned subsidiary of NRW.INVEST GmbH, informs companies in North America (USA and Canada) about North Rhine-Westphalia as a business location, its environment and investment climate, as well as about legal and social conditions, towns, cities and locations, industries, and market opportunities. It identifies North American firms interested in locating and advises them as they make their move to North Rhine-Westphalia.
To this end, NRW.INVEST (NORTH AMERICA) LLC organizes visits to North American companies, as well as seminars and information events about North Rhine-Westphalia as a business location or about particular industrial or service sectors.
Further Info:
NRW.INVEST (NORTH AMERICA) LLC
Economic Development Agency
of the German State of North Rhine-Westphalia
Dr. John D. Gatto, President
150 North Michigan Avenue, Suite 2940
Chicago, IL 60601, USA
Tel.: 001-312 629 7500
Fax: 001-312 629 7501
e-mail: info@nrwinvestllc.comwww.nrwinvest.llc.com
NRW.INVEST GmbH
Economic Development Agency
of the German State of North Rhine-Westphalia
Völklinger Str. 4
40219 Düsseldorf
Annette Peis, Presse und Öffentlichkeitsarbeit
Telefon: +49 (0) 211-130 00 162
E-Mail: Peis@nrwinvest.com
