Governor Holcomb to Lead First Global Economic Development Trip to Europe

INDIANAPOLIS – Governor Eric J. Holcomb will lead his first international jobs mission as Governor to Europe in June, visiting Hungary to establish and strengthen economic relationships between the two states and then traveling to France to meet with global business leaders in the aviation, automotive and motorsports industries.

“As governor, I want to take Indiana to the world, and bring the world to Indiana. We’re a global economy with over 800 foreign companies currently doing business in Indiana,” said Governor Holcomb. “On my first international trip as governor, we will strengthen relationships with global job creators while forging new partnerships to advance economic growth and further diversify our dynamic economy.”

Governor Holcomb, who will be one of the first sitting U.S. governors to travel to Hungary, will meet with government officials and business executives in Budapest to discuss opportunities to collaborate and to encourage economic cooperation between the two states. Hungary, which is one of the fastest-growing economies in the European Union, has placed an increased focus on economic development in recent years and has introduced measures to improve its international competitiveness, establishing Europe’s lowest corporate tax rate at 9 percent and placing a focus on innovation, technology and R&D.

Indiana, which is similar in size, population and GDP to Hungary, will be the first U.S. state to establish a formal framework with Hungary to promote the expansion and diversification of business, new investment and trade initiatives. This relationship, which will be forged in partnership with the Hungarian Minister of Foreign Affairs and Trade, will give Indiana a competitive advantage and ensure that the state is well-positioned to partner with Hungary officials and businesses in the future as the country works to advance its global economy.

While in Hungary, Governor Holcomb and Indiana Secretary of Commerce Jim Schellinger will attend a business forum hosted by the Hungarian Investment Promotion Agency to share Indiana’s story with executives of Hungarian companies interested in investing in the U.S. and in establishing overseas partnerships to advance innovation. The Governor will also meet with executives of Indiana companies with operations in Hungary, including Allison Transmission, Eli Lilly and Remy International.

In France, Governor Holcomb will work to advance growth in Indiana’s aviation, automotive and motorsports industries, meeting with global executives at the International Paris Air Show and the 24 Hours of Le Mans auto race.

At the International Paris Airshow, which is the largest aerospace event in the world and drew more than 2,300 exhibitor companies in 2015, the Governor will meet with executives of leading aviation, aerospace and defense companies that have operations in Indiana, including Arconic, GE Aviation, Praxair, Raytheon and Rolls-Royce. Since 2013, companies in this industry have announced plans to invest more than $900 million in their Indiana operations and to create more than 1,200 new Hoosier jobs.

The Governor will also meet with companies that utilize Indiana’s extensive manufacturing supply chain, which increased exports of aircraft, engines and parts by 13.5 percent from 2015 to 2016, and with prospects considering locating in Indiana to highlight the benefits of doing business in a state that works.

At the 85th running of the 24 Hours of Le Mans, which is expected to draw more than 250,000 race fans, Governor Holcomb will highlight Indiana’s extensive automotive industry, which ranks second in the U.S. by GDP, and the state’s motorsports industry, which supports at least one company in each of Indiana’s 92 counties. The Governor will meet with top executives of global firms, including Germany-based Continental Tire, Italy-based Dallara, Chip Ganassi Racing and Japan-based Toyota.

Indiana is home to one of the world’s largest motorsports clusters, supporting more than 421,000 Hoosier jobs at more than 24,000 businesses, including racing firms and companies that do businesses with those directly involved in racing.

The delegation, which will include Indiana Secretary of Commerce Jim Schellinger and Indiana Economic Development Corporation (IEDC) staff, will depart Indiana on Monday, June 12, and return Wednesday, June 21. A full itinerary and list of delegates will be made public on June 12. The cost of the state delegation is being covered through private donations to the Indiana Economic Development Foundation.

More information on Indiana’s economic ties to Europe and the state’s aviation, automotive and motorsports industries is available here.
SOURCE: News release from Indiana Economic Development Corporation