The Brookings Institution and JPMorgan Chase announced last week the launch of the Exchange—a network of 20 metropolitan areas dedicated to boosting global trade and economic competitiveness—as part of the Global Cities Initiative.
Business, civic, state and local government leaders from eight areas, including Atlanta; Greenville, S.C.; Indianapolis; Jacksonville, Fla.; Milwaukee; Phoenix; Sacramento, Calif.; and Wichita, Kan. will develop and implement strategies to bolster their local economies through intiatives that expand trade and investment.
The group of eight joins 12 other U.S.-metro areas in the Exchange, including Charleston, S.C.; Chicago; Columbus, Ohio; Des Moines, Iowa; Los Angeles; Louisville-Lexington; Minneapolis; Portland, Ore.; San Antonio; San Diego; Syracuse, N.Y.; and Tampa Bay, Fla.
“In today’s fast-moving business climate, metropolitan leaders must expand their economies globally,” Amy Liu, the co-director of the Global Cities Initiative, a Brookings senior fellow and the co-director of the Brookings Metropolitan Policy Program, said. “We created this Exchange to turn opportunity into action and to turn good ideas into results. We will give metropolitan leaders tools and guidance to develop actionable plans that will position their regions to thrive in the hyper-integrated global economy.”
Under the exchange, each metro area will develop a customized global engagement strategy that integrates exports and foreign direct investment, as well as logistics and advanced industries. Metro leaders will work with each other to establish metro-to-metro relationships and to share best practices.
“There are enormous untapped opportunities for leaders in cities and metro areas to expand and strengthen their economies through greater global engagement,” Former Chicago mayor Richard M. Daley, a senior advisor to JPMorgan Chase and the chairman of the GCI, said. “But business, government and civic leaders must be proactive and purposeful in acting on this opportunity. For decades, JPMorgan Chase has been helping companies expand their businesses globally and now the Global Cities Initiative is doing the critical work of preparing other partners in metropolitan regions to recognize their unique assets and find their place in the global economy.”
The GCI will support economic engagement in select international markets. Recently, Chicago Mayor Rahm Emanuel and Mexico City Mayor Miguel Angel Mancera announced the first international engagement of the GCI and signed an agreement to strengthen the partnership between the two cities.