Last fall, the City of Brampton launched its Foreign Direct Investment (FDI) strategy with Investment Missions to the MedTech conference in Boston, the Anuga Food Fair in Germany, and the Web Summit in Portugal.
The FDI strategy is key to delivering the City’s Economic Development Master Plan (EDMP) and 2040 Vision goals. Specifically, FDI will fill gaps in the supply chain, diversify the tax base, promote economic growth, and raise Brampton’s profile globally as a competitive place to do business. Foreign direct investment will also attract new investment and jobs to the City, benefitting all Brampton residents.
Brampton’s FDI efforts focus on the City’s key sectors: Health and Life Sciences, Advanced Manufacturing (including Food and Beverage Manufacturing), and Innovation and Technology.
All of the FDI missions include a combination of pre-arranged meetings with potential company investments, regional investment tours, and networking events to promote Brampton’s investment opportunities.
Success in foreign investment attraction is a multi-year process and is realized in the months and years following the missions, as relationships are nurtured. In the short term, staff are tracking activities like meetings with pre-qualified investors, contacts made and post-mission follow up with companies as indicators that we will have long term success.
In the inaugural year of this strategy, staff raised the City’s profile as a competitive place to do business. By initiating lead generation activities on three international missions, a global marketing presence was established along with an awareness of Brampton’s profile and image as an ideal location for investment and a leader in innovation, talent, jobs and investment.
Success indicators have been strong as a result of partnering with lead generation consultants to research, pre-qualify and schedule meetings.
All leads have been tracked through the pipeline. Ongoing follow up continues for all prospects, while staff continue to work with businesses as they build their investment business case.
A report with proposed 2020 FDI Investment Missions will be shared at Brampton City Council in February.