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Richardson Wins Third Consecutive Honor Recognizing City’s Foreign Direct Investment Strategy
Posted Date: 4/13/2017
The City of Richardson has again won the “Top 10 in Small Cities for FDI Strategy” award, in fDi Magazine’s bi-annual “American Cities of the Future” list. This prestigious ranking evaluates cities across the Americas for their attractiveness for inbound foreign direct investment (FDI).

“We are proud to have again earned recognition for our strategic international business development program,” said Richardson Mayor Paul Voelker. “Richardson has a distinguished track record as a hub for innovative, globally oriented business activity in technology and other key sectors. Through our Mayor’s Office of International Business and the diligent efforts of community leaders, we remain keenly focused on positioning Richardson as an attractive destination for foreign investment.”

To create a shortlist for fDi’s American Cities of the Future 2017/18, the fDi Intelligence division of Financial Times collected data using online tools fDi Markets and fDiBenchmark. In total, the study analyzed 428 locations across North, Central and South America collecting data in five categories:
  • Economic Potential
  • Business Friendliness
  • Human Capital and Lifestyle
  • Cost Effectiveness, and
  • Connectivity
In addition, the study collected surveys to analyze a sixth category, FDI Strategy. This category was the only qualitative category, and did not feed into the overall result. For this category there were 74 submissions.

Richardson was also recognized in 2015 by fDi Magazine’s “American Cities of the Future” list as “Top 10 in Small Cities for FDI Strategy” and was ranked in the overall “Top 10 American Cities of the Future” in 2013.

“This repeat honor is a testament to the collaborative efforts of the City of Richardson, Chamber of Commerce and numerous business and civic leaders across our community,” said Michael Skelton, vice president for international business development for the Richardson Economic Development Partnership (REDP), and director of the Mayor’s Office of International Business. “We have worked hard these past few years to foster international business relationships, to create a favorable climate for international business investment and to emphasize the attractiveness of Richardson globally. We look forward to continuing our support of robust, inbound and outbound international business activity.”

In 2011, the City of Richardson and the Richardson Chamber of Commerce approved the formation of the Mayor’s Office of International Business through the REDP, between the two organizations. The City of Richardson has been outsourcing domestic-focused economic development to the Richardson Chamber of Commerce for 30 years, but wanted to expand its foreign direct investment (FDI) into the city by leveraging its position in North Texas as an international destination for foreign technology companies.

This started with the development of the Telecom Corridor® Area and extended to other high-tech industries. Currently, Richardson has U.S. headquarters or regional offices of more than 60 foreign-based companies. This heavy concentration of foreign-based companies prompted the Texas Legislature to proclaim Richardson as The International Business Capital of North Texas in May of 2011.

About the Richardson Economic Development Partnership
The Richardson Economic Development Partnership (REDP) is a joint effort of the City of Richardson and the Richardson Chamber of Commerce, dedicated to building a vibrant and thriving local economy by attracting new investment and jobs through marketing, recruitment and working with existing employers. The REDP offers numerous services to companies considering expansion or relocation to the Telecom Corridor® area, including broker and real estate referrals, cost of business analyses, incentives, partner and executive introductions, relocation assistance, site selection, tours and city information. For more information, visit www.telecomcorridor.com.