New York City Economic Development Corporation (NYEDC) has topped fDi’s ranking for return on investment (ROI) – a crucial measure of success that indicates the economic development organisation for the US’s most important financial and economic hubs makes clever use of its budget for investment promotion and economic development.
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For the ROI ranking, the budget and staff information that is provided on the FDI Strategy submission of fDi Magazine’s rankings throughout the previous year for its Locations of the Future indices is set alongside FDI data for the corresponding year where applicable. This data was collected from fDi Markets, the online FDI tracking tool from fDi Intelligence. Analysis was carried out on this data to determine the efficacy of these resources employed by investment promotion agencies (IPAs) and those responsible for attracting FDI. These results were then scored, with 10 being the highest score available.
NYEDC spends a large part of its budget on projects that improve the liveability of the city, and improve factors that foster economic growth. Through its efforts it attracted 159 greenfield FDI projects, according to fDi Markets.
In second position, the small, efficient budget for Wrocław Agglomeration Development Agency in Poland is used to promote the city as a leading destination for investors, as well as supporting companies wishing to reinvest or expand in the city, helping it net 26 greenfield FDI projects in 2016.
The City of Kraków has ranked first for ROI of personnel investment. Seven people are employed in the city’s Investor Support Centre and are dedicated to investment promotion, and 23 FDI projects were tracked by fDi in 2016. Training is given on a range of topics, including presentation skills and influence techniques.
Invest in Bogotá, ranked second for personnel ROI, employs 40 staff. Eleven of these are dedicated to investment promotion and facilitating inward investment, while others focus on market intelligence, investment climate, marketing, communications and administrative functions. Staff are trained in both World Bank and internal methodologies, and also attend conferences and seminars to improve their skills.