A local partnership released a plan aimed at boosting the region’s economy by maximizing its exporting of goods and services.
The plan is an outgrowth of a Global Cities Initiative, a joint project of the Brookings Institution and JPMorgan Chase & Co. In 2012, San Diego was selected as one of the first eight U.S. cities to participate in the initiative to increase exports and economic competitiveness.
The city was chosen because of its cross border dynamic, Pacific Rim location, regional collaboration, and commitment to being more intentional about positioning itself globally, according to the Brookings Institution, a Washington, D.C.-based think tank.
The four strategies developed by the core team partners involved in the more than yearlong study are:
*Leverage diversity of regional markets.
*Develop and increase small- and medium-sized businesses capacity to export.
*Concentrate on the region’s infrastructure assets.
*Leverage the trade potential of the California/ Baja binational mega region.
While San Diego ranks 17th in gross metropolitan product, it only ranks 55 in export intensity, the study found. That means there is room for growth, and for enhancing the region’s global brand, according to the study.
Mark Cafferty, CEO of the San Diego Regional Economic Development Corp., and a member of the core team, said that companies that export pay their employees higher wages and create jobs. This plan is a solid foundation to not only boost employment, but to also start shaping the region’s distinct global identity,” Cafferty said.
To see the complete plan: http://www.sandiegobusiness.org/sites/default/files/Export%20plan%20FINAL.pdf
For more in-depth coverage of the plan, read the Feb. 10 issue of the San Diego Business Journal.