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File #: 160060    Version: 0 Name:
Type: Resolution Status: IN COMMITTEE
File created: 1/21/2016 In control: Committee on Law and Government
On agenda: Final action:
Title: Proposing an amendment to the Philadelphia Home Rule Charter to provide for the creation, appointment, powers and duties of an International Trade and Investment Authority, with the authority to establish a fund to attract overseas investment, and providing for the submission of the amendment to the electors of Philadelphia.
Sponsors: Councilmember Oh
Indexes: INTERNATIONAL TRADE AND INVESTMENT AUTHORITY, PHILADELPHIA HOME RULE CHARTER
Attachments: 1. Resolution No. 16006000.pdf
Title
Proposing an amendment to the Philadelphia Home Rule Charter to provide for the creation, appointment, powers and duties of an International Trade and Investment Authority, with the authority to establish a fund to attract overseas investment, and providing for the submission of the amendment to the electors of Philadelphia.

Body
WHEREAS, A comprehensive global business strategy is critical to Philadelphia's economic future as it seeks to reverse a protracted history of net job losses, and to generate new sources of revenue for investing in its infrastructure and services; and

WHEREAS, According to the U.S. Department of Commerce, Foreign Direct Investment (FDI) supports about 5.3 million jobs in the U.S. and U.S. affiliates of foreign firms generate over 20% of U.S. export. In 2010, U.S. communities received $228 billion in FDI, representing a 50% increase from 2009, and it is projected that exports will account for $16.8 trillion by 2020, amounting to 39.7% of U.S. GDP growth; and

WHEREAS, In recognition of the importance of international investment and trade to the U.S. economy, and the growing competition for FDI among cities around the world, President Barack Obama created the SelectUSA initiative to support U.S. communities with outreach, information, and an ombudsman service at the federal level to promote FDI, by executive order on June 15, 2011. In addition, in 2010, President Obama implemented a National Export Initiative to double U.S. exports by 2015; and

WHEREAS, The Philadelphia metropolitan region is the economic engine for the Commonwealth of Pennsylvania, contributing nearly 60% annually to the Commonwealth's total Gross Domestic Product (GDP) of the Commonwealth, which was $629, 851 Millions of Dollars in 2012, according to the U.S. Bureau of Economic Analysis; and

WHEREAS, Despite Philadelphia's many economic competitive advantages, such as arts and culture, location relative to key markets, ...

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