“Why are focused visits like these vital to Indiana, and particularly to Southern Indiana?” This was the question posed by Knox County Indiana Economic Development CEO Christopher Pfaff in a LinkedIn article posted on February 18, 2024 as he shared his experience when he joined a week-long trade mission in Japan.
GMI POST highlights three points the CEO made in that article wherein he spoke about the importance of trade mission trips.
1. Mission trips help sustain Indiana’s positive relationships with its Japanese investors.
According to Pfaff, Indiana has the highest concentration of foreign direct investment in the United States from Japanese companies. He explained that mission trips maintain positive relationships with Japanese companies and executives that have already invested heavily in Indiana.
Pfaff also points out that foreign-owned companies in Indiana employ more than 200,000 workers across the state. That number includes the more than 300 Japanese companies in Indiana, which employ more than 55,000 people.
“Many of these Japanese companies are international brand names, including Subaru Corp., Toyota Motor Corp., Honda Motor Co., and Hitachi Ltd. As one can imagine, there exists intense competition from many states and regions that would love to have these companies and jobs in their area. Through consistent performance and delivery, Indiana is winning. The state has fashioned and earned a stellar reputation for successful investments,” said Pfaff.
2. Mission trips enable continuous improvement (kaizen)
“Traveling to see and meet with Japanese investors adds important dimensions and nuances,” said Pfaff, who added that by visiting world-leading urban centers, economic developers and public officials experience firsthand how their foreign counterparts build competitive cities.
Pfaff also praised Japan’s collective ability to effectively weave technology, business, climate conservation, and culture into their urban settlements, buildings, and workplace environments.
3. Missions trips show that you care
“The Knox County local government participation also sends an important message: Our local officials care enough about the substantial multi-million-dollar investments in southern Indiana that they will personally take the time, energy and funds to visit in-person,” said Pfaff.
According to the CEO, the good impression and the good relationship that you are able to create through physical interactions are important considerations that cannot be understated.
“For certain, economic development, and especially international economic development, is a contact sport,” Pfaff said.
