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GLOBALOUTLOOK GLOBAL CITIES OF THE FUTURE


FDI Strategy N


ew York has received the top prize for its foreign direct investment (FDI) strategy in


the 2021/2022 edition of fDi’s Global Cities of the Future ranking. This decision has been reached by a panel of seven independent experts who reviewed more than 40 submissions fromcities around the globe. The city stands out thanks to a truly diverse range of FDI initiatives, from tradi- tional tax and income incentives to innovative sector-specific pro- grammes and events.


Cyberandscience New York clearly has a strong vision for the future, aligning its incentives with promising sectors such as cyber security and life sciences. The founda- tion for NewYork’s winning FDI strat- egy originates in its cross-departmen- tal ‘Business Intelligence and Development Program’, which com- prises experts in real estate, invest- ment incentives andworkforce devel- opment, in addition to industry spe- cialists. The team targets interna- tional entrepreneurs through the ‘IN2NYC’ programme, connecting entrepreneurs with universities, incubators, accelerators and labs. This public–private approach is


continued with the city’s LifeSci NYC and CyberNYC programmes. LifeSci NYC fosters industry partnerships between medical research institutes, life science companies, venture capi- tal firms and early-stage life science companies. Similarly, CyberNYC pro- vides a match-making service between NewYork-based Fortune 500 companies and start-ups, helping develop the next generation of cyber security talent. Both of these pro- grammes include events and bespoke spaces to encourage community and connection. One such flagship event is


‘NYCxDESIGN’, a design week attract- ing well over a quarter of a million visitors. The programme is the ideal launchpad for new designers and is a positive spotlight on the industry’s talents. In addition to the city’s tremen-


dous programmes and events, New York also provides more traditional fare for would-be investors, such as


34


Peak performance: Derry tops the table for FDi Strategy among Rising cities


income and business tax incentives through the state’s economic devel- opment agency, real estate and con- struction tax incentives, and a for- eign trade zone which is the fifth largest in the US for warehouse and distribution activity.


Digital Montréal has been awarded second place for FDI Strategy, following on from the city’s success in the 2020 fDi StrategyAwards. The economic devel- opment agency Montréal International reports that in 2019, 27% of its projects would not have been established had it not been for their support; its results-driven cul- ture has led to the city developing a cohesive strategy to encourage invest- ment into selected sectors. The city certainly has a view to


long-term sustained growth, focus- ing on burgeoning sectors such as video games, artificial intelligence and health technologies. Montréal’s chosen sectors rely on a highly edu-


cated and dynamic workforce, with the city launching its ‘Talent Montréal’ initiative. The city also offers sector-specific tax credits, in addition to direct financial support. The panel has deemed Montréal


the best location for digital and mul- timedia activities to attract investors. Montréal’s investment potential is showcased in an impressive range of online offerings, with web portals featuring impact videos, demo- graphic data, talent pool statistics, interactive tools and webinars. Montréal’s ability to influence


investor decisions has also been noted by the judging panel. Montréal International cites the example of assisting a senior executive and his family in relocating to the city to oversee a business expansion. By offering personalised services, such as operational advice, assistance with tax and financial incentives, support services to hire foreignwork- ers and communication services, Montréal was rewarded by the


www.fDiIntelligence.com February/March 2021


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