Consuls general representing countries from Angola to Vietnam gathered in the Dallas Region on Jan. 22-23, as part of the 2018 Mayor’s Consular Corps Summit, hosted by the World Affairs Council of Dallas-Fort Worth.
About 70 consuls general and diplomatic staff visited some of the region’s standout destinations while learning of business and cultural opportunities Dallas-Fort Worth has to offer.
“Many attendees toured the Sixth Floor Museum, observed a cattle drive at the Fort Worth Stockyards National Historic District, and observed presentations by the Kimbell Art Museum and the Dallas-Fort Worth International Airport,” said Sarah Carabias-Rush, DRC Vice President of International Economic Development, who helped organize the summit with the World Affairs Council of Dallas-Fort Worth, Dallas-Fort Worth International Airport, and Fort Worth Chamber of Commerce.
The Dallas Regional Chamber and Fort Worth Chamber presented a regional economic overview to summit attendees. Participants also heard presentations at and toured the George W. Bush Presidential Library and Museum, and the Federal Reserve Bank of Dallas. Both Fort Worth Mayor Betsy Price and Dallas Mayor Mike Rawlings hosted a welcome reception at the Kimbell Museum on Jan. 22.
“The summit provided fantastic opportunities for business and community leaders in the Dallas Region to meet representatives from international diplomatic offices across the U.S., including Houston, New Orleans and Miami,” Carabias-Rush said. In turn, members of the diplomatic corps have the opportunity to learn about the Dallas Region’s business climate first-hand from some of our area’s most outstanding business leaders.
Sponsors for the summit included Dallas-Fort Worth International Airport, Bell Helicopter, Haynes and Boone, Lockheed Martin, Texas Central Partners, American Airlines, Chavez & Valko LLP, Civitas Capital Group, Dallas County Community College District, Dyno Corp, Fujitsu, and Smith Limousine.
Trade Mission to Europe Registration Open
The Dallas Regional Chamber will join Fort Worth Mayor Betsy Price, Dallas Mayor Mike Rawlings, DFW International Airport leadership, the Fort Worth Chamber, Visit Dallas, and the Fort Worth Convention and Visitors Bureau on a mission to Europe.
The DRC will lead a business pillar of activities. Those interested in joining the contingent must confirm their interest by Monday, April 20.
The goal of the June 17-23 Dallas-Fort Worth mission to Europe is to raise the region’s international profile in a handful of target markets, including London, Paris and Brussels.
Key focus areas include:
The group will also help promote Dallas-Fort Worth International Airport’s air service, the Dallas Region’s strength as a business destination for European companies, and tourism’s role in the region.
Those interested in learning more about the mission should contact email@example.com.
Forum with OPIC’s Ray Washburne
Monday, Feb. 26 | 12:00 – 1:30 PM
U.S. Overseas Private Investment Corporation CEO and President Ray Washburne will discuss how development finance fights global poverty, and creates Texas jobs. The luncheon forum will be held at Magnolia Hotel Dallas, 1401 Commerce St., Dallas 75201. To learn more and to RSVP, click here: http://www.usglc.org/events/americas-global-leadership-development-finance-forum-tx/
U.S.-Japan Relations Update
Tuesday, Feb. 27 | 11:30 AM – 3:30 PM
Keio University Professor of Policy Management Dr. Toshihero Kakayama and Council on Foreign Relations Dr. Sheila A. Smith discuss recent developments in U.S.-Japan relations one year into the Trump administration. Their discussion, and a panel conversation, will focus on how changes might affect North Texas. The event will be held at the Renaissance Dallas Richardson Hotel, 900 East Lookout, Richardson, 75082. Please read more and register by Feb. 22 at http://jasdfw.org/event/japan-update-symposium/
Address by His Excellency Armando Varriccio, Ambassador of Italy to the U.S.
Wednesday, March 7 | 12:00 PM
Italy’s ambassador to the U.S. will speak at a luncheon and program presented by the World Affairs Council of Dallas-Fort Worth. The location is TBD; contact firstname.lastname@example.org to learn more.
by Dave Moore, Staff Writer
The Dallas Regional Chamber’s international economic development team has announced three trade mission trips in 2018, including Australia for the week of October 22-26, and is recruiting delegates for follow-up trips to Japan in April and Europe in June.
“We’ve identified Japan, Australia and several countries in Europe as having high potential for basing operations and headquarters in the United States,” said Sarah Carabias-Rush, Vice President of International Economic Development, who is organizing the mission trips. “We looked at the number of direct flights, investments, trade partnerships, population statistics, and each country’s business climate to help develop our list.”
The June 17-22 mission to Europe will include stops in London, Paris, and Brussels, with some delegates traveling early to attend the London Tech Week events the week prior to the mission. The DRC team is looking to add representatives from the business community whose industries concentrate in technology – particularly in the medical, fashion, and retail sectors. Interested DRC partners can contact Melissa Maguire, Manager of International Economic Development, at email@example.com for more information about the upcoming Europe mission.
Last fall’s trade mission to Paris helped spur Louis Vuitton to announce its expanded presence in North Texas, and the June trip aims to continue that momentum.
Partners with business ties and partnerships in Australia are also invited to contact Maguire.
The DRC’s April 16-20 trip to Tokyo, Nagoya, and Osaka will focus on developing new relationships with major Japanese companies that may consider establishing or moving a headquarters or manufacturing operations in the Dallas Region, as well as maintain ongoing partnerships and relationships. Interested participants can contact Maguire as well.
Upcoming International Events
DRC partners are hosting exciting opportunities related to international business.
German-American Chamber of Commerce New Year’s Reception
Monday, Jan. 29, 2018 | 6 PM – 8 PM
Four Seasons Resort and Club Las Colinas, 4150 North MacArthur Boulevard, Irving, TX 75038
The German-American business community will gather in an elegant atmosphere to network and mingle, and to welcome in the New Year. Freya Lemcke, Vice President, Representative of German Industry and Trade (RGIT), will give a keynote speech on NAFTA. This gathering is also an excellent opportunity to celebrate the 40th anniversary of the GACC South and 10 years of the Texas branch office. To register, please click here.
by Dave Moore, Staff Writer
A delegation of 33 business leaders from across the Dallas Region held dozens of meetings and answered countless questions about North Texas’ business climate and quality of life during their mission to Shanghai and Seoul, Oct. 16-20.
“The people of Asia are curious about the Dallas Region, and they asked countless questions about our tax system, our way of doing business and even the lifestyle here,” said Sarah Carabias-Rush, Vice President of Economic Development at the Dallas Regional Chamber. “While many have heard of our region, their understanding of who we are is limited to perceptions that are quite outdated and more closely resemble the Dallas of J.R. Ewing.”
Dallas Fort Worth International Airport spearheaded organizing the trip to raise the profile of the airport and the Dallas Region as a destination for Chinese and Korean corporate operations as well as promote the area as a travel destination. The delegation:
The mission delegation included members of the Dallas Fort Worth Airport Board of Directors as well as representatives of the Dallas Regional Chamber, the Fort Worth Chamber, VisitDallas, the Fort Worth Convention & Visitors Bureau and others.
The business delegation was joined by senior leaders from American Airlines, Axxess, Civitas Capital Group, Crow Collection of Asian Art, Estrada Hinojosa & Co., International Leadership of Texas, Jackson Walker LLP, NorthPark Center, the Overseas Korean Trade Association – Dallas and Wild Oats Marketplace. The Greater Dallas Korean American Chamber of Commerce also supported the trade mission.
Nineteen Korean-owned companies already have significant operations in the region, including Asiana Airlines, Hyundai, KIA, LG and aforementioned Samsung. Korea is Texas’ fifth-largest export market ($7 billion), behind Mexico, Canada, China and Brazil. It is also Texas’ fourth-largest import market ($7 billion), behind Mexico, China and Canada.
Roughly 31 Chinese-owned companies operate U.S. or North American headquarters and other facilities in the Dallas Region, including AZZ, DerbySoft, Huawei, NGC, TaoTao, Veri Silicon and ZTE.
The October trip furthered the Dallas Regional Chamber’s mission of raising the region’s profile abroad and recruiting businesses to the Dallas Region.
Consular Corps Summit
January 22-23, 2018 | Multi-Day
*Dallas Mayor Mike Rawlings and Fort Worth Mayor Betsy Price are hosting the Consuls General and their staff that serve the Dallas-Fort Worth region from their offices in Dallas, Houston, Miami and New Orleans, to showcase the region and promote the opportunities for international companies, expatriates, and tourists. The World Affairs Council of Dallas/Fort Worth, in partnership with the Dallas Regional Chamber and Fort Worth Chamber of Commerce, are planning this familiarization event. The presenting sponsor is Dallas Fort Worth International Airport. If you are interested in sponsoring and attending, please click here to learn more. To register, click here.
How to Successfully Enter Japan’s IT Sector
Tuesday, December 5 | 3:00 – 4:00 PM
Webinar; to register, click here.
*This event is presented by the Japan External Trade Organization (JETRO).
Mexico Energy Regulatory Commission Workshop
Friday, December 8 | 8:30 AM – 7:30 PM
SMU Hughes-Trigg Student Center Forum, 3140 Dyer Street, Dallas, TX 75205
*This event is hosted by the Asociación de Empresarios Mexicanos Energy Committee.
by Dave Moore, Staff Writer
Congress – currently attempting to retool the U.S. Tax Code – could can learn a lot from Texas’ system of taxation, incoming Dallas Regional Chamber Chairman and AT&T CFO John Stephens told the crowd gathered for the DRC’s Year Ahead Summit on Thursday, Nov. 9.
“We’ve got a great economy here,” Stephens said to the crowd of 250. “It’s better than the rest of the country. It’s one of the things that’s so attractive to other businesses that want to move here… the rest of the country has had a modest or slow growth rate of about 2 to 3 percent GDP.”
The national economy hasn’t seen much wage growth, and that’s important to AT&T, he said.
Stephens said Texas’ lack of an income tax is a prime driver in fueling North Texas’ economy.
“It’s competitive, in regards to its tax rules,” Stephens said. “The city of Austin still collects money. The city of Dallas still collects money. But we don’t have an income tax situation that is non-competitive. Globally, we’re not there.”
Globally, Stephens said, countries have an average tax rate of about 20 percent, while the U.S. has a 35 percent rate, plus another 5 percent for state income taxes. That lower tax rate is spurring investment in those countries, he said.
Politico Chief Economic Correspondent Ben White, who moderated the event, asked Stephens what AT&T might do with the tax break that may result from the tax plan proposed in the House.
“If a version of the tax bill passes, much like it’s come out of the House, with a competitive tax rate in the 20 percent area, with incentives for investments, we will increase our investments next year $1 billion,” said Stephens. “That $1 billion increase in our industry will generate 7,000 good-paying, high-quality, middle-class jobs, to build, install, maintain those network improvements.”
Stephens said increase in hiring could reduce the unemployment rate, or raise wages, by increasing demand for existing employees.
“You may say, ‘Why would a business that has 280,000 employees want to drive wages up?’” Stephens said. “When everyone’s wage goes up, they buy more of my products and services. It’s a good, old-fashioned economics. My revenue line goes up.”
A lower tax rate would redirect the investment happening overseas back to the U.S., he said.
“Our market, other than our tax rate, is the most attractive in the world,” he said. “Why would someone build something somewhere else and bring it here to sell, and incur those transportation and other costs, if it wasn’t for the non-competitive tax system?”
Stephens said companies such as Toyota choose Texas because of its competitive tax rate; he said if that strategy is applied across the United States, it would fuel the nation’s economy in a like fashion. In company-specific matters, Stephens said AT&T’s DirecTV Now streaming television subscription service has gained 700,000 the new customers for AT&T, and that its Cricket prepaid phone service has reached the 14-million customer mark.
The Year Ahead event also featured a panel discussion by Hunt Consolidated Inc.’s Jamie Beggs, economist Dr. Ray Perryman and former Congressman John Shadegg. The group expressed optimism that the North Texas region’s growth will continue, discussed current efforts to reform the U.S. tax code, and what impacts the Dallas Region might face if the North American Free Trade Agreement (NAFTA) is dismantled.
“We’re looking for compounded annual growth of 4.2 percent a year, over the next five years,” Perryman said. “The most hopeful U.S. forecast is 3 percent.”
Beggs said North Texas’ diverse economy helps immunize it from dips, adding, “I wouldn’t say I’m quite as bullish, based on where I sit in the industries that we participate in, but definitely positive overall.”
Shadegg said Congress faces a long road in its quest for retooling the tax code, but its completion is critical for the U.S. economy.
The presenting sponsor for the Year Ahead Summit was Polsinelli; gold sponsor was Blue Cross and Blue Shield of Texas; silver sponsors were Boeing, Capital One Bank and KPMG LLP.
by Dave Moore, Staff Writer
Dallas-Fort Worth has been climbing toward the top of the list of U.S. metro areas with the most corporate relocations and expansions. The region ranked second with 231 projects, according to the March 2017 issue of Site Selection Magazine. The region ranked third the previous year in that category, which applies to metro areas with more than 1 million people.
International relocations and expansions to Dallas-Fort Worth are helping push the Dallas Region toward the top of the pile, said Mike Rosa, Senior Vice President of Economic Development at the Dallas Regional Chamber.
Among major international expansions and relocations in North Texas are the Toyota North America campus, Huawei, Samsung, Kubota and Hilti.
“International companies are looking for a growing workforce, a strong economy and a low-regulatory environment,” said Rosa. “They have found those qualities in the Dallas Region, which has seen more than 500,000 additional jobs in the past five years; many of these new jobs are the result of international relocations or expansions.”
“Two additional, important factors in our favor is that we have no state income tax, and there’s plenty of land available for corporate campuses, near quality housing in great neighborhoods,” he said.
DRC Mission to Asia
October 15-21, 2017 | Multi-Day
Shanghai, China & Seoul, South Korea
*Follow along on social media with the hashtag #DFWAsia2017.
French Wine Festival
Friday, November 10, 2017 | 7:30PM-10PM
Frontiers of Flight Museum, 6911 Lemmon Avenue, Dallas, TX 75209
* This event benefits the French-American Chamber of Commerce of Dallas-Fort Worth.
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