FDI Success Stories

FDI Success Stories

North Carolina

Over the past couple of years, North Carolina’s economic landscape has experienced a boom, and foreign direct investment (FDI) has played a pivotal role in the state’s success. Before the pandemic, 25% of active projects in the state were from FDI. Today, this total has increased to 45%, underscoring North Carolina’s appeal to foreign companies.

One example is Toyota, which has continued to invest in North Carolina. In December 2021, Toyota announced it would build its first North American battery plant in Liberty, N.C., where it will manufacture batteries for hybrid electric vehicles (HEVs) and battery electric vehicles (BEVs) using 100% renewable energy. The project would create at least 1,750 jobs with an investment of $1.29 billion. In August 2022, the company announced an additional $2.5 million and 350 jobs, followed by another $2.1 billion in May 2023. Toyota’s latest announcement in October 2023 of $8 billion and 3,000 jobs brings the current total to $13.9 billion and 5,000 jobs, further emphasizing its commitment to North Carolina. The project is set to be completed in 2025.

A project like Toyota’s battery plant is crucial to the economic prosperity of North Carolina. Since 2018, Japanese companies have announced more than $6.66 billion in investment in North Carolina and more than 5,000 jobs. With the addition of Toyota’s expansions, more North Carolinians will join the 28,000 residents currently employed at Japanese companies in the state. China and Germany join Japan in rounding out the top three FDI sources.

Louisiana

Louisiana has been #1 in per capita foreign direct investment every year for the last eight years, and it is critically important to the future of the state that this forward momentum continues. That’s the driving principle behind the Comprehensive Development Plan of the Louisiana Board of International Commerce (LaBIC), a 10-year roadmap for sustaining the recent rapid growth of foreign trade and business investment in the state.

Released in November, the plan – a detailed blueprint for the continued advancement and attraction of international commerce in Louisiana – combines objective research about performance and best practices in neighboring states with a vision statement incorporating input from stakeholders throughout Louisiana.

South Carolina

At least 35 foreign-owned companies are currently doing business inside the City of Greer, S.C., including Germany-based BMW, which recently invested $125 million to build new logistics and accessory facilities inside the city. Dozens more international companies have Greer, S.C. addresses.

One intersection near the Greenville-Spartanburg International Airport, BMW, and Proterra is a fascinating microcosm of the growing international scene in Greer. Where S. Buncombe Road meets Poplar Drive Extension, an American machine shop is surrounded by businesses from the United Kingdom, Israel, Japan, and South Korea. Greer-grown CST Precision works with many of its neighbors who come from different industries and countries all over the world.

About 150 miles east of Greer, Sumter County will be home to eVac Magnetics; 300 new jobs and a $500 million investment will bring this plant to life by Q4 of 2025. The company produces magnets, which are essential to the fields of automotive, defense, industrial, and renewable energy.

Tennessee

LG Chem broke ground for a new facility in Clarkesville, Tenn. in December 2023. When fully operational at the end of 2025, the plant will employ more than 1,800 workers, with salaries averaging almost $55,000 annually. The plant represents a $3.2 billion investment in Clarkesville and Montgomery County.

Arkansas

Norwegian company Elopak plans to build its first U.S. facility in Little Rock, Ark. An investment of $70 million will create more than 100 jobs manufacturing cartons for the dairy industry. The Arkansas Economic Development Commission and the Little Rock Chamber of Commerce partnered to make Elopak’s choice a reality.