The 5 Lakes Global Economic Forum to be held Sept. 24-26 at the Park Inn in Toledo is expected to attract 150 to 200 foreign business people and investors to the first–time event held in conjunction with the University of Toledo.
The majority of the foreign investors are expected to come from China with interest in investing in commercial real estate or seeking to open facilities in the U.S., according to the Regional Growth Partnership (RGP), a partner in holding the event with 5 Lakes Global Group, Jobs Ohio, City of Toledo and UT.
Participation in the event is by invitation only through 5 Lakes Global Group, a company formed by Simon Guo, who has been involved in Chinese investments in the Toledo region and trips to China by local business and government officials. About 200 local representatives, mostly from many companies sponsoring the event, are expected to accept invitations to attend.
“I think it’s an unprecedented event. We’re very excited about the opportunities for Toledo and Northwest Ohio that could come out of it,” said James Lindsey, president and legal counsel for Louisville Title.
Lindsey said that Louisville Title is a sponsor (bronze) and supporting the event. The company has been involved closely with 5 Lakes Global Group said Lindsey, who made two trips to China with the Toledo delegations.
One of its employees, Tracy Sallah, manager of commercial accounts, local and national, is serving as chairperson of the executive planning committee for it on a volunteer basis.
Guo and Sallah are currently in China, lining up successful investors there to attend the economic forum.
Three types of foreign groups are expected to attend the economic forum, according to D. Paul Zito, vice president for International Development at RGP.
The first group includes investors seeking to invest in commercial real estate. The next group of foreign direct investment prospects, manufacturing, technology and service companies, are looking to open facilities and create jobs in the U.S. The final group offers interest in the educational, medical and science fields.
Government officials from China are expected to attend and add relevance to the strategy of the organizers, Zito said.
The Chinese government is supporting foreign investment in China and foreign investment by Chinese investors. The China Investment Promotion Agency, which Zito said is similar to the U.S. Department of Commerce and Ohio Department of Development, is working with companies in China to grow.
“I would not have anticipated China would be so open to international trade and investment in 2012,” said Zito, who works with Chinese companies wanting to locate in Northwest Ohio.
“It’s more advantageous for those companies to have operations here in the U.S. to make just-in-time deliveries as part of the supply chain here,” he said.
Zito cited three potential benefits for Toledo and Northwest Ohio region from the economic forum. First is the potential for investment by foreign companies in commercial real estate, locating operations and creating jobs in this region.
Next is the tremendous amount of media exposure on it on national and international levels such as the article in The Economist and the number of foreign correspondents expected to attend.
The forum has drawn substantial interest from national and international media and organizers expect to host six to eight international correspondents, according to John Gibney of RGP.
The event was reported by The Economist in August with the headline, “Working partners – Unexpected co-operation and investment beside the Maumee River.”
The mention of the Toledo event by The Economist is so valuable in the global market, according to Zito, who managed the State of Ohio’s European office in Brussels, Belgium, for 13 years before joining RGP 10 months ago.
The last benefit is the “spirit of collaboration within the business community with education and governments to showcase this area to global partners,” Zito said.
“It’s very rare to see city and local governments working together with business, education, and private economic development agencies to have a united front to promote economic development as we have in Northwest Ohio and Southeast Michigan,” Zito said.
UT is the sole Platinum Sponsor of the 5 Lakes Global Economic Forum. Gold Sponsors include Block Communications, Fifth Third Bank, Hollywood Casino, and Huntington Bank. Silver Sponsors are Owens Community College, ProMedica, Rudolph Libbe/Gem Inc., Findlay Wise Wealth Management, and the Toledo Symphony Orchestra. Numerous other local companies are Bronze Sponsors of the event.
The 5 Lakes Global Group is a consulting firm serving as a cross-cultural business platform linking international enterprises together to enhance business growth in the most effective way by utilizing the resources and support unique to the Northwest Ohio region.
Cost to participate in all seminars and events at the forum is $599 per participant pass. The passes are issued in the company name and are transferrable.
To register for the event, go to http://fivelakesglobal.com/event-registration. More information and a schedule of events can be found on the registration pages there.
