Page 32 - FDI Alliance International Magazine. Winter 2020 Digital Interactive Issue.

The Benefit of Building a

Diverse Team to Capture FDI

DAVOR DAVIDOVIC AMBER HUNTER
EXECUTIVE VICE PRESIDENT VICE PRESIDENT
RESEARCH FDI RESEARCH FDI

This has been a year. Collectively, the world has when it comes to capturing foreign direct region to stand out and in turn foster stronger
had to face a pandemic with its affect to our investment (FDI) opportunities? During our business relationships improving your pipeline
day-to-day lives being the first of its kind in our consulting work, our firm has seen repeatedly and opportunity for investment wins.
modern world. But, while we have bore witness through deal negotiations, that forging a good
to tragedies, business closures and many of us business relationship is oftentimes the key pillar Of course, it does not just come down to
have isolated in-place since March, the world to success, growth, and longevity. The continued relationships. Having a multilingual team
has also seen the Black Lives Matter movement nurturing of relationships with clients, prospects translates to lower costs. When an EDO or
sweep the nation while the world has watched and partners in economic development has IPA team boasts members with the necessary
on. The discourse surrounding institutionalised shown to be an essential ingredient in successfully language skills to communicate with international
racism and economic inequality has gone uncovering FDI in international business. How prospects it cuts costs by reducing the need to
mainstream, and hundreds and thousands of does one establish and maintain a strong outsource translators, and results in more timely,
protestors from around the world have taken to business relationship? ResearchFDI believes that efficient negotiations. Furthermore, EDOs and
social media and the streets to protest and to build organic relationships, an organization IPAs whose aim is to increase their regional
advocate for equality, diversity and inclusion must have a strong, diverse, multicultural team. brand awareness in international markets, can
within our institutions, communities and our Language skills not only give you the ability do so by having colleagues act as in-market
business world. to effectively communicate with prospects it ambassadors, championing a region’s assets,
allows your team to be exposed to an array of value proposition and quality of life with foreign
This movement has put a spotlight on the cultures and identities. For economic developers, business partners, while, at the same time,
economic development community. Industry it is the key to bridging the gap between your demonstrating effectively why a region deserves
professionals understand that a regional organization and your prospect. A team member a thorough examination as a prime investment
economic development organization acts as who can stand in for a translator will allow your destination.
the arm of a community, directly influencing
economic equality in its region. Whether that
be through advocating for social, food and
workforce programs that promote diversity
and inclusion or by bringing in new industry
to regions that enrich the lives of its inhabitants
through the creation of new jobs. ResearchFDI,
a Montreal-based, investment attraction
consulting firm who has worked with numerous
economic development organizations (EDOs)
and investment promotion agency’s (IPAs)
believes that a central step to advocating for
racial equality and inclusion within economic
development starts by promoting the benefits of
having a diverse staff to business leaders, and by
doing so, building its own diverse internal teams.
What are the major benefits of hiring a diverse
team in economic development, particularly

32. FDI ALLIANCE INTERNATIONAL