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P.O. Box 5190
Kent, OH 44242
Phone: 330-672-4080
or 800-793-0912
International: 001-330-672-4080
Email: mmorgan@neotec.org

NEOTEC Wins Statewide Marketing Award for Comprehensive Initiative to Attract Foreign Direct Investment

CONTACT: Marilyn Morgan, Director of Marketing
(330) 672-4080 / (800) 793-0912

KENT, OHIO, March 17, 2009
– The Northeast Ohio Trade & Economic Consortium (NEOTEC) was recently recognized by the Ohio Economic Development Association (OEDA) with the Association’s 2009 Best Marketing Campaign Award for regional and large economic development organizations from across the state. NEOTEC received the award for their Global Business Development Initiative (GBDI), a comprehensive marketing initiative to bring jobs to northeast Ohio by attracting new foreign direct investment and assisting Northeast Ohio businesses with export sales development.

NEOTEC president and CEO Ron DeBarr said that the GBDI initiative was implemented to respond to the challenges of today’s economic climate, which demands a direct, concentrated effort for regional integration into the global economy. “Development of a global network is necessary to elevate the profile of the region,” said DeBarr. “Opportunities for export sales have never been better, due to the reduction in trade barriers and the value of the dollar. In addition, we see a rebound in foreign direct investment activity, with foreign U.S. subsidiaries contributing 20% of all U.S. exports and paying an average of 25% more in wages than U.S. companies,” DeBarr said.

“NEOTEC definitely deserved this award! This is perhaps the most comprehensive marketing initiative in the country to attract foreign direct investment,” said Nate Green, president of the OEDA and the Economic Development Director of the Pickaway Progress Partnership. Green said that the GBDI initiative goes well beyond a traditional marketing program. “Our review committee was very impressed by the many aspects of this initiative, including a study by the University of Akron to develop a white paper on the advantages of the region, the development of a multi-faceted ad campaign using international consultants, and the establishment of a Global Rapid Response Team involving a collaboration of 25 economic development organizations,” said Green.

NEOTEC is a regional economic development partnership of 10 Northeast Ohio counties. NEOTEC administers several programs to promote the region domestically and internationally: Foreign-Trade Zone 181, which provides cost savings to assist companies engaged in international commerce; the International Trade Assistance Center (ITAC) to provide export counseling assistance to area businesses;and the Northeast Ohio Logistics Network to help improve regional market access. For more information, visit www.neotec.org or contact Ron DeBarr at 330-672-4080 or via e-mail at rdebarr@neotec.org.