Tennessee Governor To Strengthen Economic Ties at Paris Air Show

News Summary

Tennessee Governor Bill Lee will attend the 55th International Paris Air Show this week, aiming to enhance the state’s economic connections and attract new investments. Accompanied by TNECD Commissioner Stuart McWhorter, the governor will engage with top companies like Schneider Electric and Orano. This trip is vital for building relationships that contribute to job creation, as foreign direct investment significantly impacts Tennessee’s economy. With over 70 French companies operating in the state, Governor Lee’s initiatives underscore the importance of international partnerships in promoting job growth.

Nashville, Tennessee – Tennessee Governor Bill Lee is set to enhance the state’s economic ties during an upcoming trip to the 55th International Paris Air Show, scheduled for this week. Accompanied by Tennessee Economic and Community Development (TNECD) Commissioner Stuart McWhorter, this trip serves as Governor Lee’s second venture to France and his fourth international recruitment endeavor since he took office in 2019.

The purpose of the trip is to engage with leading companies to attract new jobs and increase investment opportunities for Tennessee. Governor Lee plans to meet with company leadership from Schneider Electric and Orano, two significant French multinationals with operations in Tennessee.

In a statement regarding the importance of his trip, Governor Lee underscored the crucial role of building relationships in securing economic investment. He highlighted Tennessee’s robust economy, competitive tax structure, and skilled workforce as key factors that draw international businesses to the state.

Tennessee’s international recruitment efforts, which are managed by TNECD, have established a network of five foreign direct investment representatives located in Europe and Asia. These representatives focus on fostering connections that facilitate foreign investments.

Data indicates that foreign direct investment contributes to over 25% of new job commitments in Tennessee each year. In the past two years, international meetings resulting from these recruitment trips have led to the creation of approximately 1,200 new jobs and attracted nearly $270 million in investments to the state.

The Paris Air Show is renowned as the largest aerospace event globally, featuring nearly 2,500 companies from over 48 countries, and is expected to draw in around 300,000 visitors. Notably, contracts worth $150 billion were signed during the 2023 Paris Air Show, underscoring its significance in the aerospace industry.

During Governor Lee’s administration, Tennessee’s aerospace and defense sector has generated around 2,900 new jobs and witnessed investments exceeding $575 million. The state is home to 160 aerospace and defense companies, including major players like Howmet Aerospace and Bell Helicopter, which contribute significantly to the local economy.

One of the highlights of this year’s trip will be a visit to Orano’s headquarters in Paris, where Governor Lee and Commissioner McWhorter aim to fortify their partnership. Orano USA is planning to invest in a multi-billion-dollar uranium enrichment facility in Oak Ridge, which would mark the largest single investment in Tennessee’s history.

Tennessee also has a strong presence of French businesses, with over 70 French-based companies operating in the state that collectively employ more than 12,000 Tennesseans. Since Governor Lee took office, 12 French projects have resulted in the creation of 2,826 new jobs and have generated nearly $4.9 billion in capital investment.

The importance of international recruitment is further emphasized by TNECD Commissioner McWhorter, who notes that these initiatives have a vital impact on job creation and overall investment within Tennessee.

As the Paris Air Show unfolds, Tennessee’s efforts to solidify economic relationships and promote job growth through international investments remain a focal point for state leadership.

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• WSMV: Great Tennessee Air Show Cancels Blue Angels Saturday Show
• Wikipedia: Aerospace Industry
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• Encyclopedia Britannica: Aerospace
• PNJ: Blue Angels Smyrna Air Show Threatened
• Google News: Great Tennessee Air Show
• TN Tribune: Blue Angels to Headline Great Tennessee Air Show