Morgan Crapps of Parker Poe Consulting, along with Sam Moses and Michael Chen of Parker Poe, provided practical tips in Global Trade Magazine for companies whose international projects have been impacted by COVID-19.
"The coronavirus pandemic has created significant challenges for companies with foreign direct investment (FDI) projects in their pipeline," they wrote. "Restrictions on travel, immigration, and budgets are making it harder to make in-person visits to potential sites, bring over key executives, and solidify project financing amid an uncertain economy."
"It’s clear that in this virtual environment, corporate decisionmakers have more considerations than ever when it comes to making site location decisions. Not being able to inspect a site in-person or meet face-to-face makes it even more critical to have trusted partners on the ground in the United States – partners who are looking out for a company’s best interest, eliminating risk and helping the company consider all options. Working with consultants and attorneys who understand the process, the resources available, and the roadblocks will give companies the best chance of success."
"But whether a project is in the site selection stage or a company is already in operation and considering additional investment, companies have plenty of options to keep their strategic projects moving," they continued. "The key is to revisit the initial strategy, adapt to changing times by utilizing virtual tools, and consider all options with immigration and project budgets – including the potential for new incentives."
Access the full article here: Foreign Direct Investment Projects Amid the Pandemic
Global Trade Magazine reaches nearly 130,000 C-suite executives, managers, and others in the world of manufacturing, distribution, and site selection.
Parker Poe Consulting is a corporate site selection and economic incentives consulting firm. The Parker Poe Consulting team provides site selection services to find data-driven solutions for clients who are expanding their footprints and considering new capital investments and job creation. Parker Poe Consulting also provides economic incentives consulting services to growing companies, helping clients navigate and negotiate incentives for economic development projects. From global conglomerates to family-owned businesses, Parker Poe Consulting positions companies to make informed project decisions that will maximize operational effectiveness while reducing costs.