Illinois – Providing the environment for Indian companies to grow

/, India Inc Views - India Global Business, North America Edition – 14 Feb-27 Feb 2020, Region Focus/Illinois – Providing the environment for Indian companies to grow

Illinois – Providing the environment for Indian companies to grow

by Margo Markopoulos

As one of the most economically diverse states in the US, Illinois offers a world-class business environment, several financial initiatives, tax credits and international business development support for companies looking to expand operations in the state.

Highlights:

  • Illinois ranks number one in agricultural biosciences, is the largest soybean producer in North America, and is nationally ranked in the top five for chemical manufacturing, food processing, and plastics manufacturing.
  • The state’s ‘5 Year Economic Plan’ has created a roadmap for the state to build upon key industries like agribusiness, energy, IT, life sciences, manufacturing and transport.
  • Governor J.B. Pritzker has committed $420 million to a state-wide broadband initiative that will expand new business creation, create new job opportunities and make Illinois amongst the most forward-thinking states in the nation.

In the heartland of America, you will find the most diverse economy in the nation, a well-educated and experienced workforce, and a strategic central location with easy access to the entire United States and international markets.

A global economic powerhouse

Illinois, the 19th largest economy in the world is home to 37 Fortune 500 companies, including Baxter Pharmaceuticals, Caterpillar, John Deere, McDonald’s, and Motorola Solutions. Recognising the opportunities in this thriving and expanding ecosystem, tech giants like Google, Facebook, Uber, and Salesforce have all recently expanded their presence within the state.

The state is a leader in several industries: ranking number one in agricultural biosciences, largest soybean producer in North America, and is nationally ranked in the top five for chemical manufacturing, food processing, and plastics manufacturing. As one of the most economically diverse states in the nation, companies of all industries will find their supply chains and target consumers in Illinois.

A home for Indian businesses

Indian companies are encouraged to consider Illinois for their North American expansion. Illinois is proud to be one of the most culturally and business diverse states in the nation having welcomed over 2,048 foreign firms. Chicago, Illinois’ largest city, ranks number one amongst the largest metro areas in the US for new and expanding corporate locations, and the state ranks number three nationwide.

83 Indian firms have established in Illinois and have positively impacted the economy by employing over 8,000 residents in over 107 distinct locations.

Unleashing a wave of innovation and business opportunities

Creating an environment where businesses can thrive is a top priority for Governor J.B. Pritzker, entrepreneur and founder of 1871, the Chicago-based incubator that was named the world’s top private incubator at the 2019 World Incubation Summit in Doha, Qatar.

His administration recently unveiled the state’s ‘5 Year Economic Plan’ that created a roadmap for the state to build upon six key industries that have large employment bases and are well-positioned to compete globally. These industries are:

  • Agribusiness and agricultural technology
  • Energy
  • Information technology
  • Life sciences and healthcare
  • Manufacturing
  • Transportation and logistics

To maintain the economic progress the state has made, Governor Pritzker committed $420 million to a state-wide broadband initiative that will expand new business creation, create new job opportunities and make Illinois amongst the most forward-thinking states in the nation.

Companies interested in expanding to Illinois may qualify for a variety of growth incentives that help lower the overall cost of doing business and expediting profitability. Qualified companies may benefit from tax credits supporting job creation, apprenticeships, data centre relocations or expansions, and R&D.

A state of service

The Illinois Department of Commerce & Economic Opportunity strives to provide the best service to its customers: businesses, workers, and communities. By offering a mix of financial incentives, skill-trainings and international business development support, the department helps companies and employees achieve their goals.

Indian companies interested in exploring why Illinois is a strategic location for a North American headquarters, sales office, or a manufacturing site can receive customised support from the department’s Office of Trade & Investment, the state’s leading investment attraction organisation.

Services offered to international firms include:

  • Assistance with site selection
  • Customised workforce training
  • Expedited permitting, licensing, and approvals
  • Economic development incentives

With offices around the world, Illinois is committed to welcoming companies and investments into its dynamic and diverse economy.

Margo Markopoulos is Director of the Illinois Department of Commerce, Office of Trade and Investment.

About the Author: Margo Markopoulos