With electronic dance music pulsing on neon against a black background, Young Professionals Coffee Rave kicked off the inaugural Global Economic Summit in Indiana on Thursday for hundreds of visitors from across the United States and 30 other nations.
By the end of this weekend at the Indianapolis 500, government officials hope their guests will leave the country delighted with their thought leadership and potential as a hub for upcoming industries such as computer chips, electric vehicles, renewable energy and more.
Indiana is “always at the top of our list of investments,” said Yi Zhang of auto parts maker Wangyang America Corp. based in Illinois, one of the enthusiastic visitors to the Pavilion on Pan Am Plaza.
“It’s a mixture of big institutions here, like Purdue [University] and Indiana [University]providing great manpower availability and tax structure, ”said Zhang, who is an alumni of the IU Kelley School of Business but is originally from China.
Bertan Uge, who works in finance in New York, but is originally from Nigeria, said that he was in the city on the day to connect with several potential clients. His list of mandatory visits, he said, included a speech by Governor Eric Holcomb and a business event in China attended by Cummins CEO Tom Linebarger.
“I think it’s good in the sense that Indiana is better known,” Ugeh said of the summit. He had visited Indiana once or twice before. “Coming from the East Coast, many people always say,‘ Well, are you going to Indiana? Where?”
Some of those present came from closer to home.
Ramona Tin from the Burmese Institute of the American Community said that the non-profit organization based in Indianapolis hopes to connect with other business partners through a coffee event and a summit. The team of the employment group and the micro-enterprise, said Tin, wants to additionally help its clients who are looking for a job.
Weekend summit events include sessions on topics such as technological solutions to food insecurity, the impact of artificial intelligence, the shift to electric vehicles and the impact of motorsport on sustainability.
Networking events and the opportunity to attend the Indy 500 will offer fun breaks. At a coffee rave, even Indiana Trade Secretary Brad Chambers took a 360-degree camera with some team members.
State officials hoped the impact of the event.
“We will be able to form some partnerships that will last for a long time in the future … We are counting on the real firepower that is in this room to help us create that future,” Governor Holcomb told the audience.
“We have never seen the economic vitality and momentum we are currently experiencing,” Holcomb added. “There will be many opportunities and what we need are events like this, NBA2K [basketball video gaming tournament]to reach groups and people who are distant and [who] you may not have heard of Indianapolis, Indiana, and help us bring them here - so that we can continue to grow and diversify not only our economic portfolio, but also what we are as a country. ”
Ahead of the summit, the state announced three new projects totaling at least $ 4.6 billion in investments and more than 2,000 jobs this week, and another economic deal is expected as part of Thursday’s activities.
On Tuesday, Netherlands-based Stellantis NV, which owns Fiat Chrisler Automobiles, announced plans for a $ 2.5 billion electric vehicle production facility in Kokomo, which will create up to 1,400 full-time jobs. That project is in line for a state record of 188 million dollars in incentives.
The next day, Indianapolis-based drugmaker Eli Lily and Co. said they would invest $ 2.1 billion in Boone County to build a couple of production facilities, which would serve as an anchor for a new innovation district near Lebanon. Incentives for the project have not been announced.
And on Thursday, McLaren Racing announced that it would spend $ 25 million to build an Indicar team office, workshop and training center in Whitesown, creating up to 175 new jobs by the end of 2025.
The announcements came just weeks after Lilli CEO David Ricks gave a speech at the Indiana Economic Club, exposing the state’s shortcomings in economic development. He cited low K-12 education scores, high health care costs and a shortage of skilled workers.