The attendees at the International Business Council (IBC) of the Chattanooga Area Chamber of Commerce were a diverse mix of nationalities, professions, expats, and industries. The annual meeting of the IBC, the Chamber’s newest council, attracted students, family members, colleagues, and executives. The diverse crowd illustrated the broad participation in Chattanooga’s national and international booming growth. (Photo by Suzanne Ocsai)
The Federal Reserve and Chattanooga Discuss National & Global Economic Trends
A Federal Reserve Director of Regional Economic Information Network, Galina Alexeenko, recently spoke at the International Business Council (IBC) of the Chattanooga Chamber of Commerce. Alexeenko is an international economist, headquartered in the Fed’s Atlanta office and connected to its five branches in the Southeast region. She participated in an interactive discussion with fellow international economist Anton Demenchuk, president of the IBC. The meeting was supported by the Office of International Programs and the College of Business /University of Tennessee at Chattanooga (UTC) and sponsored by AIM/Career Link. Alexeenko shared her personal perspective on a wide range of fiscal and economic topics with the audience of educators, entrepreneurs, and civic leaders.
An American company quietly shuts down their APAC office in Singapore. They conclude that the business model “doesn’t work in Asia.” The local team wouldn’t innovate and respond to local market needs. The American Managing Director thought having a ‘flat hierarchy’ was the answer. He was wrong. His company writes off a few million dollars.
Chattanooga is one of many small and medium size Southern cities to see its business trends shaped by an influx of international companies. Their impact has greatly influenced the direction of the South’s economy. They have generated elevated job expectations, developed new vendors, expanded exporting efforts, and are changing the local education system.The most recent meeting of the International Business Council (IBC) of the Chattanooga Area Chamber of Commerce hosted Alnoor Dhanani, President of Double Cola USA, and Nick Wilkinson, Deputy Administrator of Economic Development at the City of Chattanooga.
The International Business Council (IBC) of the Chattanooga Area Chamber of Commerce recently hosted a panel of educators who have much to teach us about globalization. IBC speakers often represent the international businesses that have flocked to this small Southern city. This month’s speakers spoke of how higher education is at the heart of our growing local-global connection. Their new initiatives, and in some cases, still emerging programs, aim to simultaneously bring greater numbers of international students to local campuses while globalizing Chattanooga’s students through study abroad.
Doing business today requires a global mindset as we increasingly interact with customers, vendors, employees, and colleagues from many countries and multiple cultures. Key strategies for developing that mindset are shared by colleagues at the Institute for Cross Cultural Management (ICCM) at the Florida Institute of Technology. Curtis Curry shows us how to build cultural competence and Dr. Richard Griffith looks at how you should tweak your Best Practices. Their articles in the American Diversity Report give us how-to advice on how to successfully participate in the global economy.
Tennessee is home to hundreds of international companies worth billions of dollars. Chattanooga, the smallest of Tennessee’s four major cities, is the site of the only Volkswagen plant in the United States. VW is not the only German company in our area, but its arrival made cultural competence a high priority. German companies orient their executives to Southern culture, energizing Chattanooga’s globalization and investment in cross-cultural training.
The transformation of the South by international industry has picked up speed. In 1974, there were only 19 foreign-owned manufacturers in Tennessee. They were valued at $649 million. In 1995, the state had 400 foreign-owned firms with a value of $15 billion. By 2013, the number of foreign-owned firms had more than doubled to 864 with a value of $30 billion. According to the Global Location Trends Report by the IBM Institute, Tennessee led the nation in jobs created by foreign owned firms. Continue reading Globalization in Chattanooga – by Deborah Levine→
U.S. Women Benefit, Study from a new Harvard Business School Gender Initiative finds contrary to conventional wisdom, growing up with a working mother is unlikely to harm children socially and economically when they become adults, new research by a Harvard Business School professor concludes. The “working mother effect” actually improves future prospects, especially for adult daughters of mothers who worked outside the home before their daughters were 14 years old, according to recent findings based on a comprehensive survey of 50,000 adults aged 18 to 60 in 25 nations worldwide in 2002 and 2012.
For every car GM sold in China in 2004, it sold 10 in the United States. By 2009, sales in China equaled those in the US. Rapid economic growth in Brazil, Indonesia, China, and India will add a billion new consumers clamoring for goods and services from around the world over the next decade. With increasing frequency, professionals from one country are interacting with customers and colleagues from other countries.
