Leaders from innovative tech companies visited communities across the commonwealth 

FRANKFORT, KY - On Dec. 11, 2024, Gov. Andy Beshear highlighted a recent visit by a delegation of German business and economic leaders, who received a firsthand look at all the advantages for companies considering new-location and expansion projects in the commonwealth.

The delegation from the German American Chamber of Commerce of the Midwest (GACC) also explored Kentucky’s advanced manufacturing and growing EV sectors.

“It was an honor to welcome the delegation from GACC to our New Kentucky Home, and I want to thank them for their interest in learning why our commonwealth is the best state in the country to do business,” Gov. Beshear said. “We have a long and successful history partnering with German-owned companies, which we will continue to build on and strengthen in the years ahead. Together, we will make sure the success we’ve achieved continues as we create more opportunities for Kentuckians across our commonwealth.”

In addition to meeting with the Governor and representatives from the Cabinet for Economic Development, the delegation spent three days traveling throughout the commonwealth and had the opportunity to meet with company and community leaders and other economic development partners in Boone, Bullitt, Franklin, Hardin, Jefferson and Warren counties.

The GACC Midwest delegation included representatives from 13 German-owned companies and VDMA (the largest association for the machinery and equipment manufacturing industry in Germany and Europe).

Companies represented include AZO GmbH, Brückner Maschinenbau, BST GmbH, Dürr Systems AG, Maschinenfabrik Gustav Eirich, Erhardt+Leimer GmbH, Exacom GmbH, MACEAS GmbH, Plasmatreat GmbH, Qlar Group, Schuler Group GmbH, ULT AG and Vitronic GmbH, which operates a facility in Louisville where it employs approximately 65 people.

Germany ranks second in Kentucky for foreign direct investment-based employment behind only Japan, with over 80 German-owned facilities that employ over 15,000 residents statewide. These companies produce a range of products across the state, including automotive parts, food and beverage items and aerospace parts, in addition to distribution and logistics operations. Currently, more than 10 German companies base their U.S. headquarters in Kentucky.

“The GACC Midwest works to build lasting connections between German and American businesses, creating opportunities for mutual growth and collaboration. This visit to Kentucky has been a remarkable example of that, showcasing the commonwealth’s dedication to the transatlantic economic relationship,” GACC Midwest’s President and CEO Mark Tomkins said. “Kentucky’s strategic focus on automotive and advanced manufacturing, combined with the warm welcome we’ve received, really underscores the potential for German businesses to thrive here. On Wednesday, our delegation of German professionals spent the evening in the Governor’s home, discussing with him personally their aspirations and considerations for the EV battery industry in the United States. That’s a step above a ‘warm welcome.’ That’s commitment.”

Founded in 1963, GACC Midwest is headquartered in Chicago and maintains a branch office near Detroit. The organization is an integral part of the German Chamber Network with 150 offices in 92 countries around the world. The regional group furthers the GACC’s mission to promote German-American business relations and to support trade and investment between Germany and the United States.

The visit from the GACC Midwest delegation follows the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling nearly $34 billion in announced investments, creating roughly 57,500 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth’s history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On’s transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC’s $2 billion, 2,000-job gigafactory project in Warren County; Toyota’s $1.3 billion investment in Scott County; Shelbyville Battery Manufacturing’s $712 million investment, creating 1,572 jobs in Shelby County; and INFAC North America’s $53 million investment in Taylor County, among others.

The Governor’s administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings, S&P Global Ratings and Moody’s Investors Service.

In March, Site Selection magazine ranked Kentucky third nationally and first in the South Central region for economic development projects per capita in its 2023 Governor’s Cup rankings. In April, Site Selection placed Kentucky second in the South Central region and in the top 10 nationally in its 2024 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a Supply Kentucky initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies. And last month, the Governor announced a new initiative, called New Kentucky Home, to increase economic investment, attain and attract talent, and increase tourism across the state.

For more information on GACC Midwest visit gaccmidwest.org/en/.

Information on Kentucky’s economic development efforts and programs is available at NewKentuckyHome.Ky.gov or CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.