Headed by Gov. Andy Beshear, Kentucky is positioning itself as an ideal destination for international investment. Returning from a recent trade mission in Japan and South Korea, Beshear met with key stakeholders, including existing and interested investors.
“With global supply chain challenges, manufacturing in the U.S. is increasingly appealing,” said Beshear, who highlighted Kentucky’s appeal for companies wanting to serve the U.S. market. Since his administration began, 88 projects have been announced by Asian companies, representing nearly $13 billion in investments and around 13,000 new jobs.
We’re No. 2 for Japan in the U.S. – a notable ranking considering the size of other states.
Kentucky Gov. Andy Beshear
Japan is a cornerstone of Kentucky’s foreign investment, with more than 200 Japanese-owned facilities employing approximately 47,000 people.
“We’re No. 2 for Japan in the U.S. – a notable ranking considering the size of other states,” the governor said.
Meanwhile, South Korea has also invested in Kentucky, with seven facilities and $10 billion in the past four years.
One major project underscoring the success of Beshear’s efforts is Mitsubishi Electric’s $143.5 million investment in Maysville, Kentucky. The company plans to repurpose an existing facility to produce heat pump compressors, creating 122 high-wage jobs.
The Kentucky Economic Development Finance Authority preliminarily approved a 15-year incentive agreement under the Kentucky Business Investment program, providing up to $7 million in tax incentives.
Kentucky’s geographic location is another draw for investors. “You can reach 60% of the U.S. population within a day’s drive,” Beshear said.
Additionally, major airports, including Cincinnati/Northern Kentucky International and Louisville’s Muhammad Ali International Airport, enhance accessibility for logistics Speed to market and cultural inclusivity are also key differentiators.
“We’re embracing global cultures and getting sites up faster than ever,” he said.
Recent projects include Ford and SK On’s $5.8 billion battery park and Toyota’s $1.3 billion investment in Scott County.
