Indiana Governor Eric Holcomb (second from left) looks at a model while learning about hydrogen at Swinburne University of Technology in Australia on July 24. Holcomb visited Australia and Singapore as part of a privately funded overseas economic development trip. Photo courtesy of the Indiana Governor’s Office
Indiana Gov. Eric Holcomb hopes to secure several more international economic development agreements before his term ends.
This year, Governor Holcomb has visited Belgium, Brazil, Canada, France, the Netherlands and Mexico for economic development trips, and his most recent visits to Australia and Singapore marked his first visit as Governor and his 24th visit overall.
In a news release announcing the trip, Gov. Holcomb’s office said the trip will focus on fostering new collaborations and opportunities with the regions across government and industry, as well as expanding partnerships to advance “mutually beneficial” economic development, innovation and workforce development in common sectors like advanced manufacturing, defense and energy. It will also likely be one of Holcomb’s final visits as governor, as the Republican governor is term limited and three candidates are vying to succeed him this fall.
Though he has little time left in his term as governor, Holcomb has left the door open for more visits before he leaves office.
“Full throttle. Indiana cannot afford to slow down for the 169 days that I hand over the keys and let someone else drive,” Holcomb said Sunday during a Zoom call with reporters. “… I want to make the most of the days that remain.”
Holcomb left for Australia and Singapore on July 20 with First Lady Janet Holcomb, Secretary of Commerce David Rosenberg and representatives from the Indiana Economic Development Corporation. His trip was funded by private donations to the Indiana Economic Development Foundation. He is scheduled to return to Indiana on Tuesday.
Indiana has strong trade ties with both regions, with imports to Australia and exports to Singapore totaling more than $1.8 billion and $944 million respectively. Indiana is home to 32 Australian companies and two Singapore-owned companies, including C&R Racing and Tronics.
Both regions are also home to many Indiana-based companies, including CAI, Eli Lilly and Company and Zimmer Biomet, which has operations in Australia and Singapore, according to the governor’s office.
While in Australia, Holcomb met with U.S. and Australian government officials to discuss shared strengths and opportunities. The Indiana delegation also attended a roundtable at the University of Sydney’s Center for American Studies to discuss economic and policy ties between the two countries and highlight Indiana’s position in the United States and around the world, Holcomb’s office said.
They also met with executives from Australia-based companies, and Holcomb spoke at a reception hosted by the U.S. Consul General, highlighting Indiana’s focus on international engagement and Indiana’s growing ties with Australia, his office said.
The delegation also met with representatives from Victoria to explore partnership opportunities between Indiana and Victoria, which has strong advanced manufacturing, defense, energy and life sciences industries. The delegation also met with leaders from the Australia American Chamber of Commerce and attended a roundtable hosted by the Chamber in collaboration with IFM Investors, a Melbourne-based institutional investor and asset manager that has invested in the Indiana Toll Road.
In Singapore, Holcomb and his staff met with U.S. and Singaporean government officials, as well as representatives from Enterprise Singapore, the business development office of both countries, to discuss opportunities for expanding investment, trade and innovation. He also met with members of the Singaporean business community interested in expanding into the United States at a business and industry roundtable hosted by Enterprise Singapore, Holcomb’s office said in a statement.
While much of the focus of Sunday’s call with reporters was on international tours, Holcomb was asked about Indianapolis’ efforts to attract Major League Soccer. He emphasized soccer’s international appeal, adding that he hopes local leaders can work out a framework to bring a team to Indy.
The upcoming U.S. elections were also discussed, with Holcomb saying that was a top concern for international business leaders.
“There are people who binge-watch political drama like it’s a reality TV show and never get bored of watching every minute of it,” Holcomb said.
Holcomb told reporters he wanted to emphasize that Indiana offers certainty, predictability and stability to companies looking to set up shop in the United States, likening it to a first date.
“For lack of a better way to say it, this is our first date,” he said. “We’re lighting up our Hoosier hospitality neon sign. We’re saying, ‘If you want to grow, we want to grow with you and we can go so much further together.'”
Some of the stops stem from an investment summit Holcomb attended earlier this year in Washington, D.C. Holcomb also said he accepts invitations to visit international business and government leaders out of respect.
Holcomb said the success of this trip, like past trips, will be determined by whether the umpires “get the ball further down the field.”
“There’s no substitute for actually showing up,” Holcomb said. “A lot of people talk, Indiana acts, and then we back it up, and then we go home and do it again, negotiate the deal. … Hopefully, at the end of the day, we’ll be standing side by side in Indiana, cutting ribbons, having groundbreaking ceremonies and celebrating.”
He said visits to the international locations of companies already headquartered in Indiana, such as Penske Australia and Eli Lilly’s Australian and Singapore locations, will help further strengthen relationships. Holcomb also visited the Australian facilities of heavy-duty truck manufacturer Paccar, a Cummins partner.
Accellera by Cummins, Daimler Trucks and PACCAR formed a joint venture last year to advance battery cell production in the U.S., now known as Amplify Cell Technologies. The “strategic alliance” will advance zero-emission technology for electric commercial vehicles and industrial applications, The Columbus Republic reported in June.
Holcomb was also asked how the state can promote foreign-owned businesses while maintaining Indiana’s commitment to small businesses. He said the state needs businesses of all sizes — small, medium and large — and called it an “ecosystem effort.”
“Large companies often make the headlines, but it’s the small businesses that are the suppliers, the talent, the ones that are scaling,” he said. “That’s why it’s been so important to us over the last few years to put a lot of our time, energy and activity into venture capital and expanding access to venture capital so that small businesses can scale in Indiana and actually stay in Indiana.”
Holcomb doesn’t expect the fruits of this tourism to be seen immediately, predicting the impact will likely be felt decades down the line, but he said some companies, like Lilly, have been expanding in the state for decades.
“In return, families will have access to good-paying jobs where they can live, work, play and enjoy this great state,” Holcomb said.
