Introduction to Plano’s Economic Development
Plano has business ties across the globe, most concentrated in Asia — but city leaders hope to develop ties with northern Europe as Mayor John Muns and other city officials swing through Sweden this week to add to the city’s economic development portfolio. The Swedish telecommunications company Ericsson has its North American headquarters in Plano, where the firm employs over 3,300 people, according to the city’s economic development department. Manufacturing company Assa Abloy, also headquartered in Stockholm, relocated its North American headquarters to Plano last year and employs nearly 200 people in the city.
Incentives for Business Growth
Plano gave incentives to both companies to create jobs and property improvements, including a tax break to Ericsson and an economic development agreement with Assa Abloy, which bills itself as “the global leader in access solutions,“ including digital locks and other doorway technology. Under Ericsson’s deal, the company had to create at least 700 jobs and $44 million in property improvements, according to the economic development department. The trip comes at a time of heightened interest in Plano’s economic development activity and a history of success in attracting large companies to move to the city, including regional headquarter relocations like Toyota, JPMorgan Chase and Capital One.
Economic Development Efforts
Economic Development Director Doug McDonald said Plano representatives have also traveled this year to Toronto, Canada, and Paris, France. Muns visited Taiwan last year. The city is now receiving attention from both AT&T and the Dallas Stars as they eye moves from Dallas. Japan’s Toyota Motor North America and NTT DATA, Korea’s Samsung and India’s Tech Mahindra all have a local presence in Plano, and the city’s economic development department seeks to strengthen international connections — this week, in the Nordic region.
Nordic Texas Initiative
Muns is joined in Sweden by McDonald and City Manager Mark Israelson. The group is expected to meet with the leaders of at least two companies through Wednesday. Helene Honeybone, honorary consul at the Consulate of Sweden in Dallas, said the trip aligns with the Nordic Texas Initiative, a partnership to strengthen Swedish and Texan ties in research and economic development. Sweden-affiliated companies support nearly 30,000 jobs in Texas, according to a report by the country’s embassy. As part of the Nordic Texas Initiative, Dallas Economic Development Corporation CEO Linda McMahon traveled to Sweden earlier this year.
Focus on Key Industries
Plano’s trip demonstrates a commitment to partnership, Honeybone wrote, “connecting North Texas’ dynamic entrepreneurial ecosystem with Sweden’s world-leading expertise in innovation, design and green transition.” The Plano leaders will also meet with the Swedish Security and Defense Industry Association, American Chamber of Commerce in Sweden and Business Sweden, a not-for-profit commissioned by the government and business sector to help Swedish companies grow international connections. The trip will focus on three industries, McDonald said: life sciences, defense and financial services. Stakeholders hope to see Plano become a hub for life sciences as the city welcomes the Texas Research Quarter, a development slated to host labs and manufacturing space in Plano’s Legacy neighborhood.
Regional Economic Activity
The defense industry has footprints in the region, too, with aerospace and defense companies L3Harris and Raytheon’s presence in North Texas. Canadian financial services company Scotiabank will establish a regional hub in Dallas, welcoming an international industry leader to the area as the city prepares to host a national stock exchange. International trips are common for local governments in the region. Frisco and McKinney’s economic development corporations are partnering for a startup pitch competition in Barcelona this fall. Richardson city staff traveled to India earlier this year and met with companies and government officials.
Building Relationships
McDonald said when the city decides to send a delegation abroad, staff prioritizes building on already established relationships — it’s “not a fishing trip,” he said. At an uncertain time for global markets, the payoff for face-to-face meetings is big, McDonald said. “One of the things that we pride ourselves on here in Plano is relationships,” he said. “It’s important at the local level that these companies feel that they’re part of our community.” The suburb’s economic success in attracting major employers has held for decades despite its financial commitments to public transportation. Plano contributes one cent of every sales tax dollar to the Dallas Area Rapid Transit system, leaving it with less funds than its Collin County neighbors to go toward economic development.
Conclusion
In conclusion, Plano’s economic development efforts are focused on building relationships with international companies and strengthening its position as a hub for various industries. The city’s trip to Sweden is a key part of this effort, and its focus on life sciences, defense, and financial services is expected to yield significant benefits. As the city continues to grow and develop, its commitment to partnership and community engagement will be essential in attracting and retaining major employers.
FAQs
Q: What is the main purpose of Plano’s trip to Sweden?
A: The main purpose of Plano’s trip to Sweden is to develop ties with northern Europe and add to the city’s economic development portfolio.
Q: Which industries will the trip focus on?
A: The trip will focus on three industries: life sciences, defense, and financial services.
Q: What is the Nordic Texas Initiative?
A: The Nordic Texas Initiative is a partnership to strengthen Swedish and Texan ties in research and economic development.
Q: How much does Plano contribute to the Dallas Area Rapid Transit system?
A: Plano contributes one cent of every sales tax dollar to the Dallas Area Rapid Transit system.
Q: What is the budget for Plano’s economic development team’s travel and professional development?
A: The budget for Pl
