A reliable presence at international events helps Arkansas attract foreign investment, Gov. Asa Hutchinson said Tuesday.
The "Arkansas story" -- which extends beyond Fortune 500 companies such as Tyson Foods and Wal-Mart -- also is a key selling point, said Mike Preston, director of the Arkansas Economic Development Commission.
Hutchinson and Preston detailed an economic development trip to Europe during the Tuesday news conference. Hutchinson first announced the trip in an interview with the Arkansas Democrat-Gazette last month.
The two will be attending the Farnborough International Airshow outside of London. That's an event representatives from Arkansas have attended for the last decade, he said.
"The consistency of these presentations -- and in these markets -- probably makes the biggest difference," the governor said.
Hutchinson and Preston also will reopen the state's European office in Berlin.
The commission previously had a European office in Brussels, but it was closed during Gov. Mike Huckabee's administration. Scott Hardin, a spokesman for the commission, has said the state was more focused on Asian business during Huckabee's tenure.
On Tuesday, Hutchinson said Germany is the "largest foreign direct investor" in Arkansas. According to an April 2015 report by the commission, 23 German-owned companies are located in Arkansas. Those companies employ more than 1,500 people in industries that include automotive parts, power tools, plastics and steel.
"That is a significant presence and opportunity for us," Hutchinson said.
Hutchinson and Preston will leave Saturday and return July 14. Alison Williams, Hutchinson's chief of staff, will go on the trip, as will first lady Susan Hutchinson, two members of the governor's security detail, and four Economic Development Commission employees.
The trip will cost the state about $70,000.
The Arkansas Economic Development Foundation also is providing funds for items such as room and board for the governor and first lady, Hardin said in an email.
"We don't have a specific amount for the foundation as that will be determined following the trip," Hardin said in response to questions. "We plan on hosting dinners with prospects but don't have totals on people attending, etc. We will submit [the receipts] to the foundation when the delegation returns."
At the news conference, Preston said the state has scheduled meetings with 20 companies in the United Kingdom and Germany during the trip. While some of the companies already have investments in the state, others do not.
The meetings are an opportunity to tell the "Arkansas story," Preston said.
"They know about Wal-Mart. They know about Tyson," he said. "We want to continue to tell that story."
There's more to Arkansas than the Fortune 500 companies located in the state, Preston said. He mentioned Metova, a software development and cybersecurity firm with offices in Cabot, Conway and Fayetteville.
John Adams, the owner and chief executive officer, started A4 Solutions in Arkansas, which focused on government information-technology work. He bought Metova, a Tennessee-based company, in 2012 to expand into mobile app development, according to the company's website.
"They were in Franklin, Tenn., working for Dropbox," said Josh Smith, the company's chief revenue officer, in an interview. "There's no reason why we can't do the same things for folks in Arkansas."
Other clients include Sirius XM, Slacker Radio and Microsoft, he said.
"We believe that people coming out of Fayetteville or central Arkansas -- they grew up there, they went to college there -- they should have an opportunity to work for these customers and clients," Smith said. "Arkansans, in particular, feel like they have to be in Boston, the Bay area, Seattle, to work. We offer the opportunity to work for these clients here."
Asked why Preston mentioned Metova in particular, Hardin said the state is meeting with companies in many different sectors.
"When we are talking about the tech sector in Arkansas, we consistently mention Metova as one of our success stories," he said.
Business on 07/06/2016