Delaware: Where the World Chooses to do Business
Delaware coalition attends SelectUSA Investment Summit
WASHINGTON, D.C. – June 10, 2019 — With more than a million companies from around the globe choosing Delaware as their legal home, Delaware has become an internationally trusted corporate and business law hub. This week, the Delaware Prosperity Partnership, Delaware’s economic development group, will be at booth #843 for the premier SelectUSA Investment Summit in Washington, D.C.
“Delaware is experiencing impressive growth in bioscience, fintech, advanced manufacturing, ag-science and — with the new privatization of the Port of Wilmington with GT USA — we are seeing many more businesses give Delaware a second look,” says Kurt Foreman, President and CEO of the Delaware Prosperity Partnership, a public-private organization focused on attracting business and industry to the state.
Expansion of the Port of Wilmington: Last year, under Governor John Carney’s leadership, the State of Delaware and Gulftainer, based in the UAE, signed a 50-year lease agreement. GT USA, the U.S. division of Gulftainer, is implementing a $600M improvement plan that will expand the existing terminal and construct a new, 1.2 million-TEU terminal, quintupling the facility’s capacity.
“Given that our Port is a 10-hour truck drive to 30% of the American population and 63 miles from the Atlantic Ocean; Delaware businesses and industries will benefit immensely from the Port’s expansion,” Foreman says.
Fintech Growth: Delaware is well known internationally as a business and financial services hub. It’s no surprise that it is at the forefront of the latest innovations in financial services – fintech. Big brand name banks such as JPMorgan Chase, Bank of America, Capital One and WSFS as well as a variety of innovative small-to-medium sized fintechs are growing in Delaware including Acorns, College Ave Student Loans, Fair Square, Marlette Funding, PayPal and SoFi to name a few.
With nearly 21 patents per 100,000 residents, Delaware ranks first per capita in fintech patents. Delaware has also been a magnet for out-of-state direct investment by financial services firms in recent years, with $725 million invested since 2010.
Foreman cites several distinctive factors in Delaware’s impressive record of business growth:
- Location – Delaware has an enviable location on the U.S. East Coast, allowing hassle-free, easy business travel to anywhere in the U.S. or the world.
- Business-friendly – Delaware makes it easier for businesses to incorporate, which is why more than a million companies incorporate in Delaware.
- Business Law – Delaware has the most trusted business law model in the world, as a court of equity cases are adjudicated by judges that have been selected (not elected) based on their business expertise. That’s why some of the most important business cases in the world are litigated in Delaware’s Chancery Court.
- Affordable – Delaware has all the advantages of living on the U.S. East Coast with a competitive and attractive cost of living, including its tax structure and housing costs.
- Talent Pool – with more than 100 universities — including medical schools — within a 2-hour drive, Delaware has distinctive access to talent.
- 4th highest number of employed PhD’s in science, engineering and health
- Outpaces the national average for college grads
About SelectUSA Investment Summit
The SelectUSA Investment Summit is the highest-profile event dedicated to promoting foreign direct investment (FDI) in the United States. This signature event provides an unparalleled opportunity to bring together companies from all over the world, economic development organizations from every corner of the nation, and other parties working to facilitate business investment in the United States. Featuring senior government officials, C-Suite business executives, and other thought leaders, each summit focuses on a timely theme related to the U.S. investment environment, industry trends, and new opportunities.
About Delaware Prosperity Partnership
Created in 2017, Delaware Prosperity Partnership (DPP) leads the state of Delaware’s economic development efforts. This initiative brings together the resources, commitment, and energy of both public and private sectors charged by the Delaware General Assembly to attract, grow and retain companies; to build a stronger entrepreneurial and innovation ecosystem; and to support private employers in identifying, recruiting and developing talent in the state of Delaware.