Applicants are evaluated on 12 factors, including the number of full-time jobs being created, the amount of investment and the strategic importance of the business to the state or region. Global LA doesn’t provide any incentives beyond what the city, state and federal government offer, but businesses can tap into CalCompetes, LA Opportunity Zones and LA Promise Zones.ĬalCompetes is an income tax credit available to businesses that want to locate or stay and grow in California. headquarters in Los Angeles, a move that builds on the company’s initial $200 million investment in California.
Lured by a $20.5 million state tax credit, VinFast is building its U.S.
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VinFast’s product lines include the full battery-electric VF e35 and VF e36 SUV models, which are equipped with a variety of smart features, including lane assist, collision warning, driver monitoring, fully automated parking, voice assist and e-commerce services. The Vietnamese maker of electric cars and SUVs, made a splash in July with the unveiling of six California showrooms, including new dealerships in Santa Monica and Commerce. Nina Hachigian, L.A.’s deputy mayor of international affairs, cited VinFast, as a prime example of the kind of companies the city hopes to attract. Nina Hachigian, L.A.’s deputy mayor of international affairs, cited VinFast as an example of the kind of companies the city hopes to attract leading up to L.A.’s summer Olympics and Paralympics in 2028. ecosystem.” VinFast, a Vietnamese maker of electric cars and SUVs, unveiled new dealerships in Santa Monica and Commerce last month. “We’d like to see a tsunami of businesses that would use the Olympics as a platform to subcontract and find vendors within the L.A. “We’re hoping to attract international companies that will stay beyond the Olympics,” Adler said. Global LA is focusing heavily on attracting businesses involved in sustainability, transportation and logistics, entertainment and technology (including gaming), advanced manufacturing, biotech/lifesciences and aerospace. “That would enable us to do a large global marketing campaign.” “One of my first priorities is to raise more money and bring in more members,” Adler said. It receives about $500,000 in annual funding from the city with additional funds coming from member organizations, Adler said. Launched in November 2021, Global LA is a nonprofit 501(c)3 supported by Southern California businesses, civic leaders and economic development organizations. April Ross, left, of the United States, and teammate Alix Klineman celebrate winning a women’s beach volleyball Gold Medal match against Australia at the 2020 Summer Olympics in Tokyo, Japan. “Those are the challenges we have,” she said. Still, Adler figures those concerns should be offset, in part, by the region’s weather, skilled labor pool and mindset of innovation. It it home to six commercial airports, the largest port complex in the Western hemisphere and is home to four of the nation’s top 50 universities - CalTech, UCLA, USC and Pepperdine.īut the region’s high cost of living and stringent business mandates figure into the mix as well, according to Adler.
The region boasts an economy that hit $1.6 trillion in 2021.
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