Germany, Switzerland, Japan and South Korea were among the destinations Governor Andy Beshear visited in 2024. During these visits he met with Kentucky companies doing business in those countries and made the case that the Bluegrass State is an ideal location for companies based overseas. More than 530 foreign-owned facilities operate in Kentucky representing 33 nations. Combined they employ more than 115,000 Kentuckians, according to the Kentucky Cabinet for Economic Development.
The governor also attended the World Economic Forum in January, in Davos, Switzerland.
“Despite being new to the event, we had one of the busiest schedules,” noted the governor in a January 29 statement recapping the trip. “In two and a half days, we had 25 meetings with company executives. Ten were with foreign owned companies that already employ over 8,750 Kentuckians. The other meetings were with potential investors from multiple continents that have announced plans to invest in the United States. From L’Oreal to Suntory, DHL, Schneider Electric, Henkel, Pinterest and more, the lineup was full, and the meetings were promising.
“In between making these pitches,” the governor continued, “I attended multiple events. At each one, I’d interact with top executives as well as presidents and prime ministers. No matter the meeting or event, at the heart of each discussion was Kentucky, our workforce and our bright future. And everyone with an operation in our commonwealth sung our praises and talked about 2024 being one of their best years ever.”
A Busy Winter for Foreign Investment
In December alone, several foreign-owned companies announced new operations in Kentucky. Netherlands-based Bosch Berries opened a new greenhouse in Somerset, Pulaski County ($49.5 million investment, 28 jobs), where it will grow and distribute strawberries. Toyota Motor Manufacturing Kentucky (TMMK) announced a $922 million investment to build a new advanced paint facility at its Georgetown plant, the largest capital investment project in the commonwealth in 2024. In February 2024, TMMK said it would increase a previous EV-related investment in the facility to $1.3 billion. And Cinis Fertilizer, based in Sweden, announced plans to invest $109 million in a production plant in Christian County that will create 65 new full-time jobs.
As for 2025 so far, foreign investment in Kentucky remains robust. In January, Nitto, a Japanese producer of products for the automotive, electronics, aerospace and other industries, said it will open a facility in Frankfort where it will create 220 jobs. And Murakami Manufacturing USA, Inc., a division of Japan’s Murakami Corporation announced a $3.4 million investment in its Campbellsville facility, where it makes side-view exterior mirrors and other parts for auto manufacturers.
These and the hundreds of other international companies doing business in Kentucky benefit from logistics assets that are hard to beat. They include 2,600 miles of railroad track, more than 1,000 miles of navigable waterways and major air cargo hubs operated by UPS, DHL and Amazon. FedEx also has operations in Paducah and London, in eastern Kentucky.
Kentucky facilities are internationally owned.
An FDI Expert’s Take
“Several factors come into play when international companies deliberately decide to invest in Kentucky,” said Jonathan Samford, president and CEO of the Global Business Alliance (GBA), which tracks and advocates for foreign direct investment in the U.S. “Access to top-tier academic institutions, a skilled workforce and a transparent regulatory environment make the Bluegrass State an attractive destination.”
GBA estimates the number of Kentuckians employed by international companies to be about 150,000.
“Kentuckians employed by international companies are making things right here at home, with an astounding 63% of these workers being in the manufacturing sector,” Samford noted. “In fact, Kentucky is second in the nation for the largest concentration of manufacturing jobs supported by global investment.
“Over the last 10 years,” he added, “the number of jobs supported by global investment has increased by a whopping 58%, while the commonwealth’s overall private sector employment rose 12%. International companies setting up shop in Kentucky come from America’s friends and allies, like Japan, Germany and Canada. Companies such as Toyota continue to invest and create jobs in the state. I don’t see Kentucky forgetting its secret recipe anytime soon.”
