ST. PAUL (March 7, 2014) — A Minneapolis lawyer with experience as an international trade consultant has been named director of foreign direct investment at the Minnesota Trade Office (MTO), a new position that will oversee four foreign trade offices and spearhead efforts to attract more foreign direct investment to the state.
Laurence Reszetar, an attorney at the Maslon Edelman Borman & Brand LLP law firm in Minneapolis, will join the Trade Office on March 19.
“I am honored to have the opportunity to work for the state of Minnesota on such a strategic and important initiative,” Reszetar said. “Dedicating a new position to foreign direct investment is a good decision that will bring more jobs to the state and strengthen the economy.”
Reszetar’s position was created as a result of Gov. Mark Dayton’s Global Competitiveness Initiative, which was approved by the Minnesota Legislature last year to increase state exports and attract more foreign direct investment – money spent by foreign companies on operations in Minnesota.
The initiative included funding for three new foreign trade offices, which Minnesota officials later announced would be located in Dusseldorf-Cologne, Germany; Sao Paulo, Brazil; and Seoul, South Korea. They will join an existing Minnesota foreign trade office that opened in Shanghai, China, in 2005.
The offices will direct 40 percent of their efforts on export promotion and 60 percent on foreign direct investment.
Foreign direct investment is an important part of the Minnesota economy, helping to create jobs, open new markets and bring investment dollars for new or expanded facilities in the state. According to the Organization for International Investment, foreign companies with operations in Minnesota are responsible for 92,000 jobs – about 4 percent of the total private sector workforce in the state. About 30 percent of those jobs are in manufacturing.
Foreign companies with major operations in Minnesota including Geringhoff (Germany), Tata Consultancy Services (India), Gerdau (Brazil), Allianz of North America (Germany), Aldi (Germany), BAE Systems (United Kingdom), GlaxoSmithKline (United Kingdom), New Flyer (Canada) and Oldcastle (Ireland).
Reszetar, who joined Maslon Edelman Borman & Brand in 2006, previously was a director and analyst at the Fontheim International consulting and law firm in Washington, D.C., and a U.S. foreign policy research associate at the Council on Foreign Relations in New York City.
He has a bachelor’s degree in government and international relations from Georgetown University in Washington, D.C., and a law degree from the University of Minnesota in Minneapolis.
The Minnesota Trade Office is an office within the Minnesota Department of Employment and Economic Development. For details about the agency and services, visit http://mn.gov/deed and at twitter.com/mndeed.