Import Substitution Program: for Economic Development Organizations (EDOs)*
A way to help your organization and strengthen local manufacturing Purpose:
The Import Substitution Program (ISP) enables economic development professionals to replace imports with local production by helping U.S. companies decide to reshore and foreign companies decide to do FDI (foreign direct investment) in their region. ISP is a unique tool that can make your region economically stronger and your organization a nationally recognized innovator. Executive Summary:
Today, especially with the Tax Cuts and Jobs Act in effect, U.S. and foreign companies are reevaluating their sourcing and facility siting plans and considering increasing U.S. investment and shifting manufacturing to the U.S. They are seeing the benefits of proximity, i.e. producing in the market, especially when the home market is the U.S., still the world's largest. ISP will help you identify and attract the best opportunities for your region.
The Import Substitution Program (ISP) is a customized action plan that is a catalyst for FDI and reshoring. Your ISP will be custom-built to: help larger OEMs in your region decide to produce or source more locally; help local companies compete against imports; and attract FDI. ISP will help strengthen your region with minimal incentives, fortify local supply chains around OEMs and bolster your skilled workforce program.
ISP will provide detailed data on imports by regional companies and assist them in reevaluating offshore sourcing decisions. On-site help and training are also available. Select the support level that is right for you. Program Objectives:
Accelerated local reshoring and FDI by companies that are now importing. ISP will help you accelerate local reshoring and FDI by:
- Identifying FDI opportunities based on regional and national supply chain gaps.
- Identifying the leading offshore suppliers of the supply chain gap product categories to create a target list for FDI.
- Providing detailed data on imports by regional companies.
- Inviting companies to reevaluate offshore siting and sourcing decisions.
- Creating opportunities for local companies to compete with imported products.
Your input on some of these will help us to customize our deliverables for you.
- A clear definition of your geographic region: state(s), counties or mile radius from a specific location.
- Your choice of product categories.
- Who are the largest manufacturers in your region?
To get started, download and complete the ISP Input Data Form. (You can also view a filled out Example form.)
- Who are the largest offshore suppliers of relevant products?
The Reshoring Initiative®’s Import Substitution Program will help you achieve the Program Objectives, above.
Level I: The Reshoring Initiative will provide data on annual imports into the region:
- Supply chain gaps: Up to five
- For target products: Ten HS codes and/or product descriptions
- By target companies: Ten regional importers
- From target offshore suppliers: Ten offshore suppliers. Good FDI prospects
Data will include for each product category:
- Company names and addresses
- Number of containers and weights of each product imported by each company
- Standard written instructions for implementation including use of our TCO (Total Cost of Ownership) Estimator to help the companies quantify the savings from sourcing locally.
- Archived training webinar.
Level II: Additional help via phone and email
Level III: Field support
- On-site help, training and presentations, e.g. using our TCO Estimator as a siting/sourcing tool by the importers or a sales tool by local suppliers
- Customized implementation plan
- Joint articles on past and future local reshoring successes.
Contact the Reshoring Initiative for pricing.
Phone: +01 847 867 1144 | Email: email@example.com *This program is available to help manufacturing companies, technology suppliers, trade associations, Economic Development Organizations (EDOs), and Manufacturing Extension Partnerships (MEPs). This version is for EDO's. Similar versions for the other groups are posted here.