The economic development agencies of Seattle and Vancouver announced a landmark cooperation agreement today that promotes continued economic growth and linkages throughout the Cascadia Innovation Corridor.
During the Cascadia Innovation Corridor Conference held in Seattle, Vancouver Economic Commission (VEC) and Great Seattle Partners (GSP) formalized the agreement — called the Cascadia Economic Development Agreement (CEDA) — in a signing ceremony.
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Joint economic development is critical to Cascadia,” said VEC CEO Catherine Warren.
“By collaborating with Greater Seattle Partners on trade and investment, we strengthen a region known for innovation and progressive values while improving economic balance for companies, workers and residents. We believe in a ‘big tent’ and invite other economic leaders to join us in advancing prosperity for all.”
By collaborating throughout the super-region, the resulting synergies, allowed by the social, cultural, and economic commonalities within the corridor, will allow for the greatest mutually benefitting business prospects and partnerships.
“By formalizing our relationship with the Vancouver Economic Commission, we expand the opportunities to promote the greater Seattle region on the international stage,” said Brian McGowan, CEO of Greater Seattle Partners. “When leaders from both sides of the border work together we are better able to explore new strategies, maximize our selling points, and enhance our global reach.”
Key areas that the partnership will focus on include developing and growing workforce talent, fostering a sustainable economy, facilitating trade and access to capital, catalyzing stronger business ties between the cities, and encouraging partnerships in the target industries, such as smart cities, clean technologies, green buildings, artificial intelligence, augmented and virtual reality, and the creative and entertainment sectors.
There will also be joint research and marketing work, joint trade missions to raise the corridor’s profile, and work that engages local governments, businesses, and residents in understanding the value of this economic strategy.
The CEDA is not legally binding and does not require funding commitment. The agreement will last for five years, and can be renewed or amended for additional terms.