Arizona welcomed leaders from over 40 countries for the 21st Annual International State of the State on March 26, as Governor Katie Hobbs announced record levels of international investment and trade during her keynote address to more than 300 attendees.
The event underscored Arizona’s growing importance in the global economy, with officials emphasizing strong international partnerships and economic growth. Governor Hobbs said, “Today, Arizona stands as a beacon around the world for opportunity, innovation, and progress. Our trade is at record levels. We rank number one in the nation for Foreign Direct Investment. We are the epicenter of the world’s most advanced technologies. And we are just getting started.”
In recent months, Arizona has signed new multi-national agreements and expanded its trade offices to encourage collaboration in research, workforce development, and innovation. Since 2020, there have been announcements of 250 international projects totaling more than $195 billion in investment—the highest amount nationally.
Governor Hobbs said that Arizona views its global relationships as long-term commitments: “In Arizona – we don’t see international partnerships as transactional. We see them as lasting commitments – rooted in trust, strengthened by shared values, and driven by a belief in mutual success. That is the Arizona way – and it is why the world continues to choose Arizona.”
State leaders from organizations such as the Phoenix Committee on Foreign Relations and the Arizona Commerce Authority hosted forums showcasing these partnerships and investments. Sandra Watson, President and CEO of the Arizona Commerce Authority said, “Arizona’s global reputation for innovation, collaboration, and economic leadership has never been stronger. Our expanding international partnerships are accelerating technological advancement while creating new job opportunities and driving historic investment in communities across our state.” Dr. Lily McElwee from the Phoenix Committee on Foreign Relations added that this year’s gathering was more internationally focused than ever before: “As the international landscape becomes more complex and competitive, Arizona is emerging as a consequential global actor – deepening partnerships, accelerating innovation, and helping shape the next generation of cross-border cooperation.”
A key part of this strategy includes seven International Trade and Investment Offices located worldwide to boost economic collaboration for local companies. Significant foreign direct investments have come from companies like TSMC (Taiwan Semiconductor Manufacturing Company), Amkor Technology Inc., LG Energy Solution Ltd., ASML Holding NV among others—helping position Arizona as a destination for advanced manufacturing.
Exports by local businesses reached $44.4 billion last year with Taiwan becoming second only to Mexico among trading partners at $21.2 billion total trade volume.
According to the Arizona Commerce Authority, economic development efforts broke records again in Fiscal Year 2022 with projected job creation reaching over 24,000—151% above target—and community investments totaling $10.75 billion.
The continued focus on building long-term relationships with global partners suggests further growth ahead for both employment opportunities within state borders as well as ongoing foreign direct investment.
