EL PASO, Texas - The Hunt Institute for Global Competitiveness wants to help the City of El Paso increase the region's economic development.
At the request of Rep. Alexsandra Annello, Patrick Schaefer, the Institute's executive director, shared research and market analysis tools for the Paso del Norte Region with City Council and Mayor Dee Margo.
Schaefer told the Council it's important for officials in El Paso, Southern New Mexico and the Chihuahua area to think collaboratively.
"So what the Hunt Institute is trying to do, we are trying to show our community from a regional perspective. We are trying to show how everything fits together so we can rely on each other. So we can make a lot of complementary investments in aerospace for example, in energy between New Mexico, Texas and Chihuahua, with water and infrastructure, " Schaefer said. "We can tell a story that no other region can tell based on the shared assets and the shared prosperity and shared future of our communities here."
Rep. Annello believes the Institutes's researchers can provide key background information for city leaders.
"We make a lot of economic development decisions on the council, and they immediately impact El Paso. But I really believe that there is a lot of information out there that can help us make those decisions. Why are we bringing in new industry? What are we looking at? And how is that impacted by the entire region?," Annello said.
Schaefer also pointed out the Borderland's unique location and how it can be an advantage.
"There is no other region if you look at the map of North America that is situated strategically between such key cities markets and regions. We are half way between Los Angeles and Chicago. We are between Albuquerque and Chihuahua city. We are between Los Angeles and Houston. So if we can think about and understand what things are being traded between these cities, what things are coming into these cities, what these cities are manufacturing us as intermediaries can always benefit from learning what is coming through and how we can add value to it, " Schaefer said.
Paso del Norte Economic Indicator Review
The Institute published the Paso del Norte Economic Indicator Review and found: "The Paso del Norte region's significance as a geo-strategic corridor has grown considerably, making it one of the most critical trade centers along the U.S.-Mexico border. This report classifies trade in the following four categories: population, employment, export-oriented manufacturing firms, and ports of trade. Our analysis confirms the region's significance and demonstrates the need to expedite the flow of trade and add value along supply chains passing through the region to strengthen and secure a position on a national and international level."
Annello wants city officials to think of the Hunt Institute as another resource to help improve the Borderland's economy.
"I think that our economic development has been so linear for so long. So again understanding how the entire region would benefit, what the entire region is interested in, what the entire region is offering would really help us understand how we can expand the economic development to better serve the community," Annello said.