• The Virginia Economic Development Partnership Authority (VEDP) was established by the General Assembly in 1995 (Code of Virginia, § 2.2-2234 et seq.)

• VEDP is given broad powers in its enabling legislation “…to encourage, stimulate and support the development and expansion of the economy of the Commonwealth."

• The FY25-29 update to the Strategic Plan for Economic Development of the Commonwealth of Virginia (“the Strategic Plan") has been prepared in accordance with Code of Virginia, § 2.2-205 and § 2.2-2237.1, which requires a biennial update

• The FY25-29 update to the Strategic Plan began in May 2023 with robust partner engagement efforts, and the update process was completed in June 2024 upon approval from the VEDP Board of Directors

• The FY25-29 Strategic Plan is the product of a multi-faceted workplan, which included extensive internal and external feedback that resulted in an updated set of 37 strategic initiatives

• For the first time since 2017, the FY25-29 Strategic Plan features updated transformational goals for the Commonwealth, highlighting a heavier emphasis on talent competitiveness

• For the FY25-29 Strategic Plan update, the Virginia International Trade Plan was integrated into the process, highlighting key initiatives to drive international trade in Virginia over the next five years