To strengthen its position on the global stage, the Greater Seattle region should focus on increasing engagement with one critical partner: China. Our future global competitiveness will be determined by how effectively we leverage our assets to drive Chinese investment to this region.

Over the next several decades, Asia – with China at the forefront – will become an even more prominent engine of global economic growth. With this growth will come a surge of Chinese capital seeking investment opportunities abroad. In 2014 alone, Chinese outbound foreign direct investment is estimated to reach a new record high of $120 billion, according to China’s Ministry of Commerce. And these outflows are increasing at a remarkable clip. Analysts predict that China will commit more than $1 trillion in outbound investment by 2020, and advanced economies like the United States will see the bulk of that increase.

To further stoke this trend, recent political reforms in China have significantly cut down on the red tape Chinese firms need to go through when investing overseas. Last year, Chinese foreign direct investment into the United States topped $14 billion. This was an increase of nearly 100 percent over the previous year, outpacing U.S. investment into China. We can expect this upward trajectory to continue at a rapid pace.

So where is all this investment going? Answer: Not here.

Despite global leadership in several key industries like aerospace, cloud computing, life sciences, and clean technology, the Greater Seattle region punches below its weight when it comes to attracting foreign direct investment, particularly from China. With a vibrant Chinese community, good schools, housing that is more affordable than competitive U.S. markets and daily direct flights to several Chinese cities, Seattle is uniquely positioned to lead the charge on courting Chinese capital. But while the region is on par with the U.S. average for FDI attraction, we are trailing cities like San Francisco, Los Angeles, Vancouver, New York and Houston.

Since 2000, Washington state has secured 30 deals from Chinese investors (including mergers and acquisitions and greenfield investments) totaling $185 million, according to the Rhodium Group. During that same period, New York logged 70 deals at a total of $3.9 billion. Texas secured $5.3 billion in 79 deals, and California landed a whopping 248 deals totaling $4.7 billion.

With such an important opportunity at stake, it is incumbent upon the business, political, civic and academic leaders in the Greater Seattle region to execute a shared vision for attracting Chinese investment. We need lawyers and financial planners, real estate agents, and officials from our offices of economic development to present a coordinated suite of services to potential investors and create a compelling reason for Chinese companies to make their home in the Greater Seattle region.

This is where we can learn from the “best practices” of our U.S. competitors. In 2008, the San Francisco Center for Economic Development partnered with the mayor’s office to create an initiative called ChinaSF to recruit and retain Chinese companies in that city. By marshalling public and private resources, developing a clear and consistent message, and serving as a facilitator between prospective investors and potential partners, ChinaSF has recruited more than 50 companies to San Francisco and has expanded to two satellite offices in China.

This type of initiative should be a top priority for the Greater Seattle region and is one of the key strategies developed in the Greater Seattle Region Global Trade & Investment Plan. The region’s assets are strong, and a number of economic development and trade entities are doing good work when it comes to fostering international relationships. But a more coordinated and focused effort by our community and business leaders to develop effective strategies that leverage our strengths will help convert those relationships into investments. Greater Seattle is a hub of innovation and cutting-edge advancements in some of the fastest growing sectors in the world. We boast world-class medical facilities and our flagship institution of higher education, the University of Washington, is the second highest recipient of federal research dollars in the country. Seattle even has an edge in the realm of popular culture. Last year’s “Finding Mr. Right,” a Chinese film about a pregnant woman who comes to Seattle looking for love, is one of that country’s highest-grossing movies of all time.

The stage is set for Seattle to become a more prominent destination for Chinese investors. But we need a robust initiative that will coordinate our resources and make the most of these opportunities. Marketing materials, bilingual support staff, and a compelling narrative that articulates “Why Seattle?” are important tools in this strategy. But the most vital step is a commitment to work together. Public entities, service providers, real estate agents and accountants will all benefit from greater Chinese investment. It’s time for us to capitalize on our assets and bring new investments to the Greater Seattle region.

This article originally appeared in the Puget Sound Business Journal. Marc Berger is the China Practice Lead at Nyhus Communications. Reach him at marc.berger@34.223.219.192.