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U.S. Commerce Secretary Prizker Co-Chairs Economic and Commercial Dialogue with Poland’s Deputy Prime Minister Piechocinski

U.S. Commerce Secretary Prizker Co-Chairs Economic and Commercial Dialogue with Poland’s Deputy Prime Minister Piechocinski

Yesterday, U.S. Secretary of Commerce Penny Pritzker joined Polish Deputy Prime Minister and Minister of Economy Janusz Piechociński in co-chairing an Executive Session of the Economic and Commercial Dialogue (ECD). The ECD is a forum created by the U.S. Department of Commerce and the Polish Ministry of Economy to work specifically on strengthening the ability of our companies and investors to do business in each other's markets. Secretary Pritzker is traveling with a delegation of some of America's top CEOs who are members of the President's Export Council.            

At yesterday's meeting, Secretary Pritzker and the PEC CEOs addressed collaborative and tangible ways to increase trade and investment between the U.S. and Poland, particularly as Poland's economy continues to grow. Poland currently has the sixth-largest and one of the fastest growing economies in the EU, and growth is projected to continue in 2014. While bilateral trade between the U.S. and Poland has quadrupled over the past 10 years, reaching nearly $8.8 billion in 2013, there is tremendous opportunity for continued growth.

One mechanism to increase trade and investment between the U.S. and Poland is the Transatlantic Trade and Investment Partnership (TTIP), which is currently being negotiated between the United States and the EU. Once concluded, TTIP will combine the U.S. and EU markets into a stronger transatlantic marketplace, with more than 800 million customers. The U.S. considers Poland an important voice in TTIP negotiations.

Secretary Pritzker Hosts Innovation Roundtable with Polish Industry Leaders and Startups

Secretary Pritzker Hosts Innovation Roundtable with Polish Industry Leaders and Startups
U.S. Secretary of Commerce Penny Pritzker and a delegation of U.S. CEOs yesterday met with Poland's Minister of Higher Education and Science and a group of Polish innovators to discuss the country's efforts to encourage innovation in their economy. Secretary Pritzker was in Warsaw with a group of U.S. CEOs who are members of the President's Export Council. 
 
The Polish government has made the promotion of innovation a top priority. Poland will be receiving a total of $106 billion in funds from the European Union by 2020. Poland plans to invest about 70 percent of those funds to promote innovation. The United States is well-positioned to serve as a partner in these efforts by sharing best practices and engaging our private sector leaders in Poland to further promote innovation.
 
The discussion centered on obstacles that individuals and businesses are experiencing when it comes to innovation, and how the United States can serve as a partner in support of innovation in Poland. For example, while a strong commitment to R&D is one principal driver of innovation, Poland’s current spending on R&D is less than 1 percent of GDP.  
 
However, R&D is only one component of a strong innovation economy. The Department of Commerce is America's "innovation agency," and helps build an innovation ecosystem in the United States by supporting a strong patent system, making investments in regional business incubators and science parks, expanding access to broadband and developing technology standards. 

Manufacturing: Rebuilding America’s Economy

Manufacturing: Rebuilding America’s Economy

Guest blog post by Jay Williams, Assistant Secretary of Commerce for Economic Development

Last week, I was honored to participate in Partnering for Illinois’ Economic Future Second Annual Economic Summit hosted by Congresswoman Cheri Bustos (D-IL) in Rock Island, Illinois. This summit is the highlight of an initiative the Congresswoman launched in 2013 to foster economic collaboration in the 17th Congressional District of Illinois, and my keynote focused on the challenges and opportunities facing the American manufacturing sector, how we can prepare for success in the global economy, and what is being done at the federal level to help regions succeed. 

Manufacturing matters:

* Manufacturing supports 17.4 million U.S. jobs.

* Manufacturing career opportunities include engineers, designers, machinists, and computer programmers.

* The annual average salary of manufacturing workers is more than $77,000, which is approximately 17 percent more than similar workers employed in other sectors.

* For every $1.00 spent in manufacturing, the sector creates $1.32 for the U.S. economy. 

While some have been quick to write the obits for nearby manufacturing towns like Moline, and East Moline, Illinois, and Davenport, Iowa, it was refreshing to see the close collaboration taking place locally to bring manufacturing back. 

At the national level, we are working to support our manufacturers by supporting efforts to build the President’s National Network for Manufacturing Innovation (NNMI), which is working to accelerate development and adoption of cutting-edge manufacturing technologies.

Two weeks ago, U.S. Commerce Secretary Penny Pritzker spoke of the need for passage of pending bipartisan legislation that would establish the network. NNMI is all about keeping America – our manufacturers, businesses, and economy – globally competitive. NNMI is focused on helping America lead the global economy; boosting local, regional, and state economies, and most importantly, create new growth industries, right here in America.