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Blog Category: U.S. Foreign Direct Investment

Acting Secretary Blank Speaks With Council of Foreign Relations on Increasing the Level of Business Investment in the U.S.

Acting U.S. Commerce Secretary Rebecca Blank Answers Questions After Her Remarks at the Council on Foreign Relations

This afternoon, Acting U.S. Commerce Secretary Rebecca Blank spoke before the Council on Foreign Relations about the Obama administration's initiatives to help businesses expand their investment in the United States and bring jobs back home. The Commerce Department works to attract investment across all sectors, but in her remarks Blank focused on manufacturing because that sector has added more than half-a-million new jobs since 2009, compared to the previous decade in which six million manufacturing jobs were lost. In addition after decades of watching American companies take jobs to other countries, more and more manufacturers are making the decision to keep factories and production facilities here in the United States and are bringing jobs back to the U.S. from overseas through insourcing.

Blank mentioned that the renewal of the manufacturing sector is driven by America’s quality infrastructure, skilled labor, and advanced research and innovation that are critical for manufacturers to thrive. Business leaders list a number of reasons why the U.S. looks so attractive to them right now, including the fact that domestic energy production is lowering the cost of oil and natural gas needed in manufacturing. A second reason for investing in the U.S. is a competitive edge in labor productivity. America’s manufacturing workers now produce about nine percent more each hour than they did in 2008.

Blank noted that the list of reasons that CEOs give for investing here is longer still. America has a strong rule of law and a good regulatory environment. Additionally, the U.S. has the strongest level of intellectual property protection–and our patent system is only getting better due to the 2011 passage and implementation of the America Invents Act. America has the best universities in the world, producing graduates that drive entrepreneurship and feed innovation into our private sector.

Commerce Secretary John Bryson Visits Manufacturers in Tennessee

Secretary Bryson cuts ribbon at new Whirlpool manufacturing facility in Cleveland, TN

Today, U.S. Commerce Secretary John Bryson traveled to Cleveland, Tennessee, where he visited the Whirlpool Corporation for a ribbon cutting ceremony for their new, one-million square foot manufacturing facility. The $200 million factory is the largest premium cooking product manufacturing and distribution facility in the world, exemplifying the Secretary’s mission to help U.S. business build it here and sell it everywhere. The opening of the facility marked 100 years of Whirlpool manufacturing Made-in-America products.

While in Tennessee, the Secretary also made a stop in Chattanooga to visit the Volkswagen manufacturing plant, which builds the 2012 Passat. Volkswagen recently announced that they were adding a third shift to the operation at their Chattanooga plant in response to increased consumer demand, which will create over 700 additional jobs. This development is just one more example of the continued resurgence of the American manufacturing industry.

In fact, today, the Economics and Statistics Administration highlighted data showing that automakers are contributing heavily to the success of American manufacturing. The report finds that auto sales are at the highest level since the first quarter of 2008.

Secretary Bryson Encourages State Governors to Use SelectUSA and Attend SelectUSA Investment Summit

SelectUSA logo

Prior to President Obama attending the Democratic Governors Association Meeting, Secretary John Bryson addressed the assembled governors to discuss how the Commerce Department is working across the federal government to make every federal tool available to promote “insourcing” by U.S. companies and to attract more foreign direct investment.

Secretary Bryson reiterated the key advantages America has over foreign competitors. For example, the American workforce is among the most productive in the world. He also discussed how America continues to have the best universities, the strongest sources of R&D and manufacturing innovation, excellent supply chains, and the strongest IP protections.  He also noted that foreign direct investment rose nearly 50 percent from 2009 to 2010.

Bryson then emphasized that through SelectUSA, the Commerce Department wants to partner with more states to attract even more foreign direct investment to the U.S. SelectUSA is the first coordinated federal effort to aggressively pursue and win new business investments in the U.S. It will help investors navigate our rules and procedures and will help advocate for the U.S. when foreign businesses are deciding where to put their next facility and create jobs.

SelectUSA is already working with some city and state economic development organizations to produce results. Bryson personally invited the governors and their top economic officials to attend the 1st annual SelectUSA Investment Summit later this year. The Commerce Department will assemble companies from around the world and it will provide an excellent opportunity for states to explain why they are the best place to invest and to hire.

President Obama Announces First Annual SelectUSA Investment Summit

SelectUSA logo

Today President Obama visited Master Lock in Milwaukee, Wisconsin and announced that the Department of Commerce will host the first annual SelectUSA Investment Summit, bringing companies from around the world to meet with governors, mayors and local stakeholders, federal agencies, and state and local economic development organizations together to discuss the benefits of investing and growing in the U.S. The Summit will build on the Administration’s efforts to promote investment in the U.S. by providing an annual forum to attract and expand U.S. investment and address questions and issues that companies face when they choose where to invest globally.

Launched by Executive Order in June 2011, the Department of Commerce’s SelectUSA program is the first-ever federal effort to help attract, retain, and expand business investment.  Historically, U.S. states and cities have found themselves competing against foreign governments to attract business investments, with the federal government playing only a nominal role in the competition for global investment.  Rather than providing new incentives for investment, SelectUSA plays the critical role of advocacy, coordination, facilitation, and information-gathering and –sharing.
 
The program has already paid dividends for American workers.  Working hand-in-hand with SelectUSA officials, the Michigan Economic Development Corporation, and other local Michigan agencies, Canadian automotive company AGS Automotive recently elected to make an investment in excess of $20 million to add new manufacturing capabilities to permit it to manufacture bumper impact assemblies in Michigan.  The new business will likely represent in excess of $100 million in annual sales over the next 5 years and will enable AGS to retain approximately 50 jobs and create over 100 new jobs in Michigan.

Bringing and Keeping Business Investment in America

SelectUSA logo

Guest blog by Gary Locke, U.S. Secretary of Commerce. Cross-posted at the White House blog.

Business investment in America creates and supports millions of jobs, while generating economic growth and opportunities in communities throughout the United States.

Today at the Business Round Table in Washington, D.C., we announced a new initiative – SelectUSA – the first-ever government-wide program to aggressively pursue and win new business investment in the United States by both domestic and foreign companies.

America has the most appealing investment environment in the world, with the largest consumer market, an educated workforce, strong intellectual-property protections and open capital markets.

More than 5 million Americans are directly employed by foreign companies in the U.S., ranging from Japanese carmakers to British banks to Indian energy and industrial companies.

But at a time when competition for business investment is more intense than ever, the U.S. is the only developed economy in the world without a national-level investment program and advocacy program.

In recent years we have been losing ground in attracting and retaining business investment to better coordinated foreign competitors.

SelectUSA, established by Executive Order of the President, will leverage existing resources of the federal government to ramp up promotion of the U.S. as a prime investment destination to create jobs at home and to keep jobs from going overseas.

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Last Day to Apply for Commerce Department Trade & Investment Program to HANNOVER MESSE 2011

Hannover Messe

From April 3-8, 2011, the U.S. Department of Commerce's Economic Development Administration (EDA) and International Trade Administration (ITA) will travel to Hannover, Germany to help lead a U.S. Trade & Investment Program to HANNOVER MESSE 2011, the world's largest industrial technology showcase.  By leading regional business clusters abroad, the Department of Commerce is supporting the Obama administration’s National Export Initiative (NEI) and working to attract U.S. Foreign Direct Investment (FDI), by giving participating communities the opportunity to promote their regions as ideal locations to do business.

HANNOVER MESSE 2011 will provide the industrial community the opportunity to promote business initiatives in 13 industries – Industrial Automation; Motion, Drive & Automation; Energy; Power Plant Technology; Wind; MobiliTec; Digital Factory; ComVac; Industrial Supply; CoilTechnica; SurfaceTechnology; MicroNanoTec; and Research & Technology.

U.S. program participants will consist of state and local government officials focused on economic development, university officials engaged in economic development, and other non-profit economic development practitioners.  Today is the last day to apply to participate in the program. 

Get additional information about registration fees and how to apply for the U.S. Trade & Investment Program to HANNOVER MESSE 2011.