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Blog Category: Foreign Direct Investment

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.

Acting Secretary Blank Hosts Meeting with Local Business Leaders in Martinsville, Va. , Tours Foreign Direct Investment Facility in N.C.

Blank tours AlBaad USA in Reidsville, N.C.

Today, Acting Secretary Rebecca Blank traveled to Martinsville, Va., to host a roundtable meeting with local business leaders.  The discussion, part of the Obama Administration’s White House Business Council’s ongoing Winning the Future roundtable event series, is to better communicate with America’s business community about the challenges they are facing and turn that input into concrete action that will improve U.S. economic competitiveness. The meeting was also an opportunity for businesses to learn about help that is available from agencies across the federal government.

After  the roundtable, she toured the production facility of AlBaad USA with Gov. Bev Perdue and U.S. Rep. Brad Miller in Reidsville, N.C. AlBaad USA is an Israeli-owned wet wipe and cleaning supply company that has made a $35 million investment in its U.S. operation, employing nearly 200 people. 

After the tour, Blank discussed the importance of strengthening our education, infrastructure and innovation capacity as ways to rebuild our economic foundation, create jobs and enhance our global competitiveness. She also underscored the steps the administration has already taken to achieve these priorities – from investing in community colleges and funding transportation projects across the country, to launching the President’s National Export Initiative and pushing to shorten the time it takes to approve a patent. 

Blank also highlighted the significance of foreign direct investment (FDI), citing AlBaad USA as an example of foreign companies whose investments the U.S. must attract more of to strengthen economic growth and job creation.  With FDI supporting more than 5 million American jobs, Blank discussed a new government-wide initiative, housed at Commerce – SelectUSA – which seeks to cut federal red tape for domestic and foreign investors, remove barriers to new investment and boost business growth in the United States. 

Launched in June, SelectUSA was created by Executive Order in direct response to concerns the Obama administration has heard from the business community. In addition to its work removing federal-level barriers to foreign investment, SelectUSA also brings together information on federal programs and services available to companies looking to invest in the United States in one, easy-to-access location, supported by a comprehensive website at www.SelectUSA.gov. The website also provides snapshots of the competitive landscape in major U.S. industries and a direct line to state and local economic development agencies.

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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Secretary Locke Addresses Chinese Foreign Direct Investment in the United States and the Current State of U.S.-China Commercial Relations

Secretary Locke Addresses the Asia Society at the Woodrow Wilson Center’s Kissinger Institute on China and the United States

This morning, Secretary Locke addressed the Asia Society Center on U.S.-China Relations and the Woodrow Wilson Center’s Kissinger Institute on China. The groups today released a new study that shows Chinese foreign direct investment in America doubling in each of the last two years. Chinese investors now have investments in at least 35 of our 50 states, across dozens of industries, employing thousands of Americans. Locke welcomed this news, but also noted progress the U.S. needs to see from Beijing to improve the business environment for American companies trying to invest or expand into China.

He said, “When it comes to market access problems for foreign companies, the issues may be different, but the fundamental problem often boils down to the distance between the promises of China’s government and action.”

Secretary Locke to Deliver Speech on Chinese Foreign Direct Investment in the U.S. and U.S.-China Commercial Relations (webcast)

Ahead of the third U.S.-China Strategic and Economic Dialogue on May 9-10, Commerce Secretary Gary Locke will deliver a speech at 10:30 Eastern today on Chinese foreign direct investment (FDI) in the United States and the current state of U.S.-China commercial relations.   

The Asia Society Center on U.S.-China Relations and the Woodrow Wilson Center’s Kissinger Institute on China and the United States will release a comprehensive report by the Rhodium Group on Chinese FDI at today’s event – “An American Open Door? Maximizing the Benefits of Chinese Direct Investment.” Others expected to attend include Chinese Ambassador to the U.S. Zhang Yesui, former U.S. Ambassador to China Stapleton Roy and Director of the Asia Society Center on U.S.-China Relations Orville Schell.  

The Wilson Center is hosting a webcast of the event between 9:30 a.m. - 11:00 a.m.