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Blog Category: SelectUSA

Paving the Way for a New Legion of Entrepreneurs and Innovators

Paving the Way for a New Legion of Entrepreneurs and Innovators

U.S. Deputy Secretary of Commerce Bruce Andrews last week spoke at the National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship (ACE) Conference and reaffirmed the Administration’s commitment to strengthening AAPI businesses in the U.S. and around the globe. He showcased the Department’s wide array of programs available to help the AAPI community successfully grow their businesses and knock down barriers in the process.  

With more than two million thriving AAPI businesses, the Commerce Department is focused on providing the necessary tools to help AAPI entrepreneurs stay viable and competitive in the global marketplace through partnering with the Minority Business Development Agency (MBDA), International Trade Administration (ITA), Economic Development Administration (EDA), Census Bureau, and the SelectUSA program just to name a few.

During his remarks, Deputy Secretary Andrews emphasized the important role the Department’s agencies play in assisting AAPI entrepreneurs and innovators in everything from providing business counseling and other federal government resources to protecting intellectual property rights more expediently to disseminating data that spawn new businesses and promote better decision-making in existing businesses. Today, there are more than 1.5 million AAPI-owned firms that generate more than $500 billion in revenue. They employ more than 50 percent of all workers in minority firms nationwide.

MBDA National Director Alejandra Castillo also spoke to the chamber about the importance of leveraging strategic partnerships and export opportunities. MBDA currently has 44 business centers designed to assist businesses gain more access to contracts, working capital and global markets. They also opened the first ever MBDA Federal Procurement Center designed solely to help minority-owned firms with annual revenues of more than $1 million, such as AAPI businesses, overcome some of the challenges it has faced in the past when accessing federal programs.

Through a myriad of services, MBDA has also helped AAPI entrepreneurs successfully gain contracts and enter into new markets around the world, including Vietnam, Mexico and the United Arab Emirates (UAE). 

ITA is also helping small- and medium sized businesses sell their products and services around the world, with more than 100 Export Assistance Centers across the U.S. that offer hands on marketing and trade and finance support.

The Commerce Department remains steadfast in its efforts to continue helping AAPI businesses grow. 

Deputy Secretary Andrews Promotes SelectUSA and Fostering Foreign Investment at APEC in Beijing

SelectUSA Investment Summit March 23 and 24, 2015

This past weekend at the Asia-Pacific Economic Cooperation (APEC) Summit in Beijing, Deputy Secretary Bruce Andrews participated in a roundtable with some of China’s most influential business leaders to discuss fostering investment and innovation in the world’s two largest economies – the United States and China.

Hosted by the State Department and Secretary of State John Kerry, the roundtable stressed the importance of cooperation between the United States and China to expand economic opportunities in both countries and strengthen global growth.  Other U.S. government officials in attendance included Ambassador Max Baucus, Assistant Secretary for Economic and Business Affairs Charles Rifkin, and Deputy USTR Ambassador Robert Holleyman.

During the discussion, Deputy Secretary Andrews promoted further foreign investment in the United States by explaining the importance of SelectUSA, the first-ever U.S. government-wide effort to promote, attract, retain, and expand business investment to and within the United States. Created by President Obama and led by the Department of Commerce, the inaugural SelectUSA Investment Summit in Washington, DC transformed into a sold-out event with more than 1,300 participants, including representatives of 450 foreign or multinational firms from 60 different markets. With China as the fastest growing source of direct investment in the United States, Deputy Secretary Andrews also recognized the positive contribution of China’s growing investment position.

With this in mind, Deputy Secretary Andrews extended an invitation to attend the next SelectUSA Investment Summit in Washington, DC from March 23-24, 2015.

After Deputy Secretary Andrews spoke, the Chinese business leaders provided brief overviews of their companies and experiences investing in the United States.

This discussion underscored the U.S. government’s openness to investment from China and how a transparent and fair investment climate in China could help foster a healthy and positive economic bilateral relationship.

APEC is central to U.S. economic engagement in the Asia-Pacific region, serving as the leading forum for facilitating trade and investment and promoting economic growth in one of the most dynamic regions in the world. The Department of Commerce’s participation in many APEC issues – including business ethics, cross border data privacy, disaster risk reduction, and oceans – reflects its commitment to strengthening collaboration with Asian economies in a range of sectors, and reflects the President’s message of support for existing multi-lateral institutions in Asia.

Commerce Secretary Pritzker Discusses Opportunities for U.S. Businesses in Japan

Secretary Pritzker Delivers Keynote Address at American Chamber of Commerce in Japan

Today, U.S. Secretary of Commerce Penny Pritzker met with representatives from the Japanese healthcare and energy sectors as part of a series of roundtables to discuss American and Japanese business relationships and improve U.S. investment in the Japanese market. These events are part of the Secretary’s trade mission to establish new partnerships and expand the market presence of U.S. medical/pharmaceutical and energy-related companies with innovative products and services.

The roundtable provided U.S. and Japanese entities the chance to share views about the opportunities that exist in the Japanese market and to encourage the development of partnerships that may lead to future breakthroughs in the energy and health sectors.

Secretary Pritzker also delivered a keynote address at an event sponsored by the American Chamber of Commerce in Japan (ACCJ) and the Japanese Industry Association, Keizai Doyukai. She opened her remarks by thanking Ambassador Kennedy, who is working side by side with the Commerce Department’s Foreign Commercial Service Officers stationed in Japan and thanked the team, led by Andrew Wylegala.

During her remarks, Secretary Pritzker emphasized the important role that U.S. and Japanese businesses play in anchoring our relationship, highlighted the U.S. as a key destination for investment, promoted the upcoming SelectUSA Summit on foreign investment, and highlighted the healthcare and energy sectors as two sectors of critical importance to growth, innovation, and quality of life in both countries.

Secretary Pritzker touched on America’s drive to strengthen commercial partnerships, help Japan develop new energy technology, optimize the mix of energy imports, and increase energy conservation. The U.S. anticipates continued high growth in the renewable energy sector, providing excellent opportunities for American firms that have cutting-edge, cost-competitive products and services.

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.

“Built to Last” – Secretary Pritzker Talks to Investors about the Build America Investment Initiative

 Secretary of Commerce Penny Pritzker discussed the Administration’s efforts to “Build America” at the Infrastructure Investment Summit hosted by the U.S. Departments of Treasury and Transportation.

Today, U.S. Secretary of Commerce Penny Pritzker discussed the Administration’s efforts to “Build America” at the Infrastructure Investment Summit hosted by the U.S. Departments of Treasury and Transportation.  The Summit brought together senior Administration officials and more than 100 leaders from industry, finance, philanthropy, and local and state governments to highlight the urgent need to invest in our country’s infrastructure, build public-private partnerships, and develop strategies for increasing investment in sectors like transportation, water, telecommunications, and energy.

During her address, Secretary Pritzker described the central role the Department of Commerce is playing in expanding infrastructure investments and facilitating connections between government, investors, and local leaders.

The Secretary outlined several of the ways the Department is taking the lead. First is through SelectUSA, the first-ever government-wide program designed to attract and retain investment in the United States, which works to connect current and potential investors with local communities interested in attracting infrastructure investment.

Second is the work of the National Telecommunications and Information Administration (NTIA), which has strengthened our digital infrastructure though more than $4 billion in grants since 2009 to increase broadband access to underserved communities in all 50 states and the District of Columbia.

Daring to Be Great in Supporting U.S. Exporters

Many of ITA’s senior commercial diplomats from around the globe are meeting in Washington, D.C. to discuss ways to better support business investors and U.S. exporters.

Cross blog post by by Judy Reinke, Deputy Director General of the U.S. and Foreign Commercial Service

Many of ITA’s senior commercial diplomats from around the globe are meeting in Washington, D.C. to discuss ways to better support business investors and U.S. exporters.

In order to support U.S. businesses going global, the International Trade Administration itself needs to be global.

That’s why we maintain staff throughout the United States and in more than 70 markets around the world, connecting companies of all sizes to opportunities in the international marketplace.

Technology has helped us execute our mission across borders, between time zones, and through language barriers. But just like we tell our clients seeking overseas partners, sometimes there’s no substitute for an old-fashioned face-to-face meeting.

That’s why I am excited about our Global Markets Global Meeting this week, bringing together ITA’s senior Commercial Service staff from the United States and around the world to share best practices, learn about new opportunities, and connect with the people who are making commerce happen – people we sometimes only know by email.

It’s been more than 10 years since our last meeting of this magnitude, and this week’s event will enable us to better execute our mission and understand new methods to better support our clients.

Welcoming Investment from South America

Profile photo of Aaron Brickman, Deputy Executive Director, SelectUSA

Guest blog post by Deputy Executive Director, SelectUSA Aaron Brickman

Not only is South America the birthplace of soccer greats and the location of natural wonders, it is also an important and rapidly growing source of foreign direct investment (FDI) to the United States. According to the U.S. Commerce Department’s Bureau of Economic Analysis (BEA), more than 85,000 men and women go to work each day at South American companies operating in the United States.

The SelectUSA South America Road Show this week connected U.S. economic development organizations (EDOs) directly with inversores and investidores in Santiago, Chile; Sao Paulo, Brazil; and Bogota, Colombia to build opportunities for even more South American companies to succeed in U.S. cities and regions.

Why did SelectUSA’s first South American Road Show focus on Chile, Brazil, and Colombia?

  • These three countries accounted for nearly a quarter of inward investment from Latin American sources in 2013.
  • Brazil is the largest source of investment from South America, with a total stock of nearly $15 billion in 2013. Brazilian companies such as JBS, Embraer, Braskem, and Chilli Beans have made significant investments in the United States over the past several years. The annual growth rate of Brazilian investment averaged 19.6 percent between 2009 and 2013, making Brazil the ninth-fastest global source of investment to our country. There is robust interest from a diversity of sectors: 325 Brazilian firms took part in our seminar and one-on-one meetings with EDOs.
  • As of 2013, the stock of FDI from Chile into the United States stood at $983 million. Investment from Chile, with which we have a Free Trade Agreement (FTA), has been growing at a compound annual growth rate of 11.9 percent since 2009. More than 130 Chilean firms registered for the Road Show, and we were joined by Arauco and Elecmetal – two well-known Chilean companies who shared their experience investing in the United States.
  • Colombia, another FTA partner, was the source of over $2 billion of FDI stock in the United States as of 2013. A recent example includes Fehr Foods, a subsidiary of Grupo Nutresa, which announced earlier this year that it will invest an additional $32 million and create 105 jobs in its U.S plant. Many more Colombian firms are looking to find success in the United States, as evidenced by the 190 participants in the Road Show in Bogota. FDI from Colombia to the United States from 2009 to 2014 grew at a compound annual growth rate of 14.6 percent.

U.S. Secretary of Commerce Penny Pritzker Makes First Official Trip to India for U.S.-India Strategic Dialogue

U.S. Secretary of Commerce Penny Pritzker Makes First Official Trip to India for U.S.-India Strategic Dialogue

The commercial relationship between United States and India has long stood as a core pillar of the alliance between our two countries. The United States is committed to reinvigorating ties with India and expanding our economic partnership.  That is why U.S. Secretary of Commerce Penny Pritzker traveled to India this week, where she joined U.S. Secretary of State John Kerry for the U.S.-India Strategic Dialogue in New Delhi. Their trip marks the first U.S. Cabinet-level visit to New Delhi since the new Indian government was elected. Earlier this week, Secretary Pritzker visited Mumbai for meetings with Indian business leaders to discuss new avenues to reinvigorate economic ties between our two nations.

While in Mumbai, Secretary Pritzker delivered remarks at an event hosted by the Confederation of Indian Industry (CII), focused on the U.S. commitment to partner with the newly-elected Indian government, especially in areas of infrastructure, manufacturing, and business investment. Founded over 115 years ago, CII is one of the most important business groups in India and plays an active role in India’s development process. 

As part of efforts to advance the U.S.-India economic partnership, Vinai Thummalapally and Chairman & Managing Director of Export-Import Bank of India Yaduvendra Mathur signed a Memorandum of Intent (MOI) between SelectUSA and the India’s Export-Import Bank. This MOI will encourage collaboration to attract Indian investment to the United States. SelectUSA is the first U.S. government-wide program to promote and facilitate business investment in the United States. Export-Import Bank of India directly supports Indian foreign direct investments abroad.  

Secretary Pritzker Discusses Strategic Benefits of Reshoring at Inaugural SelectUSA Summer Forum

Secretary Pritzker speaks at the SelectUSA Summer Forum

Today, Secretary Pritzker co-hosted the first ever SelectUSA Summer Forum with U.S. Representative Frank Wolf (VA-10) at the U.S. Capitol Visitor Center. Over 200 business leaders across a multitude of industries attended the Summer Forum to discuss how bringing manufacturing and other services back to the United States – a process called “reshoring” – makes practical and economic sense.

At the SelectUSA Summer Forum, Secretary Pritzker remarked that America’s greatest strengths – its hardworking, diverse, and educated workforce, strong protection of intellectual property rights, predictable and transparent legal system, relatively low taxes, highly developed infrastructure, and access to the world's most lucrative consumer market – have led to a strong trend of reshoring and reinvestment in America. Additionally, Secretary Pritzker praised the Commerce Department’s primary vehicle for attracting job creating investment into the U.S. – SelectUSA – for its achievements in promoting, attracting, retaining, and expanding investment to and within the United States. Attendees also heard from U.S. Representative Frank Wolf, an advocate for exporting and reshoring, House Democratic Whip Steny Hoyer, and Jeff Fettig, CEO of the Whirlpool Corporation, who spoke about his company’s experiences moving jobs back to the United States and the resulting creation of jobs in the local economy.

An initiative established in 2011 by President Obama, SelectUSA acts as an advocate for business investment in the United States as well as a single point of contact for investors ready and looking to create jobs and establish production in America. Since its inception just two years ago, SelectUSA has facilitated over $18 billion in new investments for the United States and serviced over 1,000 potential investors this past year alone, bolstering America’s long-standing position as the world’s largest recipient of foreign direct investment.

Join us for the SelectUSA Summer Forum

On June 17th at the Capitol Visitor Center Congressional Auditorium in Washington, D.C.

Announcing the "Reinvesting in America, Creating Jobs at Home" SelectUSA Summer Forum on June 17th at the Capitol Visitor Center Congressional Auditorium.

From large multinational corporations to family-owned small businesses, U.S. firms are discovering that bringing manufacturing or services back to the United States makes economic sense.

Join us to learn about the latest trends, discover resources to help businesses make the move, and hear directly from companies that have reshored successfully. NOTE: This event is FREE but only registered individuals will be admitted to the event.

See the agenda and sign up today!