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Blog Category: SelectUSA

U.S. Secretary of Commerce Penny Pritzker Wraps Up Successful Trade Mission with Visit to Qatar

U.S. Secretary of Commerce Penny Pritzker and Business Delegation Wraps Up Successful Trade Mission with Visit to Qatar

U.S. Secretary of Commerce Penny Pritzker wrapped up her Middle East trade mission in Qatar, where there are many opportunities for U.S. businesses due to the country’s growing economy as well as investments in infrastructure and transportation. As part of the National Vision 2030, Qatar’s broad strategy for growth and development, the country is focused on making meaningful advances in education, sustainability, and economic diversification. Qatar is currently preparing to host the 2022 FIFA World Cup, and is therefore undertaking numerous new construction projects, renovations and upgrades to prepare for the games and the influx of visitors they will bring. With more than $150 billion in infrastructure investments needed before 2022, U.S. companies are well-positioned to help Qatar meet its development goals. 

Twenty-one such companies are accompanying Secretary Pritzker on her trade mission to the Middle East, and they have been meeting with Qatari leaders to explore business opportunities. On Thursday, Secretary Pritzker and the business delegation met with His Excellency Eng. Essa Bin Hilal Al-Kuwari, President of the General Water and Electricity Corporation (Kahramaa). They discussed how U.S. companies can get more involved in future Kahramaa water, power, and smart grid projects. They also met with Nasser Al Mawlawi, President of the Public Works Authority (Ashghal), which is leading publically-funded road projects in advance of the 2022 World Cup. Ashgal has already selected several U.S. engineering and construction firms, including AECOM Technology Corporation, a member of the trade mission’s business delegation, to lead major projects. 

Secretary Pritzker also met with Hassan Al Thawadi, Secretary General of the Supreme Committee for Delivery and Legacy, who is in charge of preparations for the World Cup. Secretary Pritzker congratulated Al Thawadi on the successful bid to host the World Cup and highlighted the close collaboration between U.S. and Qatari companies on major infrastructure projects related to the event. 

Attracting Qatari investment to the U.S. was also a big focus of the visit. On Thursday, Secretary Pritzker met with Ahmed Al Sayed, CEO of the Qatar Investment Authority (QIA), founded by the Qatari government to diversify the country’s economy. She talked about the United States as an investment destination and highlighted SelectUSA, a Commerce-led federal initiative to promote business investment, as a resource for Qatar as the country seeks to expand its investment portfolio. 

Secretary Pritzker reached out to government leaders on her visit as well, notably His Highness Sheikh Tamim Bin Hamad Al Thani, Emir of Qatar, as well as Sheikh Abdullah bin Nasser Al Thani, Prime Minister and Minister of Interior. She emphasized the strong bilateral relationship between the U.S. and Qatar and the Commerce Department’s commitment to enhance our commercial relationship. 

Also on Thursday, Secretary Pritzker participated in an armchair discussion hosted by AmCham Doha and the National U.S.-Arab Chamber of Commerce (NUSACC). During the discussion, Secretary Pritzker expressed the Commerce Department’s strong support for U.S. companies working to help Qatar reach its development goals. 

This week’s trade mission has been a successful effort to connect U.S. businesses with export opportunities in the United Arab Emirates, the Kingdom of Saudi Arabia, and Qatar. It demonstrates the United States’ commitment to a sustained economic partnership in the Gulf region.

U.S. Secretary of Commerce Penny Pritzker Kicks Off Middle East Trade Mission in Abu Dhabi

U.S. Secretary of Commerce Penny Pritzker Kicks Off Middle East Trade Mission in Abu Dhabi

With rapidly growing economies and an expanding middle class driving demand for U.S. products and services, countries in the Gulf region are ramping up investments in transportation, renewable energy, and other infrastructure projects. That is why U.S. Secretary of Commerce Penny Pritzker is leading a trade mission to the region this week, her second since being sworn in last June. Along with a delegation of 21 export-ready U.S. companies, Secretary Pritzker started her trip in Abu Dhabi, United Arab Emirates, a country with which the U.S. has a growing trade relationship. As the UAE undertakes major investment in its infrastructure and transportation systems, there are tremendous opportunities for U.S. firms to serve as strong partners. 

On Sunday morning, Secretary Pritzker led the trade mission’s business delegation on visits to two government-established entities that are making investments in infrastructure, in order to help these U.S. companies explore possible export or investment opportunities in the UAE. First they met with Khaldoon Mubarak, the CEO of Mubadala, a development company that is investing in renewable energy, educational facilities, transportation, and logistics. Mubadala has already partnered with a number of U.S. companies, including General Electric, Boeing and Lockheed Martin. The delegation also visited the Abu Dhabi Water and Electricity Authority, which currently serves approximately 40 percent of the UAE’s population and is working to expand its capacity.
 
Secretary Pritzker then delivered remarks to business and government officials at a luncheon hosted by the United States–United Arab Emirates Business Council, the United States Chamber of Commerce, AmCham Abu Dhabi, and the Abu Dhabi Chamber of Commerce & Industry. In her remarks, she highlighted the growing U.S.-UAE bilateral trade relationship, noting that U.S. exports to the UAE have more than doubled since 2009. Secretary Pritzker underscored that the companies on the trade mission are eager to do business in the UAE, and to serve as partners on a number of infrastructure projects the country has undertaken in areas such as renewable energy and transportation.

U.S. Secretary of Commerce Penny Pritzker Announces Fiscal Year 2015 Budget Request

U.S. Secretary of Commerce Penny Pritzker today released the fiscal year 2015 budget request for the U.S. Department of Commerce. The FY15 budget request supports and builds on President Obama’s vision for creating economic opportunity for all Americans, and includes critical funding for key Commerce priorities: promoting trade and investment, spurring innovation, and fueling our data-driven economy. The $8.8 billion FY15 budget request directly aligns with the Department’s “Open for Business Agenda,” which reflects Commerce's role as the voice of business and the Obama Administration’s focus on economic growth and job creation. 

The Commerce Department’s fiscal year 2015 budget reflects the Department's role as the voice of business in the Administration by making critical investments in our long-term growth and competitiveness. The budget prioritizes high-tech manufacturing and innovation, U.S. trade and investment, infrastructure, skills training, unleashing government data and gathering and acting on environmental intelligence, while also cutting red tape to help businesses grow. 

The FY 2015 Department of Commerce budget includes key investments in the following areas:

Promoting Trade and Investment: To promote exports and greater foreign investment in the U.S., the budget includes $497 million for the International Trade Administration (ITA), an eight percent increase over the 2014 enacted level. Funding for ITA includes $15 million to accelerate operations of the Interagency Trade Enforcement Center (ITEC), an interagency effort to address unfair trade practices and barriers to boost U.S. exports, and $20 million to expand SelectUSA, which promotes re-shoring and actively brings job-creating investment to the United States from around the world.

Spurring Innovation: To foster a more innovative U.S. economy, the budget will increase regional and national capacity for innovative manufacturing, be the principal defender and champion of the digital economy, continue to support research and development (R&D) that leads to transformative changes in technology, and promote intellectual property policy that supports innovation. 

Fueling a Data-Driven Economy: Data powers the 21st century economy, and Commerce Department data touches every American and informs business decisions every day.

Gathering and Acting on Environmental Intelligence: The Department’s environment agenda aims to help communities and businesses prepare for and prosper in a changing environment. The budget provides $2 billion to fully fund the National Oceanic and Atmospheric Administration’s (NOAA’s) next generation of weather satellites, which are critical to its ability to provide accurate information to decision-makers throughout the government and private sector, as well as time-sensitive weather forecasts and warnings that help protect lives and property.

Opportunity, Growth, and Security Initiative: The President is also proposing the Opportunity, Growth, and Security Initiative, which will be fully paid for with a balanced package of spending and tax reforms. It will demonstrate how, by simply changing a few tax provisions and reforming spending programs, Congress could achieve significant economic goals in research, education, manufacturing and skills training. The initiative is consistent with the model established in Murray-Ryan, providing equal dollar-for-dollar increases above the current law discretionary spending caps for both defense and non-defense. 

More information can be found at the Commerce Department's press release U.S. Secretary of Commerce Penny Pritzker Announces Fiscal Year 2015 Budget Request. 

America is Open for Investment

SelectUSA logo

Guest post by Vinai Thummalapally, Executive Director, SelectUSA, International Trade Administration

In 2011, President Obama launched SelectUSA, the first-ever U.S. government-wide initiative to attract foreign direct investment (FDI) in the United States, with the hopes that the Department of Commerce would help facilitate both foreign and domestic business relationships and make FDI a diplomatic and foreign policy priority.

We took an enormous step forward three months ago, when the Commerce Department hosted the first-ever SelectUSA Investment Summit in Washington, DC. The summit was such a success that it sold out, and more than 1,300 business and government leaders from nearly 60 countries and economic development organizations from 48 states, the District of Columbia and three territories gathered to learn about the advantages of doing business in the United States and to explore investment opportunities. Perhaps most importantly, the Summit helped match potential investors with economic development organizations to help revitalize American communities and create new job opportunities.

Thankfully, we can continue to build upon the success of the Summit, now that the budget deal has been approved.  The agreement will allow up to $7 million to expand and enhance the program, and we at the Commerce Department are pleased to have this extra support to bring more companies to our shores.

In fact, the U.S. has welcomed investment to our shores for centuries. Our market has provided long-term stability and unmatched returns for investors. Today, the United States is the largest recipient of FDI in the world, and in 2012 alone, more than $160 billion dollars of FDI flowed here. Total foreign stock and assets are measured not in billions, but in the trillions of dollars. Clearly, FDI is an important contributor to our economy.

Commerce Secretary Penny Pritzker Discusses "Open for Business Agenda" at Lake Shore Cryotronics in Ohio

Pritzker touring plant with Lakeshore Cryotronics officials

Secretary Penny Pritzker traveled to Westerville, Ohio yesterday to deliver a speech highlighting the Obama Administration’s economic growth agenda and the Department of Commerce’s priorities. Secretary Pritzker announced a new strategic vision for the Department, the “Open for Business Agenda,” November 14.  In Ohio, Secretary Pritzker toured and delivered remarks at Lake Shore Cryotronics, an international leader in the development of cryogenic temperature sensors and instrumentation.

Promoting trade and investment is a major part of Secretary Pritzker’s “Open for Business Agenda.” Nationwide, America’s businesses are exporting: the United States hit a record $2.2 trillion dollars in exports last year, up $600 billion dollars from 2009 when President Obama launched his National Export Initiative. Lake Shore Cryotronics, for example, generates 60 percent of sales from exports. Nearly 10 million U.S. jobs are now supported by exports, up 1.3 million since 2009. But the United States still under-exports, which is why the Secretary is gearing up to launch NEI 2.0, which will aim to help more U.S. companies sell their goods and services to more markets around the world.

In order to achieve greater economic growth and create more good jobs, Secretary Pritzker talked about the need to attract more foreign investment to the United States. According to Columbus 2020, an economic development organization for the 11-county Columbus Region, about 39,000 people in Central Ohio are employed by foreign-owned companies. But as of 2011, 5.6 million jobs nationwide million jobs are supported by foreign direct investment, supporting $437.8 billion in wages to U.S. employees. Global businesses want to be here in the United States because of our stable rule of law, intellectual property protections, solid financial markets, world-class universities, strong consumer base, and our low-cost and abundant energy. That is why President Obama launched SelectUSA at the Commerce Department in 2011. SelectUSA has been working with foreign CEOs and economic development groups across the country to put even more deals in the pipeline.

SelectUSA Investment Summit Concludes with a Focus on Forging Stronger Global Business Alliances

SelectUSA Investment Summit Concludes with a Focus on Forging Stronger Global Business Alliances

Secretary of Commerce Penny Pritzker wrapped up the inaugural SelectUSA 2013 Investment Summit this afternoon, following two high-impact days of meetings and discussions among senior government officials, major business executives, global economic experts and U.S. economic development officials about strategies to increase foreign direct investment (FDI) in the United States.

Secretary Pritzker also opened the final day of the Summit, where she announced changes to the eligibility requirements for the Manufacturing Council that will allow representatives from U.S. subsidiaries of foreign-owned or controlled firms to become members. The expanded eligibility rules will add new perspectives to the Council, which advises the Commerce Secretary on policies and initiatives to increase FDI in the U.S. manufacturing sector, including SelectUSA.

U.S. Secretary of State John Kerry delivered remarks focused on deepening U.S. economic alliances around the world. Following his address, U.S. Trade Representative Michael Froman moderated a panel with Tennessee Governor Bill Haslam, BMW North America CEO Ludwig Willisch, and Caterpillar CEO Doug Oberhelman on how global companies can use their U.S. operations as an export platform by taking advantage of free trade agreements and bilateral investment treaties. 

Watch the SelectUSA 2013 Investment Summit (Day Two)

View the archived webcast here.

  • Secretary of Commerce Penny Pritzker Opening Remarks
  • Secretary of State John Kerry Keynote Address
  • Why Select the USA: Using the U.S. as an Export Platform
  • Why Select the USA: Taking Advantage of the U.S. Energy Opportunity
  • Secretary of Commerce Penny Pritzker Closing Remarks

Day One at the SelectUSA 2013 Investment Summit

President Barack Obama delivered keynote remarks at the SelectUSA 2013 Investment Summit.

Guest post by Ambassador Vinai Thummalapally, Director of SelectUSA.

Cross-posted from Tradeology, the official blog of ITA.

“There’s no substitute for those three proud words: ‘Made in America.’”

President Obama has been emphatic that the United States remains the best place in the world to do business. Today at the SelectUSA Investment Summit, he reiterated that message to 1,000 business leaders from nearly 60 countries.

“When you bet on America, that bet pays off,” the president said as he closed his keynote address.

Your country is your product when you’re attracting foreign direct investment. At the Summit today, we showed the world that the United States is the absolute best product on the market.

“America is open for business,” said Commerce Secretary Penny Pritzker. “Our market has provided long-term stability and unmatched returns for investors.”

Attendees began making connections as soon as the doors opened. Representatives from 47 states, three territories, and Washington, D.C., showed off investment opportunities around the country.

Treasury Secretary Jack Lew highlighted many advantages a company has when it invests in America – including robust infrastructure and low barriers for entrepreneurs. CEOs from major national and international companies echoed those messages throughout the day.

“We have the most resilient capital markets in the world,” said Larry Fink, CEO of BlackRock.

Andrew Liveris said that when it comes to investment in research and development, “the U.S. is number one.”

Watch the SelectUSA 2013 Investment Summit (Day One)

View the archived webcasts here.

  • Secretary of Commerce Penny Pritzker's Welcoming Remarks
  • Secretary of the Treasury Jack Lew's view of the U.S. and Global Economy
  • Plenary: Why Select the USA: Perspectives on Investing and Operating in the United States
  • President Barack Obama Keynote Remarks

Commerce and President's Council of Economic Advisors Release Report on Economic Benefits of Foreign Direct Investment

SelectUSA logo

A new report from the U.S. Commerce Department and the President's Council of Economic Advisors spotlights the array of factors that have made the U.S. the destination of choice for foreign direct investment (FDI). The joint report, released at the inaugural SelectUSA 2013 Investment Summit, also documents the positive impact FDI is having on the U.S. economy, including job creation, higher research and development spending and export growth.

The U.S. is the largest recipient of FDI in the world, with stock of more than $2.6 trillion dollars–including $166 billion that flowed into the country in 2012. Moreover, companies around the world now consider the U.S. to be the nation with the top FDI prospects globally.

The United States has been the world’s largest recipient of foreign direct investment (FDI) since 2006. Every day, foreign companies establish new operations in the United States or provide additional capital to established businesses. With the world’s largest consumer market, skilled and productive workers, a highly innovative environment, appropriate legal protections, a predictable regulatory environment, and a growing energy sector, the United States offers an attractive investment climate for firms across the globe.