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Blog Category: Insourcing American Jobs Forum

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.

Insourcing American Jobs Forum at the White House

President Obama at the Insourcing American Jobs Forum (WH photo)

Cross post to the White House Blog

At today's "Insourcing American Jobs" forum, President Obama talked about his hope for the future:

I don’t want America to be a nation that’s primarily known for financial speculation and racking up debt buying stuff from other nations. I want us to be known for making and selling products all over the world stamped with three proud words:  “Made in America.”  And we can make that happen.

I don’t want the next generation of manufacturing jobs taking root in countries like China or Germany. I want them taking root in places like Michigan and Ohio and Virginia and North Carolina. And that’s a race that America can win. 

There are signs that the country might be moving closer to that vision, and the President is hard at work to help deliver it.

"[My] message to business leaders today is simple: ask yourselves what you can do to bring jobs back to the country that made our success possible," the President said. "And I'm going to do everything in my power to help you do it. We're going to have to seize this moment."

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