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Blog Category: Secretary of Commerce Penny Pritzker

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 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

Secretary Pritzker Declares America is Open for Business

Secretary Pritzker Declares America is Open for Business

U.S. Secretary of Commerce Penny Pritzker today launched the inaugural SelectUSA 2013 Investment Summit, telling the more than 1,200 attendees from nearly 60 countries, 47 states, the District of Columbia and three U.S. territories that the United States is open for business. The first-ever event is connecting foreign and domestic investors with local, state and regional economic development organizations to promote investment and job creation in the United States.

“The SelectUSA Summit is all about business. It’s all about connecting investors with communities,” Commerce Secretary Pritzker told the audience. “We want to open that first door to making an investment here in the United States. Clearly, our investment climate is strong. America is open for business.”

For centuries, the U.S. has welcomed investment into the country and the domestic market has provided long-term stability and unmatched returns for investors. Today, the U.S. is the largest recipient of FDI in the world. Last year alone, foreign direct investment was more than $160 billion dollars and the total foreign stock and assets are measured not in billions, but in the trillions of dollars.

Also at the Summit, the Department of Commerce and the President's Council of Economic Advisers released a report outlining the reasons businesses consider the U.S. a top choice for investment,  as well as the economic benefits of foreign direct investment. Significantly, the report points out that the United States 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. The report recommends that the U.S. should continue to "nurture and build upon the underlying strengths of the U.S. economy that make firms want to invest here; including an open investment regime, a large economy, a skilled labor forced, community colleges, world-class research universities, predictable and stable regulatory regime, adequately capacitated infrastructure, and new energy sources." 

U.S. Secretary of Commerce Penny Pritzker Works to Encourage North American Economic Cooperation

U.S. Secretary of Commerce Penny Pritzker met with her Mexican and Canadian counterparts, Canadian Minister of International Trade Ed Fast and Mexican Secretary of Economy Ildefonso Guajardo

The United States, Mexico and Canada have come a long way since NAFTA launched a new era of commerce across the continent nearly 20 years ago. The trilateral relationship now accounts for more than $1 trillion in trade each year. In fact, each day, the United States conducts $3 billion dollars in trade with Canada and Mexico. 

Yesterday, at the North American Competitiveness and Innovation Conference (NACIC) in La Jolla, Calif., U.S. Secretary of Commerce Penny Pritzker met with her Mexican and Canadian counterparts, Canadian Minister of International Trade Ed Fast and Mexican Secretary of Economy Ildefonso Guajardo, to discuss how all three countries can continue to work together to promote mutual economic growth and prosperity. 

In a joint statement, the ministers pledged to work together to keep the region competitive and help North American businesses and workers succeed through enhanced regulatory cooperation and coordinated efforts to facilitate increased trade, including the ongoing Trans-Pacific Partnership negotiations.

North America is already one of the most attractive places for businesses to invest and create jobs. More than 460 million consumers live in the region. Combined, the U.S., Canada and Mexico account for one-quarter of the world’s GDP. North America is a source of abundant and affordable energy, is home to a skilled workforce, and has made tremendous investments in research and development.

MBDA Deputy Director Receives Hispanic Business Community Award

Photo of Castillo with event organizers

Cross-posted from MBDA.gov blog by Alberto Betancourt, Press Secretary

The Hispanic Heritage Foundation held their first Hispanic Business Community Awards celebration Oct. 23 at the Capital One Bank headquarters in McLean, Va. The awards recognized the impact of Latino business leaders on the Greater Washington, DC community.

Alejandra Y. Castillo, MBDA National Deputy Director, was one of five awardees honored at the event. Castillo received the Public Service Leadership award.

“I’m very honored to receive this award,” she said. “I have a rewarding job where every day I come to work and have the unique privilege of honoring my father. He emigrated from the Dominican Republic and started his own business. That’s what inspires me to help minority-owned companies grow their own business.”

U.S. Secretary of Commerce Penny Pritzker also congratulated Castillo on the recognition. MBDA blog

Secretary Pritzker meets with business leaders in New York City

Secretary Pritzker and her Chief of Staff, Bruce Andrews, Meet with Mayor Bloomberg in his City Hall Office

Today, U.S. Secretary of Commerce Penny Pritzker traveled to New York City for a series of events and meetings with business leaders from a variety of sectors. The trip also included a meeting with New York City Michael Bloomberg in his City Hall “bullpen.”

The Secretary’s first stop was to a give remarks at the Association for Better New York, a leading organization of business leaders dedicated to improving the quality of life for those that live and work in New York City and for those that visit. In her remarks, Secretary Pritzker discussed her message that America is “Open for Business” and the work that the Obama Administration and the Commerce Department are doing to help grow the economy and create jobs.

Next, Secretary Pritzker met with New York Mayor Michael Bloomberg in his City Hall office. The discussion focused on ways to improve skills training efforts, spur infrastructure, immigration reform, cities as key drivers of growth, and ways the Commerce Department and the City are collaborating to strengthen the economy and create jobs.

Finally, the Secretary participated in the fall dinner of G100, a private peer-learning community of current, future and recent chief executives of global companies. Secretary Pritzker talked about ways to create jobs, economic growth, immigration reform, and the need for putting an end to the manufactured crises in Washington.

Obama Administration Awards $20.5 Million In Make It In America Challenge Grants

Secretary of Commerce Penny Pritzker, along with U.S. Secretary of Labor Thomas E. Perez, and Delta Regional Authority Federal Co-Chairman Chris Masingill, today announced the 10 winners of the Make it in America Challenge, an Obama administration initiative to accelerate job creation and encourage business investment in the United States. The 10 grantees will receive a total of $20.5 million for projects supporting regional economic development, advanced skills training, greater supply chain access and other enhancements. The programs are designed to encourage U.S. companies to keep, expand or re-shore their manufacturing operations—and jobs—in America, and to entice foreign companies to build facilities and make their products here.

The Commerce Department’s Economic Development Administration (EDA), the Labor Department’sEmployment and Training Administration (ETA), and the Delta Regional Authority (DRA) are providing funding for the winning proposals. Additionally, Commerce’s National Institute of Standards and Technology Manufacturing Extension Partnership (NIST MEP) plans to make awards in early FY2014.

“Given our competitive advantages in energy costs, research and development, labor productivity, and intellectual property protection, there is no better place to do business than the United States," said U.S. Secretary of Commerce Penny Pritzker. The Make it in America Challenge grants support innovative, regionally-based strategies that will encourage businesses to capitalize on those advantages.”  Full release

Secretary of Commerce Penny Pritzker Discusses Tackling the Skills Gap

Secretary of Commerce Penny Pritzker, Secretary of Labor Tom Perez and National Economic Council Director Gene Sperling with members of the Business Leaders United for Workforce Partnerships

Millions of jobs have been created in the years since the recession ended, but many Americans are still out of work. In fact, there are about 4 million job openings right now, and yet about 4 million Americans have been job-searching more than 6 months. Many employers simply cannot find workers with the skills necessary to do the jobs available.

Business Leaders United for Workforce Partnerships (BLU) is working to address the skills mis-match by creating sector partnerships that align employers’ hiring needs with local and regional training systems.  Yesterday, Secretary of Commerce Penny Pritzker joined Secretary of Labor Tom Perez and National Economic Council Director Gene Sperling to speak to BLU about what the Administration is doing to invest in workforce skills training and to hear about ways employers are proactively developing partnerships to create a pipeline of skilled workers in their local areas.

Business leaders cited how their initiative, investments, and partnerships with local community colleges, Workforce Investment Boards, non-profits, and each other industry peers and others have reduced nursing shortages in Louisville; helped the long-term unemployed train for and gain employment in the financial services industry in southern California; and developed an electrical contracting apprenticeship program with 100% job placement in Tennessee. An export-oriented metal forming manufacturer in Minnesota described how he has worked with local community and technical colleges to create certificate programs to develop the skilled workforce the company needs.  

Manufacturing Award Grants Will Invite Lasting Investment for Our Communities

Guest blog post by U.S. Secretary of Commerce Penny Pritzker

This past spring, the Commerce Department launched the Investing in Manufacturing Communities Partnership (IMCP), a first-of-its-kind initiative to provide communities with the resources needed to create and implement development plans and recognize their full economic potential.

I’m so pleased to announce 26 grant award winners have been selected by the Department of Commerce. Along with our agency partners – the Department of Agriculture, the Environmental Protection Agency, and the Small Business Administration – we are awarding $7 million in grants and investments that comprise the first funding phase of the Investing in Manufacturing Communities Partnership.

The communities selected as winners by the Department of Commerce represent 17 different states. They have developed cutting-edge plans that capitalize on these communities' comparative advantages as a place to do business. These plans make investments in public goods, and encourage collaboration between multiple public and private entities to expand the area's commercial appeal to investors. In total, the first funding phase of the program provides 44 planning grants and investments.

The IMCP stemmed from the recognized need to effectively accelerate manufacturing investment in the United States. Too often, communities have relied on the practice of “smokestack chasing” to attract investment, in which communities will offer tax breaks and subsidies to attract the attention of a single firm. Economists have found this approach often yields a low return for taxpayer investment. The Obama administration seeks to encourage and assist American communities to not merely make efforts to attract individual investments but instead to transform themselves into manufacturing hubs that that draw all kinds of businesses.

U.S. Department of Commerce Invests Approximately $21 Million to Support Economic and Job Growth in Eleven States

Economic and Development Administration Seal

U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding $21.1 million in grants to support economic development projects in Alabama, California, Florida, Louisiana, Missouri, New York, Oklahoma, Pennsylvania, South Carolina, Texas, and Utah. The projects are expected to create more than 2,500 jobs and attract $505 million in private investment, according to grantee estimates.

The Obama administration is committed to supporting critical business infrastructure for growth and economic competitiveness. The EDA grants announced today will help implement economic development projects that aim to boost job creation and sustainable economies in 11 states throughout the country.   

The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth. Find more information on the $21.1 million in EDA investments announced today.