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Blog Category: World Economic Forum

Secretary Pritzker Attends World Economic Forum to Highlight Priorities Integral to Lasting Economic Recovery

This week, Secretary Pritzker traveled to Davos, Switzerland to attend the World Economic Forum and participate in a panel discussion titled “The Outlook for the United States,” which focused on what Washington can accomplish in the next two years.

Moderated by Politico editor Susan Glasser, the panel also included Governor Hickenlooper of Colorado; Andrew Liveris, President and CEO of the Dow Chemical Company; Patrick McHenry, Republican Congressman from North Carolina; and Cecilia Rouse, dean of the Woodrow Wilson School of Public and International Affairs.

During the candid conversation, Secretary Pritzker highlighted the momentum in the U.S. economy heading in to 2015, America’s strong position as a global investment destination, and the work that still needs to be done to continue a sustainable, lasting recovery. All participants agreed that trade is the most actionable agenda item that President Obama laid out in his State of the Union address. Secretary Pritzker stressed that while the American economy is already in a good position, it is imperative Trade Promotion Authority (TPA) be passed by Congress to pave the way for trade deals like the Trans Pacific Partnership (TPP) and to establish a more level playing field for American businesses globally. Completing and implementing new trade agreements will give the United States the opportunity to shape the rules that govern trade in the 21st century, while ensuring our businesses can compete around the world.

Secretary Pritzker also discussed the importance of preparing America’s workforce with the skills needed for the jobs of the future. The need for improved workforce development is an issue that has been raised by nearly all of the 1,500+  CEOs and business leaders she has met with as Commerce Secretary, and the Administration is strongly committed to working directly with the private sector to develop effective training programs that will prepare workers with the skills employers seek. Successful public-private partnerships include the Trade Adjustment Assistance Community College and Career Training (TAACCCT) competitive grant program – it has invested nearly $2 billion in hundreds of community colleges all across the country that have partnered with companies and national industry associations to expand job-driven training programs.

Deputy Secretary Bruce Andrews and Under Secretary for Oceans and Atmosphere and National Oceanic and Atmospheric Administration Administrator Dr. Kathryn Sullivan also attended the World Economic Forum. Deputy Secretary Andrews utilized the opportunity to discuss the Department’s “Open for Business Agenda” with business leaders and CEOs from around the world, while Dr. Sullivan presented on how data is a public good that can save lives.

Secretary Pritzker Takes “Open For Business Agenda” to World Economic Forum

Secretary Pritzker on the CNBC Squawk Box set at the World Economic Forum

This week Secretary Pritzker was in Davos, Switzerland at the World Economic Forum (WEF). Her participation in WEF highlighted the importance of innovation and entrepreneurship as part of the Commerce Department’s “Open for Business Agenda.” The Department of Commerce is responsible for promoting the ideas and policies that support innovation and entrepreneurship, which help America maintain its competitive edge, spur wage and job growth, and strengthen the U.S. economy.

Secretary Pritzker participated in a plenary session on the US Economic Outlook with Treasury Secretary Jack Lew and US Trade Representative Michael Froman. During the panel Secretary Pritzker said she was optimistic and bullish about America’s future because the economy and American competitiveness have regained traction. The economy has created 8 million jobs in past 4 years, including more than 2.2 million private sector jobs last year, and nearly 600,000 new jobs in manufacturing. With 10 straight quarters of GDP growth, the recovery is starting to take hold and economists expect continued strong growth in the year ahead.

Secretary Pritzker also reiterated the need for increased trade and investment. Since 95% of consumers live outside of our borders, it is important that we continue to pursue free trade agreements since they have proved to be one of the best ways to open up foreign markets to U.S. exporters. That is why the Obama Administration is pursuing additional trade agreements that will cover 60% of the global GDP and open up new markets to American businesses. The Secretary also promoted SelectUSA, the Administration’s aggressive effort to seek potential investors. 

Secretary Pritzker pushed for a sustained recovery built upon real wage growth. She called for aggressively addressing income inequality by lifting incomes and helping long-term unemployed through increasing the minimum wage and extending unemployment insurance. Pritzker noted that business and government leaders have a moral responsibility to support their workers and thereby strengthen their middle class – in an increasingly interconnected, competitive global economy.