Posted at 5:45 PM
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.
The reasons for this tremendous interest in America’s future reflect the simple fact that America’s potential for growth and innovation has never been greater. America’s workforce is among the most productive in the world – more than 30 percent more productive than Germany’s and nearly twice as productive as South Korea’s. The United States is also home to 15 of the top 25 research universities in the world, more than a third of the world’s total investment in research and development, falling energy prices, and the world’s largest consumer market.
As an advocate, adviser, and ombudsman for businesses, SelectUSA has shown many what the United States has known for years: as President Obama said, “when you bet on America, that bet pays off.”
The Department of Commerce is committed to continuing and expanding resources like SelectUSA, the tools that help American businesses create more jobs, innovate, and compete in today’s global economy.