Posted at 5:12 PM
Today, U.S. Secretary of Commerce Penny Pritzker concluded the Obama administration’s third and final SelectUSA Summit, which brought together international companies, domestic economic development organizations (EDOs), and a range of other stakeholders to explore job-creating investment opportunities throughout the United States. The highly successful, two-day Summit welcomed more than 2,500 participants from 70 foreign markets and the United States. This year, more than 22 U.S. Chiefs of Mission and their investment delegations joined President Barack Obama, Secretary of State John Kerry, and other administration officials to promote the United States as the premier destination for foreign direct investment (FDI).
During his address to Summit participants, President Obama noted, “If you choose a place to expand your portfolio, to place your bets, to open up a plant, to start building the next great new business or service, you would select the USA — because nowhere in the world and never in history has there been a better place to grow your business.” In addition to noting that the United States is responsible for one-quarter of the world’s R&D investments, President Obama shared that, “over the last four years, no other country has been named by CEOs around the world more frequently as the best place to invest with confidence…in large part because the decisions we’ve [United States] made since the financial crisis to build our economy on a new foundation for the future…”
Each day, 12 million people go to work at jobs attributable to FDI. International companies are responsible for more than one-fifth of all U.S. goods exports and contribute to the country’s innovation climate through investments in research and development. Recently, A.T. Kearney named the United States the best place in the world to invest for the 4th year in a row.
“Foreign investment makes the United States more prosperous, more innovative and more competitive,” said Secretary Pritzker. “SelectUSA serves as the connective tissue between foreign investors and the American market, facilitating more than $22.5 billion in investments during the past five years.”
In the first two quarters of Fiscal Year 2016, SelectUSA clients announced 67 projects totaling $2.6 billion that are expected to create more than 5,400 jobs in the United States.
During the Summit, many high-profile business and government leaders shared their insights on the latest innovations and trends, and diversity of resources across the country that can contribute to the United States’ global competitiveness. At this year’s Summit:
- President Obama announced that the Smart Manufacturing Leadership Coalition (SMLC) will lead the new Smart Manufacturing Innovation Institute, in partnership with the U.S. Department of Energy. The winning coalition, headquartered in Los Angeles, brings together a consortium of nearly 200 partners from across academia, industry, and nonprofits—hailing from more than 30 states—to spur advances in smart sensors and digital process controls that can radically improve the efficiency of U.S. advanced manufacturing.
- The Commerce Department released, ‘The Foreign Direct Investment in the United States: Update to 2013 Report’, which examines recent trends in FDI and highlights newly released “greenfield” FDI data from the Bureau of Economic Analysis. The report notes that foreign direct investment trends identified in earlier reports have continued to 2015.
- Secretary Pritzker hosted the inaugural meeting of the U.S. Investment Advisory Council (IAC) at the White House. Earlier this month, Secretary Pritzker appointed 19 private and public sector leaders to the newly established IAC, which will serve as a key conduit for stakeholder input on how best to support U.S. economic growth through the attraction and retention of FDI.
- The next SelectUSA Summit was announced and will take place June 18-20, 2017 in the Washington, DC area at the Gaylord Hotel at National Harbor.
The United States is home to more FDI than any other country. In 2014, the total stock of direct investment in the United States was valued at $2.9 trillion (18 percent of GDP). FDI is an integral part of the U.S. economy. In 2013 alone, U.S. affiliates of foreign companies spent approximately $53 billion on American research and development and were responsible for more than one-fifth or 22.6 percent of the total U.S. goods exports.
Housed within the U.S. Department of Commerce, SelectUSA promotes and facilitates business investment into the United States by coordinating related federal government agencies to serve as a single point of contact for investors. SelectUSA assists U.S. economic development organizations to compete globally for investment by providing information, a platform for international marketing, and high-level advocacy. SelectUSA also helps investors find the information they need to make decisions; connect to the right people at the local level; navigate the federal regulatory system; and find solutions to issues related to the federal government. For more information, visit www.selectusa.gov.