The U.S Department of Commerce announced today that it is accepting nominations for the Secretary’s Investment Advisory Council. The role of the Council is to consider ways to attract and retain foreign direct investment (FDI) in the United States. Comprehensively, the United States is home to more FDI than any other country in the world, with a total stock of $3.7 trillion at the end of 2016.
“President Trump is committed to a pro-business agenda that will support the trend of economic growth and development here in the United States,” said Secretary of Commerce Wilbur Ross. “The Investment Advisory Council plays a critical role advising the Department on how we can best support that mission by further increasing our FDI footprint while creating new American jobs.”
The call for nominations follows the fifth annual SelectUSA Investment Summit in June, which brought more than 3,000 people, including 1,200 business representatives from 66 foreign markets, and economic development organizations (EDOs) from 51 U.S. states and territories. During the event, Secretary Ross was joined by 10 Governors, three Cabinet secretaries, as well as executives from Mercedes-Benz US International, Siemens USA, and Toyota Motor North America, while more than $600 million in new investment projects were announced.
First chartered in 2016, the Council has made recommendations on issues including broadening infrastructure investment priorities, improving U.S. workforce initiatives, and refining digital tools. Many of these recommendations have been implemented, while others remain under consideration.
Membership on the Council consists of up to 20 members appointed by the Secretary. The members should represent companies and organizations investing, seeking to invest, seeking foreign investors, or facilitating investment across many sectors, including:
- U.S. incorporated companies that are majority-owned by foreign companies or individuals, or that generate significant foreign direct investment;
- Companies or entities whose business includes FDI-related activities or the facilitation of FDI; and,
- Economic development organizations and other U.S. governmental and non-governmental organizations and associations whose missions or activities include the promotion or facilitation of FDI.
All members serve a two-year term, are appointed by and serve at the pleasure of the Secretary, must be able to meet at least twice a year, and must also be a U.S. national or permanent resident. Foreign nationals are not allowed to apply.
The Council is scheduled to meet a minimum of two times a year with additional meetings being called at the discretion of the Secretary of Commerce or his/her designee.
The U.S. Department of Commerce-led SelectUSA program promotes and facilitates business investment into the United States by coordinating related Federal government agencies to serve as a 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 with 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.