For Immediate Release: June 3, 2011
Contact: Lorri Crowley (202) 482-3809
Obama Trade Official Highlights U.S.-Spain Commercial Relations During Visit to Spain
Ovideo, Spain – Francisco Sánchez, under secretary of Commerce for International Trade, concluded a visit to Spain by highlighting the United States and Spain commercial relationship during keynote remarks at the U.S.-Spain Council Annual Forum in Oviedo, Spain.
“Greater U.S.-Spain commercial ties will create more jobs for U.S. and Spanish workers,” Sánchez said. “My goal is to encourage the Spanish government to press forward with reforms that will improve its economy and make Spain a more attractive market for U.S. investors and exporters.”
In 2009, President Obama ushered in a new era for U.S.-Spain commercial ties during a meeting with Prime Minister Zapatero in Washington where he called on our two countries to work together to achieve our collective potential.
Earlier, Sánchez held a roundtable with members of the American Chamber of Commerce where he discussed investment opportunities for Spanish companies in the United States, specifically in the renewable energy sector. Sanchez also joined U.S. Interior Secretary Ken Salazar and other senior U.S. officials from the Departments of Interior and State in a bilateral meeting with the Spanish Industry, Tourism and Trade Minister Miguel Sebastian to discuss energy and energy efficiency.
“I believe, as does President Obama, that we can make enormous progress together that will serve both the Spanish and the American people well” Sánchez said. “The United States and Spain can work together to move our economic ties into new, and uncharted depths.”
Spain is the United States’ 27th largest export market, and two-way U.S.-Spain trade was nearly $19 billion in 2010. In 2009, foreign direct investment (FDI) from Spain in the United States stood at $47.5 billion, making Spain the ninth largest investor in the United States. Spain is also the second fastest growing source of FDI in the United States. Spanish companies are the largest foreign investors in the U.S. renewable energy sector and are major participants in U.S. Department of Energy renewable energy programs. The United States is working to create new opportunities for greater U.S. exports to Spain in support of the President Obama’s National Export Initiative, which aims to double U.S. exports by the end of 2015, supporting millions of jobs.
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