For Immediate Release: November 14, 2012
Contact: Lorri Crowley (202) 482-3809
Commerce Official Seeks to Strengthen U.S.-Russia Trade and Investment Relations
MOSCOW – Assistant Secretary of Commerce for Market Access and Compliance Michael Camuñez concluded a four-day trade policy mission to Russia today at a SelectUSA forum in Moscow, where he advocated for expanding Russia’s foreign direct investment (FDI) in the United States. Established in 2011 by Executive Order of the President, SelectUSA, which is housed in the Department of Commerce, is the first U.S. government-wide initiative to attract, retain, and promote business investment in the United States. During his remarks, Camuñez explained how U.S. Foreign and Commercial Service officers around the world – including in Russia – are trained in the resources that SelectUSA has to offer.
In 2011, the total stock of Russian Foreign Direct Investment (FDI) in the United States was valued at nearly $8 billion. In 2010, U.S. affiliates of Russian firms employed nearly 13,000 people in the United States and contributed more than $423 million to U.S. exports.
“While we are seeing a positive trend in Russian foreign direct investment into the U.S., there is certainly room for growth,” Camuñez said. “Expanding the U.S.-Russia trade and investment relationship continues to be a top economic priority for the Obama Administration.
During his visit, Camuñez also highlighted the successes of President Obama’s National Export Initiative, which seeks to double U.S. exports by the end of 2014 in an effort to support sustainable economic and job growth. Camuñez met with key government officials and representatives from the Russian and U.S. business communities. He also co-hosted a Business Development and Economic Relations Working Group bilateral meeting with his Russian counterpart, Deputy Minister for Economic Development Alexey Likhachev.
With its 142 million inhabitants and recent accession to the World Trade Organization, Russia is an increasingly important destination for U.S. goods and services exports. U.S. goods exports to Russia totaled $8.3 billion in 2011, an increase of 39 percent from 2010. From 2009 to 2011, total U.S.-Russia trade increased by more than 80 percent.
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