Bringing Foreign Investment and Jobs to U.S. Shores
Stefan M. Selig is the Under Secretary of Commerce for International Trade
than 2,600 people; More than 1,800 matchmaking meetings; More than 1,300
company representatives; More than 500 U.S. economic development officials; Representatives
from all 50 states; More than 45 U.S. chiefs of mission; Seven cabinet
secretaries; One President.
numbers prove what ITA has been saying for months: That the 2015 SelectUSA Investment
Summit would be the highest profile event ever to highlight foreign direct investment (FDI)
into the U.S.
two days of match-making sessions that will yield future deals and produce new
jobs, several new initiatives to
attract FDI were announced.
Among them, the creation of the first ever advisory committee focused on
attracting and retaining FDI, the collection of new data by the Bureau of Economic Analysis to better measure the impacts of, and that the U.S. will be the featured
partner at next year's Hannover Messe in Germanyâ€”the largest industrial trade
fair in the world.
his remarks at the Summit, President Obama cited a success story I was able to
see firsthand. Last month, I was in
North Carolina to attend the groundbreaking of a
that is owned and operated by the Montreal-based legwear company, PEDS. PEDS
invested $16 million to open the facility, which will produce socks that will
be sold in Walmart stores, while creating more than 200 jobs by 2018. And between
providing counseling to PEDS on how to navigate
the federal regulatory process and identifying sources of federal funding, SelectUSA
was essential in closing this deal.
participant at the Summit was Eric A. Spiegel, President and
CEO of Siemens USA.
Spiegel pointed out that the primary trait that sets the U.S. apart as a place
to invest is our country's innovative spirit. That is a major reason for why
Siemens employs nearly 50,000 people in the U.S., has more than 70
manufacturing sites here, and invests more than $1 billion annually.
does more than boost economic growth and jobs. It also boosts exports. More
than one-fifth of U.S. exports have been shipped out by U.S. affiliates of
foreign firms. And the strength of U.S. supply chains as well as our export
prowess are major reasons for why foreign companies set up shop on our shores.
and building on that export prowess to attract FDI is precisely why we need new
trade promotion legislation, which empowers
Congress to define the objectives of our negotiators—whether its labor and environmental
standards or eliminating trade barriers. It would
also signal to our negotiating partners that a successfully negotiated deal
will not be held up by Congressional amendments when it comes for a final vote.
That is why 10 former commerce
secretaries from both parties
voiced their support for trade promotion legislation, including President
Obama's former chief of staff William M. Daley.
it is our investment summit, the work of SelectUSA, or ITA's work to make trade
promotion legislation a reality, it is crystal clear that our agency is leading
the effort to bring FDI and new jobs to our shores.
for everything you do to attract investment, support U.S. exports, and create
Applications for the 2015 Market Development Cooperator Program financial awards now being accepted.