Under Secretary Selig presented an Export Achievement Certificate to the New York Film Academy at the DISCOVER: Greater China event in New York
Simple: Exports + FDI = Jobs
Stefan M. Selig is the Under Secretary of Commerce for International Trade.
When considering the importance of trade and investment to the U.S economy, always remember three things: jobs, jobs, and jobs.
Job creation is at the center of our work at ITA, and the month of October offered some great reminders of how exports and investment deals are putting Americans to work.
I was in my hometown of New York at the beginning of the month
for the Discover Global Markets: Greater China Business Forum. As with every DGM, our commercial diplomats offered their second-to-none insight on why and how to export into this market. But it was also a great opportunity to remind businesses
that U.S. exports to China support 796,000 U.S. jobs.
Another reminder of the job-supporting power of exports came
during a DGM event in North Carolina. $29.3 billion in state exports shipped out last year, including $13 billion to the Americas, supporting 159,000 jobs in North Carolina.
Our team in Ohio reminded us this month that for the third year in a row,
the state of Ohio set a record for state exports. The Buckeye State exported just under $51 billion in goods last year, supporting 259,000 jobs.
But we should not overlook the role that foreign direct investment plays in creating U.S. jobs, particularly since we are the largest recipient of FDI inflows.
The South African company Sasol finalized an investment that will lead to an $8.1 billion ethane cracker and derivatives complex. When all is said and done, this will represent one of the largest examples of manufacturing FDI into the U.S. that we have
ever seen. It will also mean 500 permanent jobs in Louisiana, thousands of indirect jobs, and 5,000 construction jobs to build the facility between now and 2018.
SelectUSA played an instrumental role in finalizing the deal by providing its world class ombudsman services to help Sasol navigate the federal interagency and aid in their worker
These stories prove what our value add is. It is the work of our Export Assistance Centers, our foreign commercial service, and SelectUSA that turns the promise of job creation into reality.
Thanks to all of you for the work you do to support U.S. exports and business investment.
The SelectUSA 2015 Investment Summit
will again connect global investors to
opportunities in the United States - the world's premier investment destination!