The SelectUSA Investment Summit, a two-day event designed to encourage foreign direct investment (FDI) in the United States, is wrapping up today. With 1,200 participants from 58 different countries and 47 states, the summit highlighted the benefits of investing in the United States and linked business leaders with global investors, state and local representatives, and high-level government officials.
That foreign investment in the United States is good news for manufacturing. According a report released yesterday by the White House, about one third of the jobs created by FDI are in manufacturing – totaling nearly 2 million jobs. The United States has been the recipient of $1.5 trillion in FDI since 2006. Foreign-headquartered manufacturing companies make important investments in R&D, provide good-paying jobs and help grow the U.S. economy.
President Obama addressed the SelectUSA summit today, calling for new investments in the United States as well as increased exports. “I want more American products being sold in your countries, and I want your companies investing more here in the United States of America,” President Obama said. “Because it advances my top priority as President: creating good-paying American jobs and strengthening and broadening our middle class.”
President Obama also noted that companies like Caterpillar, Ford and Intel are making new investments in the United States while companies like Honda, Siemens and Samsung are expanding U.S. production. U.S. Trade Ambassador Michael Froman also spoke at the Summit today. The President promised to make U.S. advocacy more efficient and more effective, and he echoed Secretary of Commerce Penny Pritzker’s pronouncement that “America is open for business.”
The NAM has been a longtime proponent of an open investment policy for the United States, and manufacturers believe that the SelectUSA summit is a positive move forward. FDI and other pro-trade policies benefit the global economy and U.S. manufacturers. Secretary Pritzker’s welcoming remarks at the SelectUSA summit mentioned two other important initiatives that would strengthen the global economy: the Trans-Pacific Partnership (TTP) and the Transatlantic Trade and Investment Partnership (TTIP). Manufacturers will continue to engage with leaders in Washington to move forward on TPP and TTIP.