Posts Tagged ‘SelectUSA Investment Summit’

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America is Open for Investment

January 22, 2014

Vinai Thummalapally is the Executive Director of the SelectUSA Program. This post originally appeared on the Department of Commerce blog. 

Ambassador Vinai Thummalapally is the Executive Director of the SelectUSA Program.

Ambassador Vinai Thummalapally is the Executive Director of the SelectUSA Program.

In 2011, President Obama launched SelectUSA, the first-ever U.S. government-wide initiative to attract foreign direct investment (FDI) in the United States, with the hopes that the Department of Commerce would help facilitate both foreign and domestic business relationships and make FDI a diplomatic and foreign policy priority.

We took an enormous step forward three months ago, when the Commerce Department hosted the first-ever SelectUSA Investment Summit in Washington, DC. The summit was such a success that it sold out, and more than 1,300 business and government leaders from nearly 60 countries and economic development organizations from 48 states, the District of Columbia and three territories gathered to learn about the advantages of doing business in the United States and to explore investment opportunities. Perhaps most importantly, the Summit helped match potential investors with economic development organizations to help revitalize American communities and create new job opportunities.

Thankfully, we can continue to build upon the success of the Summit, now that the budget deal has been approved.  The agreement will allow up to $7 million to expand and enhance the program, and we at the Commerce Department are pleased to have this extra support to bring more companies to our shores.

In fact, the U.S. has welcomed investment to our shores for centuries. Our market has provided long-term stability and unmatched returns for investors. Today, the United States is the largest recipient of FDI in the world, and in 2012 alone, more than $160 billion dollars of FDI flowed here. Total foreign stock and assets are measured not in billions, but in the trillions of dollars. Clearly, FDI is an important contributor to our economy.

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But don’t take my word for it – SelectUSA has already helped bring jobs to the U.S. and foster many business relationships, both foreign and domestic.

For example, the Southern Idaho Economic Development Organization (SIEDO) approached SelectUSA for assistance as they worked with Frulact, a Portugal-based producer of fruit-based ingredients for food. SelectUSA advised SIEDO on the issues that would be critical for the company to consider, while also connecting them directly with our team on the ground in Portugal. After utilizing our advice, SIEDO and Frulact announced plans in October for a state-of-the-art 200,000 square foot facility in Rupert, Idaho, that is expected to employ at least 100 people.

We’re hearing plenty more success stories like this, and the SelectUSA program has proven to be a great “bang for the buck.”

We’re excited to continue enhancing SelectUSA with more congressional funding, and the Department of Commerce is ready to do all it can to connect investors with communities…and to open all avenues to guarantee that American is Open for Business.

After all, as President Obama said in his keynote address at the summit a few months ago, “When you bet on America, that bet pays off.”

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The SelectUSA Mission Continues

November 15, 2013
Secretary of Commerce Penny Pritzker reiterated her message that the United States is open for business.

Secretary of Commerce Penny Pritzker reiterated her message that the United States is open for business.

Ambassador Vinai Thummalapally is the Director of SelectUSA.

It’s now been two weeks since the SelectUSA 2013 Investment Summit, and we’re still catching our breath. There was incredible turnout for this first-ever national event, which brought together investors, business leaders, and economic development organizations to attract investment in the United States.

More than 1,300 participants packed the conference hall, coming from 60 international markets and across the United States.  Tickets sold out because people from all over the world believe in the stability, potential, and promise of the American market.

Thank you to all who came, all who expressed interest, and all of the partners and colleagues who made this event a reality.

You can relive some of what happened here in Washington, D.C., through our archived videos, but it’s important to remember that it’s the follow-up and the everyday hard work that will carry forward the SelectUSA mission. As President Obama said in his remarks at the event, the Summit was the starting point to strengthen and expand the program to attract more investment to the United States.

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We hope that the Summit was also a starting point for the types of new connections, new opportunities and new ideas that keep our economy moving forward.  More than 650 private, one-on-one meetings were set up through our online matchmaking system, and hundreds more took place on the tradeshow floor.

Through these discussions, federal, state, and local government officials received direct feedback from business leaders and investors on how to better meet their needs. Delegations from 48 states, three U.S.  territories, and the District of Columbia showed investors the numerous advantages to doing business in the United States.

This is where we begin the next phase.

Those connections can lead to the business deals that bring more investment and more American jobs. Our team is following up on inquiries, comments, and possibilities. We know that the investors, along with the state and local economic development organizations, are doing the same.  As you work on your follow-up, SelectUSA can serve as your convenient, single point of contact all year round.

The team at SelectUSA, as well as our colleagues across the United States and at U.S. embassies and consulates worldwide, look forward to taking our mission to the next level.  We hope to be in touch soon!

Thanks again for your interest. If you have questions, comments or you’d like to explore how we can assist you, please let us know.

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Day One at the SelectUSA 2013 Investment Summit

October 31, 2013

Ambassador Vinai Thummalapally is the Director of SelectUSA.

President Barack Obama delivered keynote remarks at the SelectUSA 2013 Investment Summit.

President Barack Obama delivered keynote remarks at the SelectUSA 2013 Investment Summit.

“There’s no substitute for those three proud words: ‘Made in America.'”

President Obama has been emphatic that the United States remains the best place in the world to do business. Today at the SelectUSA Investment Summit, he reiterated that message to 1,000 business leaders from nearly 60 countries.

“When you bet on America, that bet pays off,” the president said as he closed his keynote address.

Your country is your product when you’re attracting foreign direct investment. At the Summit today, we showed the world that the United States is the absolute best product on the market.

“America is open for business,” said Commerce Secretary Penny Pritzker. “Our market has provided long-term stability and unmatched returns for investors.”

Attendees began making connections as soon as the doors opened.  Representatives from 47 states, three territories, and Washington, D.C., showed off investment opportunities around the country.

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Treasury Secretary Jack Lew highlighted many advantages a company has when it invests in America – including robust infrastructure and low barriers for entrepreneurs. CEOs from major national and international companies echoed those messages throughout the day.

“We have the most resilient capital markets in the world,” said Larry Fink, CEO of BlackRock.

Andrew Liveris said that when it comes to investment in research and development, “the U.S. is number one.”

We are showing the world that when you invest in the United States, you’re making a tactical decision to help your company grow. There are numerous advantages to bringing your business here:

·         You’re gaining access to a reliable system of infrastructure for transporting goods;

·         American workers remain among the most skilled and productive in the world;

·         This is an enormous market of consumers;

·         U.S. regulatory systems protect innovation and support business growth; and

·         Local and state governments want to work with you.

Walmart can’t provide low prices to consumers without getting quality products at a low cost. So the SelectUSA Summit was the perfect platform for Bill Simon, President and CEO of Walmart U.S., to announce the company’s initiative to buy more products from American manufacturers.

“Today’s announcement… highlights opportunities that exist for manufacturers to invest in the USA by re-shoring or expanding their manufacturing in America,” Simon said at the Summit.

Businesses, investors, and economic development organizations also took to social media to discuss the Summit, and we’re glad that we’ve been able to share information from this event with people around the world who have an interest in FDI. Here are some snippets of the conversations from today:

I encourage you to keep up with and contribute to the conversation on Twitter throughout the Summit using #SelectUSA.

The entire event is also being webcast here: http://new.livestream.com/accounts/4828334/selectUSA2013. I encourage you to watch, no matter where you are in the world, so you can take advantage of the experts explaining why the United States is the best possible investment destination for your business.

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Bringing the #SelectUSA Investment Summit to You

October 30, 2013

Chris Higginbotham is a Communications Specialist in the International Trade Administration’s Office of Public Affairs.

Follow #SelectUSA to get live updates from the SelectUSA 2013 Investment Summit.

The SelectUSA 2013 Investment Summit is at capacity, but that doesn’t mean investors around the world who couldn’t register can’t be a part of the event.

If you haven’t heard, we’ll be pairing investors from around the world with federal and state leaders to find the best investment opportunities in the country. Economic development organizations (EDOs) representatives from 47 states, three U.S. territories, and Washington, D.C., will be there. Companies representing 60 worldwide markets will be in attendance.

President Obama has made attracting FDI a priority, and he will provide the keynote address, along with many senior officials from his administration and leaders from the private sector.

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We know it’s going to be an incredible event for any person, business, or organization with an interest in FDI into the United States.

That’s why we want to make sure that leaders and organizations around the world who can’t attend the event can still learn about FDI opportunities and trends. We want to spread the word far and wide that the United States is open for business, and there’s no better place in the world for companies to invest than right here in the United States.

It’ll be easy to keep up with updates from the Summit. We’ll be live-streaming all of the events in the main ballroom, thanks to support from our friends at the U.S. Patent and Trademark Office. Check out the official Summit agenda to find out which speeches and panel discussions are included.

We’ll be sharing real-time updates on Twitter from the @SelectUSA account. Event attendees and partner organizations will share information and opportunities using #SelectUSA.

Under Secretary of International Trade Francisco Sánchez will host a Twitter chat on Thursday, Oct. 31 at noon EST, where he will answer questions about the Summit, the importance of FDI, and what the United States is doing to attract more FDI. We encourage you to participate using #SelectUSA to ask your questions.

We’ll have posts here on our blog during and after the Summit, providing some crucial information about FDI and testimonials from Summit attendees.

The White House will stream President Obama’s address at http://www.whitehouse.gov/live.

If you’re interested in learning about new investment opportunities for your business, make sure to follow us as we share information from this important Summit.

FDI supports millions of jobs in the United States, and we think this Summit will help bring new companies, new jobs, and new partnerships to the United States.

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FDI is a Top Priority for U.S. Economic Development Organizations

August 28, 2013

Paul Krutko is President & CEO of Ann Arbor SPARK, an economic development organization serving the Ann Arbor region of Central Michigan. He is also the current chairman of the board of the International Economic Development Council, the largest non-profit, non-partisan association for economic development and its practitioners.

Paul Krutko is President & CEO of Ann Arbor SPARK, an economic development organization serving the Ann Arbor region of Central Michigan. He is also the current chairman of the board of the International Economic Development Council, the largest non-profit, non-partisan association for economic development and its practitioners.

Paul Krutko

Each incoming chair of the International Economic Development Council (IEDC), the largest organization of economic development professionals in the world, establishes a theme for the upcoming year that will be his or her top priority.

I determined that emphasizing the attraction of foreign direct investment (FDI) as a local and regional economic development strategy would be my theme for 2013. At mid-year we are making significant progress on this priority. I am happy to report that IEDC, through our partnership with SelectUSA, the International Trade Administration, and our coordination with the Economic Development Administration and the Department of Commerce as a whole, has pushed FDI to the forefront of the minds of our members like never before!

IEDC and economic developers from across the U.S. have traveled to Washington this week for a special White House Forum to meet with senior administration officials to discuss topics critical to job creation. From access to capital to workforce development, the challenges facing our profession and the communities we serve are as complex as they are diverse. We are grateful for this opportunity and want to express our appreciation to the Department of Commerce for inviting us to this conference.

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I have had the pleasure of working closely with many professionals throughout the federal government to advance FDI and export initiatives both in my own community of Ann Arbor, Michigan, as well as in my travels as chair of IEDC. By the end of my term, these travels will have taken me from coast-to-coast here in the United States, as well as to Western Europe, Brazil, Turkey, and Australia.

The message I have communicated is that economic developers are key actors in rebuilding our local and regional economies, and that FDI attraction is vital to building robust, resilient economies. And for good reason: with hundreds of billions of dollars of capital investment decisions being made annually that cross international boundaries, economic developers in the United States must look beyond their city limits, county lines, and state borders for new opportunities.

We are excited about the recent appointments of Secretary of Commerce Penny Pritzker and SelectUSA Executive Director Vinai Thummalapally. They will provide tremendous enlightened leadership to the team of professionals across the federal government active in economic development.

We look forward to working closely with them as we near both IEDC’s Annual Conference in Philadelphia and SelectUSA’s first-ever Investment Summit here in Washington.

Like our meetings this week, both events will highlight the importance and power of FDI to positively shape a brighter economic future for communities everywhere.

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Investing in Our Economic Future: SelectUSA 2013 Investment Summit

August 15, 2013

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Register now for the SelectUSA 2013 Investment Summit October 31 to November 1, 2013.

Registration for the Summit is now closed.

You don’t have to look far to find something in your life that is produced by an international company operating in the United States. It might be the dishwasher in your kitchen, the brake pads on your car, or the elevator in your apartment building.

You also won’t have to look far to find jobs supported by foreign direct investment (FDI) in the United States. There are more than five million of them throughout the country, covering every state in both rural and urban communities.

Those are five million reasons why FDI is an important ingredient in the recipe for continued economic growth in the United States.

President Obama has made it a priority to attract more FDI to the United States, helping support more jobs and economic growth. A key tool in his efforts is the upcoming SelectUSA Investment Summit.

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The Summit will connect global investors with U.S. leaders who are ready to showcase local investment projects. Economic development organizations from 15 states have already confirmed attendance at the event, offering myriad investment opportunities around the country.

Secretary of Commerce Penny Pritzker also announced an impressive lineup of government and business leaders to share important lessons about the advantages of investing in the United States – advantages ranging from our educated workforce, our relatively low energy costs, and the long history of ingenuity, innovation, and entrepreneurship that is synonymous with the “Made in America” label.

Private Sector Speakers include:

  • Andrew Liviris, President, Chairman, and CEO, Dow Chemical
  • Eric Spiegel, President and CEO, Siemens
  • William (Bill) Simon, President and CEO, Walmart U.S.
  • Daniel Doctoroff, President and CEO, Bloomberg L.P.
  • Laurence Fink, Chairman and CEO, BlackRock
  • Douglas Oberhelman, Chairman and CEO, Caterpillar, Inc.

U.S. Government Speakers include:

  • U.S Secretary of State Penny Pritzker
  • U.S. Secretary of State John Kerry
  • U.S. Secretary of the Treasury Jack Lew
  • U.S. Trade Representative Michael Froman

Keep up with additions to the SelectUSA Investment Summit’s lineup of speakers

The Summit will also include various informational breakout sessions, including the benefits of investing in the United States, opportunities for reshoring, business-related visa issues, and promoting and safeguarding innovation.

International and domestic businesses, global investors, economic development professionals, advisors and academics will all benefit from attending the Summit.

Pre-registration is now open for the nation’s premier investment event of 2013. The SelectUSA team is available to answer any questions you may have.

We hope to see you in October!

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Investments, Exports Create A Better Bargain for the United States

August 1, 2013

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Francisco J. Sánchez is the Under Secretary of Commerce for International Trade.

President Obama wants to create “a national strategy to make sure that every single person who’s willing to work hard in this country has a chance to succeed in the 21st century economy.”

It’s a better bargain for the middle class.

At the International Trade Administration, we are proud that our mission is a key part this strategy. As President Obama pointed out in Chattanooga on Tuesday, foreign direct investment (FDI) and exports are key to supporting middle class jobs throughout the United States.

As we’ve noted previously, FDI in our country supports more than five million American jobs. The United States’ record-setting growth trend in exports supported nearly 10 million jobs nationwide in 2012.

The Obama Administration is hard at work to make sure that exports and investment grow – because their growth supports jobs at home. As part of the administration’s efforts,  I’m very excited that we are hosting  the upcoming SelectUSA 2013 Investment Summit. As the President said earlier this week, this conference will connect business leaders from around the world with local leaders “who are ready to prove there’s no better place to do business than right here in the United States of America.”

Pre-registration for the Summit is open now, and I know it will be the premier event for domestic and international investors looking to do business here.

President Obama has laid out his strategy to support economic growth and American jobs through FDI and export promotion. We are ready to support it and take it to the next level.

You can learn more about the SelectUSA Summit at selectusasummit.com.

For businesses looking to begin exporting or expand their current export portfolio, please contact your nearest Export Assistance Center for assistance.

Now, let’s get to work.

You can read the president’s entire speech as prepared for delivery. An excerpt is below: 

Number four, we’ve got to export more. We want to send American goods all around the world. A year ago, I signed a new trade agreement with Korea, because they were selling a lot of Hyundais here, but we weren’t selling a lot of GM cars over there. Since we signed that deal, our Big Three automakers are selling 18 percent more cars in Korea than they were.

So now we’ve got to help more of our businesses do the same thing. I’m asking Congress for the authority to negotiate the best trade deals possible for our workers, and combine it with robust training and assistance measures to make sure our workers have the support and the skills they need for this new global competition. And we’re going to have to sharpen our competitive edge in the global job marketplace.

Two years ago, we created something called SelectUSA. This is a coordinated effort to attract foreign companies looking to invest and create jobs here in the United States.  And today I’m directing my Cabinet to expand these efforts. And this October, I’m going to bring business leaders from around the world, and I’m going to connect them to state leaders and local leaders like your mayor who are ready to prove there’s no better place to do business than right here in the United States of America.

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