Posts Tagged ‘SelectUSA’

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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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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

This post contains external links. Please review our external linking policy.

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

This post contains external links. Please review our external linking policy.

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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United States Returns as the Global Capital for Global Capital Investment

June 28, 2013

Aaron S. Brickman is the Acting Executive Director of SelectUSA.The SelectUSA Investment Summit will be held )ctober 31 to November 1, 2013 in Washington DC. Details are available at SelectUSA.gov

Global investors are “rediscovering” the United States.

This week the consulting firm A.T. Kearney published its annual Foreign Direct Investment (FDI) Confidence Index. The Index surveys top executives from more than 300 leading global companies – representing more than $2 trillion in annual global revenue – on where they are directing their investment strategies. For the first time since 2001, the United States ranked #1 on this list, retaking the top spot!

The Department of Commerce’s SelectUSA program has seen this trend coming through the work we conduct on a daily basis. Companies both large and small increasingly understand that the United States is the destination of choice for capital, and an unparalleled place to invest and do business.

Markets such as Brazil, Canada, China, and Europe will continue to receive significant cross-border investment. However, the survey suggests that the resurgence of investment in American manufacturing is not just a temporary trend but the new reality.

A.T. Kearney’s survey reflects SelectUSA’s core mission: to assist U.S. economic development organizations (EDOs) in their efforts to attract global investment, and to work with companies throughout the world seeking to establish or expand operations in the United States.

On October 31st and November 1st, SelectUSA will host its inaugural SelectUSA 2013 Investment Summit in Washington, DC. The purpose of this unprecedented two-day event is to connect investors – both foreign and domestic – with U.S. EDOs at the state, regional, and local levels to help promote and facilitate business investment in the United States. The Summit will bring together top-level corporate executives and investors, EDO representatives from across the country, senior White House and Administration officials, industry experts and service providers.

The Summit is generating great interest in the business community, further bolstering what A.T. Kearney’s survey has told us:  the United States is open for business!

To pre-register for the SelectUSA Investment Summit, please go to www.selectusasummit.com.

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Why Companies Choose the United States: Beyond Incentives – Part 2

April 17, 2013

Rebecca Moudry is a Manager with SelectUSA, part of the International Trade Administration. This post is a follow-up to an earlier post published on the Tradeology blog. 

This chart shows that businesses are looking increasingly at proximity to markets, market growth potential, availability of skilled workers, and industry climate as reasons to choose a location to set up shop. Financial incentives matter less now than in the past, according to the study done by fDi Markets.

Based on data from fDi Markets.

In the SelectUSA session at the 2012 International Economic Development Council (IEDC) Annual Conference, Gene DePrez of Global Innovation Partners described the multiple tradeoffs companies consider as they make a global location decision. We discussed some of the considerations they make in an earlier post.

Sharing insights gained through over 30 years of experience advising businesses on global location strategy and site selection, DePrez concluded that incentives are just one factor among many that drive a transaction decision. According to DePrez, access to markets, talent, innovation, strong intellectual property rights, and key suppliers are among the critical fundamentals a company considers when determining where to invest. This jibes with data gathered by fDi Markets. They then weigh these against the costs and risks, and unique opportunities of each location.

In the end, there is not a uniform recipe for how or where a company decides to locate.

“The advantages of each candidate location will be traded against the one-time and long term costs and potential risks among other alternatives,” DePrez said. “Particularly when comparing global candidates, costs are just one piece, and incentives may be more or less important depending on the sector, type of operation, company culture and priorities of the CEO.

“Often they are important to offset one-time costs for training, or relocation, or to level the playing field through infrastructure improvements,” he added.

The Toshiba International Corporation is an example of the location decision process for a global firm. In 2011, this Japanese-based company began considering multiple locations to expand U.S. manufacturing to produce high-performance drive motors for hybrid electric and electric vehicles. Matthew Bates, a Plant Manager, says Toshiba’s motivating need was to be closer to their primary customer. A skilled and highly trained workforce was also critical, along with the need to maintain or reduce production costs.

After considering multiple locations and weighing tradeoffs, Toshiba settled on reconfiguring their existing Houston plant to accommodate the hybrid electric motor line. Their decision has paid off through:

  • Shorter lead times (from six weeks to four days)
  • Reduced currency risk
  • Decreased shipping costs
  • Decreased overall costs through eliminating duties, inventory holding and warehousing costs

“Not only are we saving money, but we have improved communication with suppliers, are more responsive to our customer, and have been able to preserve and even grow the Toshiba company culture in our Houston production site,” Bates said.

“Expanding in the U.S. has been a huge success for this product line and our company.”

SelectUSA is the government-wide initiative to promote and facilitate investment in the United States. Contact SelectUSA at http://www.SelectUSA.gov or +1-202-482-6800.

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Investing In The U.S. Is Good Business and Helps To Create Jobs

April 15, 2013

Aaron S. Brickman is the Deputy Executive Director of SelectUSAThe SelectUSA Investment Summit will be held )ctober 31 to November 1, 2013 in Washington DC. Details are available at SelectUSA.gov

U.S. Deputy Commerce Secretary Rebecca Blank just announced that the inaugural SelectUSA Investment Summit will be held in Washington, DC from Oct. 31 to Nov. 1, 2013.

The Summit will be the first of its kind, connecting businesses and investors from around the world with economic development organizations (EDOs) from across the country in an effort to promote investment in the United States and support the creation of American jobs. The two-day event will also amplify the work of SelectUSA in delivering on President Obama’s agenda to increase direct investment in the United States as a way to spur economic growth and create jobs.

UPDATE: Register For the Summit Online

The Summit will bring together international and domestic investors; national, regional, state and local economic development organizations (EDOs); senior Obama Administration officials; business leaders; and industry and technical experts, providing them with a unique opportunity to discover all the reasons why the U.S. is the ideal destination for companies that are weighing options for locating or expanding  their operations. During the two-day event, participants also will be able to explore potential investment opportunities in this country, as well as share best practices and build networks.

Our nation presents an unparalleled investment opportunity for domestic and foreign businesses. It benefits from sophisticated industry clusters, first class universities and research and development centers, access to global markets, strong intellectual property rights and a stable legal system and regulatory environment.

In 2012, nearly $168 billion in FDI flowed into the United States. Data from 2012, the latest figures available, indicate that affiliates of foreign firms employed more than 5.3 million U.S. workers at an average salary of nearly $70,000 per year.

These statistics are good, but we can do more to ensure that the U.S. share of global FDI grows even larger. That is why President Obama launched SelectUSA, and included $20 million in his fiscal year 2014 budget to support the program’s implementation.

Located within the International Trade Administration of the U.S. Department of Commerce, SelectUSA leads the federal government efforts to promote the United Sates as the premier global investment destination, and facilitates investment in the United States. The program provides information assistance to the global investment community, serves as an ombudsman for investors, and advocates for U.S. cities, states, and regions competing for global investment.

We look forward to broad participation in the SelectUSA Investment Summit─a not-to-be-missed opportunity for both  investors and EDOs. To learn more, please visit http://selectusa.commerce.gov/selectusa-investment-summit.

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