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Global Trends Put U.S. Building Product Exports on Solid Footing

July 11, 2016

Joanne Littlefair is a Senior International Trade Specialist at the International Trade Administration

Increasing urbanization worldwide is a megatrend driving global export opportunity for U.S. building product manufacturers, according to a new report, 2016 Top Markets Building Products and Sustainable Construction, from the International Trade Administration (ITA).  With more than half the world population now living in urban areas and more would-be residents flooding into cities daily, cities are challenged to create built environments in which increasingly dense populations can thrive.

This megatrend fuels ITA’s projection that in 2018 some $39.4 billion in global export opportunities will await U.S. exporters of seven categories of building products.  U.S. manufacturers of heating, ventilation, air conditioning and refrigeration (HVACR) products, lighting, plumbing products, wood products, insulation, windows and doors and glass for construction are globally competitive and well positioned to respond to six key trends driven by the urbanization megatrend.

The ITA Top Markets study ranks 75 international markets in terms of 2018 sector export prospects, supported by 10 country case studies.  The study elaborates six focal areas capturing policy and commercial attention as global markets seek increased building performance.

  1. Resilience

In the face of natural and man-made risks, the ability to circumvent, withstand, and recover from impacts is essential to economic and social vitality.  Resilience is a concept receiving considerable attention from governments, investors, international organizations and private sector construction stakeholders.  Buildings have a clear role to play in this sphere.

  1. Energy efficiency

Fully one third of world energy use is estimated to occur inside buildings, so improving building energy efficiency can have huge impacts on energy demand and greenhouse gas emissions.  Improving energy efficiency can be expected to be a continuing core focus throughout buildings.

  1. Water efficiency

Water shortages and drought conditions experienced around the globe underscore the importance of buildings in achieving more sustainable environments.  Estimated to account for 20 percent of global water use, buildings have much to contribute to increasing water efficiency.  The nexus of water efficiency and energy efficiency also is increasingly recognized.

  1. Net-zero energy buildings (NZEB)

The NZEB concept has captured considerable attention globally.  Government policies and private initiatives can be seen being geared to designing, building and operating structures in which the total amount of energy used by the building on an annual basis is roughly equal to the amount of renewable energy generated on site.

  1. Healthy buildings

Notably among institutional and commercial buildings, and increasingly across all building types, there is a focus on increasing building value through a healthy building approach.  This emphasizes indoor air quality, use of low-toxicity materials, occupant thermal comfort and access to natural light, among other factors.

  1. Smart buildings

A smart building is generally understood as one reflecting a holistic approach to a building’s design, construction and operation to maximize efficiencies, occupant comfort and other functional priorities. The building is a system of systems that communicate within the building and externally to optimize performance.  Smart buildings create immediate opportunity for design services and information and communication technologies. They also create demand for high-quality building products with inherent efficiency and interoperable functionality compatible with smart building design.

For additional information on these export opportunity drivers, and how they manifest across the 10 case study markets, download the full report, 2016 Top Markets Building Products and Sustainable Construction.

ITA trade specialists around the globe stand ready to assist U.S. entities with their international market development objectives.  U.S. building products are globally competitive and opportunity exists for companies of all sizes.

 

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The United States-Colombia Trade Promotion Agreement – Four Years Later

July 6, 2016

Fernando Gracia is an Intern in the Office of the Western Hemisphere at the International Trade Administration

Four years ago, the United States Colombia free trade agreement went into effect, representing a commitment to trade and prosperity between our two countries.  Today, we look back at the four years since the United States-Colombia Trade Promotion Agreement (CTPA) entered into force and analyze what it has meant for trade between our two countries.

The overall trend for U.S. exports to Colombia has been positive since the CTPA was implemented in 2012.

  • In 2011, the year before the CTPA came into force, goods exports to Colombia had a value of $14.3 billion. In 2014, goods exports reached a high of $20.1 billion.
  • In 2015, U.S. goods exports to Colombia fell to $16.3 billion, primarily due to the drop in the price of oil and related fuel products. Nevertheless, even with this drop, U.S. goods exports to Colombia have seen a growth rate of 14% ($2.0 billion) over the past four years, compared to 1.4% growth for U.S. exports worldwide.
  • Today, Colombia is the U.S.’s 20th largest goods export partner and the 3rd largest in Latin America behind Mexico and Brazil. Explore U.S.-Colombia trade data here.

The CTPA’s key components that allowed for this growth include the protection and enforcement of intellectual property rights, equal access for services exports, equal access to covered government procurement opportunities, and the elimination of tariffs.  When the CTPA took effect in 2012, over 80 percent of U.S. exports of consumer and industrial products to Colombia immediately became duty-free; the remaining tariffs are being phased out over a period of ten years.  Recently, on January 1, 2016, more than 500 additional tariff lines became duty free for the first time.  This included products like pork products, perfumes, printing ink, soap, paper products, caps and lids, and exercise equipment, among others.  (For the latest tariff information on specific goods, check out the FTA Tariff Tool)

At the industry level, various sectors have benefitted from the CTPA. Manufacturing and agricultural exports have experienced major gains:

  • Manufacturing exports grew from $13.2 billion to $14.5 billion, an increase of 9.8%.
  • Agriculture and livestock exports doubled from $648 million to $1.3 billion.

Before the CTPA was implemented, U.S. exporters had seen their share of the Colombian market decline year after year.

  • In 2009, U.S. exports to Colombia made up 29% of Colombian imports, and by 2012 the U.S. share had dropped to a low of 24%.
  • Since the implementation of the CTPA in May 2012, U.S. market share in Colombia has rebounded, reaching 29% in 2015 (Figure 1).

Figure 1: U.S. Exports Market Share in Colombia

Graph showing U.S. Exports Market Share in Colombia from 2009 through 2015. In 2009, it was 29%, in 2010 it was 26%, in 2011 it was 25% and in 2012 before the Free Trade Agreement went into effect it was 24%. In 2013 it was 28%, in 2014 it was 28% and in 2015 it was 29%.

U.S. market share increased from 24% to 29% since the CTPA was implemented. Data Source: Global Trade Atlas.

At the same time, while the overall value of U.S. goods imports from Colombia  decreased by 39% from 2011 to 2015, trade has become increasingly diverse. The falling price of oil is the primary factor behind the diminishing value of U.S. imports from Colombia. The value of mineral fuel imports from Colombia dropped from $16.8 billion in 2011 to $8.1 billion in 2015 (52%), though the quantity of exports remained more steady (oil imports dropped from 160 million barrels to 149 million barrels, or just 7%, during that time).  Other sectors performed better:

  • Imports of live plants, especially cut flowers, from Colombia increased from $578 million in 2011 to $624 million in 2015, an increase of 8%.
  • Non-knit apparel imports increased from $117 million in 2011 to $137 million in 2015, an increase of 17%.
  • Aluminum product imports also increased significantly from $41 million in 2011 to $123 million in 2015, an increase of 199%.

In addition, the CTPA increased both the number of companies exporting to the United States and the diversity of the products being shipped.

  • According to ProColombia 2,059 Colombian companies and 104 new products entered the U.S. for the first time since the CTPA took effect in 2012, strengthening and diversifying the trade relationship.
  • 97% of these companies are from industry sectors other than mining and energy, two of Colombia’s major export industries. ProColombia put together a list of 10 Colombian companies from diverse industries that have benefitted from the CTPA.

The CTPA’s primary objective and accomplishment has been to provide a platform for both Colombian and U.S. companies to succeed. As the Colombian government approaches a peace agreement with the Revolutionary Armed Forces of Colombia (FARC), we can expect the U.S.-Colombia relationship, including our trade relationship, to only grow stronger.

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Mexico and the United States Expand Relationship Through TPP

July 5, 2016

Leslie Wilson is the Mexico Desk Officer at the International Trade Administration

The United States and Mexico share a deep, longstanding relationship that goes far beyond diplomatic relations to include extensive commercial, cultural, and educational ties, with over $1.6 billion in two-way trade of goods and services and roughly one million legal border crossings each day.  Mexico is our second largest export market and third largest source of imports, with annual two-way trade of $580 billion, reflecting the highly integrated nature of our bilateral value chains.

Shipping containers

US companies will be able to do business in Mexico hassle-free, thanks to TPP.

These deep commercial ties not only make Mexico a favorable market for businesses to expand their operations, but they also make it an ideal first market for new exporters.  Mexico is a high-performing, diversified economy with strong macroeconomic fundamentals.  It provides significant opportunities for U.S. exporters in key sectors such as chemicals, automotive products, metals and ores, machinery, and information and communication technologies. In fact, more than 18,000 U.S. companies have operations in Mexico and more than 57,000 U.S. companies exported goods to Mexico in 2013. These goods exports supported over 952,000 U.S. jobs, and services exports supported an additional 192,777 U.S. jobs. In addition to these market opportunities, initiatives between our governments such as the U.S.-Mexico High Level Economic Dialogue promote mutual economic growth, job creation, and competitiveness.

Our commercial ties have been strengthened by new and existing trade agreements that allow companies to expand and compete in Mexico. The entry into force of the North American Free Trade Agreement (NAFTA) in 1994 created open markets, low tariffs, strong protections for intellectual property, low energy costs, a skilled work force, and integrated supply chains that resulted in U.S. exports of over $240 billion to Mexico in 2014. In fact, a full 40 percent of the content of Mexican exports is comprised of U.S. inputs. That means that of all the products that Americans buy that are manufactured in Mexico, an average of 40 percent of those products’ value-added components are made here in the United States.

The Trans-Pacific Partnership (TPP) represents a further step forward in strengthening our corridor and advancing our regional competitiveness, as the TPP will allow U.S. companies greater market access to 300 million consumers and the fastest growing region in the world in the Asia-Pacific. TPP will enable the strengthening of our global supply chains by providing U.S. exporters with preferential access to our 11 TPP partners and incentivizing stakeholders in North America to engage in greater and deeper integration. The TPP will go beyond NAFTA by adopting higher standards and stronger provisions in areas like e-commerce, anti-corruption, state-owned enterprises, intellectual property rights, small and medium-sized enterprises, environment, and labor.  It will also further expand business opportunities in key sectors such as energy, telecommunications, electronic commerce, financial services, and agribusiness.

Mexico’s sweeping reforms in energy, telecommunications, finance, and labor practices make it an increasingly attractive market for U.S. businesses to become more competitive, and the TPP will further complement these reforms. For further information on the export opportunities to Mexico under the TPP please see our Mexico TPP report. The U.S. Commercial Service team in Mexico stands ready to support your company with offices in Mexico City, Guadalajara, and Monterrey.  We look forward to hearing from you!

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U.S. Government Agencies Enhancing Their Services for Clean Energy Exporters

July 5, 2016

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

This post was originally published on the Department of Energy’s Office of Energy Efficiency and Renewable Energy blog.

By David Friedman, Acting Assistant Secretary for Energy Efficiency and Renewable Energy and Marcus Jadotte, Assistant Secretary of Commerce for Industry and Analysis.

power generating windmills

Led by the Departments of Commerce and Energy, U.S. government agencies are helping American clean energy companies export their renewable energy and energy efficiency technologies to foreign markets.

Now that the Paris Agreement has catalyzed new urgency to address climate change, the world’s demand for renewable energy and energy efficiency solutions is expected to increase exponentially. Manufacturers and service providers in the United States, which are well respected globally for innovative and reliable technologies, are gearing up for export opportunities. At the same time, U.S. agencies are shoring up their collaboration in order to help them meet the challenge.

Officials from six U.S. government agencies gathered at the Department of Commerce last month to evaluate results from our cooperative efforts since 2010 to help U.S. clean energy companies access foreign markets. These agencies also charted a path forward on further promotional activities to position the United States to grow its share of the global clean energy market, which totaled more than $320 billion in 2015.

Known as the Renewable Energy and Energy Efficiency (RE&EE) Working Group, these efforts are being led by the Department of Commerce’s International Trade Administration and the Department of Energy’s Office of Energy Efficiency and Renewable Energy. The RE&EE Working Group is a component of the Trade Promotion Coordinating Committee (TPCC), an interagency group established by Executive Order in 1993.

The RE&EE Working Group also includes the State Department, Export-Import Bank, Overseas Private Investment Corporation, Trade and Development Agency, U.S. Agency for International Development, and the U.S. Department of Agriculture. Each of these agencies has a specific role and resources to support clean energy exporters.

The RE&EE Working Group’s major accomplishments over the last two years include:

  • Detailed global market assessments for renewable energy, renewable fuels, building products and sustainable construction, smart grid and more. U.S. government agencies and companies now use these reports to target their export promotion efforts. The reports are part of Commerce’s Top Markets Series. Going forward, the RE&EE Working Group agencies pledged to provide substantive input, including from the Energy Department’s Clean Energy Manufacturing Analysis Center at the National Renewable Energy Laboratory, into Commerce’s Top Markets analyses.
  • An interactive mobile app (currently in beta testing) developed by the Departments of State, Energy, and Commerce that showcases clean energy products and technologies deployed at U.S. embassies around the globe. This innovative resource will help foreign buyers locate clean energy technologies and services provided by American suppliers, which have a global reputation for superior quality. American companies can “opt in” to having their products and services included in this app by completing a short questionnaire.
  • Launching negotiations with 16 members of the World Trade Organization on an Environmental Goods Agreement (EGA) that would remove tariffs on a range of environmentally-friendly goods, such as renewable energy and energy efficiency technologies.  High import tariffs across the world’s clean-tech market limit many countries’ access to these technologies. Eliminating these through the EGA would not only make clean energy technology solutions more affordable, it would be a triple win: boosting trade, spurring innovation, and protecting the environment.

Moving forward, U.S. companies will soon be able to find clean energy trade-related information in a revamped portal for renewable energy and energy efficiency exporters. The updated portal will feature improved navigation options and a more user-friendly interface. The portal will continue to serve as a dedicated space for information on market developments, upcoming trade missions, events, analyses, and federal export assistance programs.

Furthermore, agencies that provide financing of various kinds to facilitate U.S. participation in overseas clean energy projects (e.g., loans, export credit guarantees, or technical assistance) are going to take a closer look at their programs to see where the envelope can be pushed. This collaboration is urgently needed for emerging markets, where clean energy is in high demand but financing is a challenge.

In the coming months, the RE&EE Working Group will also address the most recent set of recommendations provided by the Renewable Energy and Energy Efficiency Advisory Committee (REEEAC), a group of 35 private-sector leaders providing advice and insights on export promotion efforts to the Secretary of Commerce. The REEEAC is also currently seeking nominations for members (deadline is August 15) for a fresh round of discussions that will ultimately deliver new recommendations to the next administration.

Importantly, one of the six recommendations made by the REEEAC was to revitalize this interagency Working Group…and we’re happy to have done it! By assisting U.S. clean energy exporters we can contribute to economic growth and job creation while also deploying solutions worldwide to save our planet.

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Doing Business in Peru—TPP Offers Expanded U.S. Export Opportunities

June 28, 2016

Ricardo Pelaez, Senior Commercial Officer, Lima, Peru

For a decade (2003-2013), Peru was Latin America’s fastest growing economy with an average annual growth rate of 6.3 percent. Over the same time period, it cut poverty in half from 54% to 23.4%. Peru’s economy continued to grow at rates of 2.4 and 2.9% in 2014 and 2015 respectively and is outperforming its regional neighbors. Experts forecast Peru’s economy will return to 3.7 and 4.1 % growth in 2016 and 2017, respectively. This growth will be driven by expanded mining production and anticipated continuation of sound macro-economic and market friendly policies under a new Kuczynski government that takes office on July 28, 2016.

Peru

Peru

Peru’s low inflation and second highest credit rating in Latin America make it an attractive market for U.S. exporters. Peru is our 6th largest export market in Latin America, with U.S. exports totaling $8.8 billion in 2015. Some 12,000 U.S. companies currently export to Peru, roughly 86% of which are SMEs. The United States is Peru’s 2nd largest export market and 2nd largest supplier of imports after China. U.S. products and services are well-positioned to expand in sectors such as mining, construction, food processing and packaging, e-commerce, education, industrial chemicals, medical supplies and equipment, plastics, water management, and security and safety equipment.

The U.S.-Peru Trade Promotion Agreement (PTPA) entered into force in 2009, immediately eliminating tariffs on over 80% of U.S. consumer and industrial products exports to Peru. PTPA has had a tremendously positive impact on trade between our two countries. Since 2009, two-way trade between the U.S. and Peru has grown 8% per year and U.S. exports to Peru have grown 11% per year. Furthermore, the PTPA was a catalyst for Peru to sign another 16 FTAs encompassing 52 economies, cementing its free- trade policy. Peru is actively pursuing regional trade integration through membership in the Pacific Alliance and the Trans-Pacific Partnership (TPP).

In the past few months, my team has assisted more than 170 U.S. exporters interested in penetrating the Peruvian market and recruited over 420 Peruvian buyers to attend U.S. trade shows. We supported over 50 U.S. exhibitors at Perumin, Peru’s largest mining convention and trade show held in Arequipa biennially. In response to a Presidential initiative improving Peruvian citizens’ access to healthcare, we organized a three-day Healthcare Trade and Investment mission led by the Deputy Secretary of Commerce that featured 23 U.S. companies.

The Peruvian government has allocated an additional $1.6 billion to invest in education projects in 2016, which includes the building and design of high performance schools with state of the art educational technologies. Peru’s investment in new transportation and telecommunications infrastructure will contribute to growth in the construction sector, while ongoing mining and energy projects and the continued demand for housing and office facilities will further spur growth in the market and offer new opportunities for U.S. firms.

Peru’s world-renowned gastronomy has fostered growth in its local food processing and packaging industry. Local Peruvian ingredients such as fruits, peppers and Andean cereals are now being successfully marketed internationally. The growing middle-class now has greater purchasing power for more expensive, processed and packaged food products which offers opportunities for U.S. technologies in this sector.

All of these developments mean good news for U.S. exporters. Once in force, the TPP Agreement will amplify the synergies between our two markets, as we increase exports to the other TPP member countries, particularly Asian markets. The TPP will add to the success of the PTPA and increase opportunities for new partnerships between Peruvian and U.S. companies.

As of 2014, over 39,000 U.S. jobs were supported by goods exported to Peru, and that success is expected to increase under the TPP. To learn more about doing business in Peru and other markets, I invite you to select Peru under our Country Commercial Guides. To learn more about U.S. export opportunities to Peru under TPP visit our Peru TPP Country Report.

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Japan- Your Next Export Market

June 23, 2016

Andrew Wylegala is a Senior Commercial Officer for the International Trade Administration

Last month was an exciting time for us in Japan.  Not only did the President participate in the G-7 Summit hosted by Prime Minister Abe, but he also made a historic visit to Hiroshima.  Throughout his visit, the President underscored the enduring friendship between the United States and Japan since the end of WWII, and how together we provide leadership and stability in the Asia Pacific region.  The President’s words provided a timely reminder of what makes the Trans-Pacific Partnership (TPP) agreement so important in strengthening and growing our economies—and our relationship.  I no sooner finished watching the President’s closing remarks at the Hiroshima Peace Memorial, than I caught the breaking news  of the Japanese government’s intent to take up passage of TPP legislation in a special fall session of the Diet.

Japan

Japan

As the two largest economies party to the agreement, the United States and Japan hold the key to TPP’s realization.  The U.S. exported over $66 billion in goods and over $46 billion in services to Japan in 2014.  Both also stand to benefit greatly, especially as we look to our future in the digital economy.   Japan’s e-commerce market is one of the largest and fastest growing in the world.  The global business-to-business (B2B) e-commerce market was estimated at $1.5 trillion with an annual growth rate of about 4%, with even faster double digit growth in the business-to-consumer (B2C) market.   Combine this with the fact that Japan has one of the highest per capita income level in Asia — with a GDP per capita of $37,800 — and middle class consumption that ranks second only to the United States and that means that maintaining and expanding access to the Japanese e-commerce market will become increasingly more important for both U.S. exporters.

And the TPP e-commerce provisions do just that. The TPP includes a complete prohibition on customs duties for digital products. This means that U.S. exporters will not have to pay duties on the sale of their music, videos, games or software distributed to the Japanese consumer electronically.  Another key provision commits TPP partners to allowing cross-border information and data transmission by electronic means, and prohibits measures that compel companies to conduct digital trade-related activities within a country’s borders, such as requiring data servers to be located in-country or requiring local content for digital goods and services.  This is particularly important as more and more Japanese consumers and companies adopt cloud computing.  In fact, Japan is considered our top cloud computing export market in Asia with continued robust growth anticipated through 2018 at an annual rate of 9% from a current market of about $2.1 billion.

In addition to e-commerce, the TPP agreement provides U.S. exporters increased access to many other sectors of the Japanese market ranging from agricultural products to industrial and consumer goods and financial services.  For more information on specific export opportunities to Japan under TPP, please visit our Japan TPP report.  I hope to touch upon these market prospects in my future blogs.  In the meantime, I highly encourage you to reach out to us here in Japan or through your closest USEAC to discuss the new and expanded export opportunities that will be afforded your company by the TPP.

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SelectUSA: What’s your Next Step?

June 23, 2016

By Vinai Thummalapally, Executive Director, SelectUSA

The 2016 SelectUSA Investment Summit wrapped up earlier this week, but the action hasn’t stopped.  Representatives of international companies are traveling to other parts of the country as they search for locations to establish or expand operations. U.S. economic development organizations (EDOs) from every corner of the United States have packed up their booths, but many of them are still meeting or hosting investors. And the team at SelectUSA and the U.S. Department of Commerce is fielding inquiries, receiving feedback, and providing services to companies and EDOs.

President

President Barack Obama speaks at the 2016 SelectUSA Summit

Hosted by President Barack Obama and Secretary of Commerce Penny Pritzker, the SelectUSA Summit is the highest profile event to promote job-creating foreign direct investment (FDI) in the United States. The momentum from this year’s event will take our efforts to a new level. More than 2,500 participants from across the United States and 70 foreign markets convened in Washington, D.C. from June 19 – 21 to discuss diverse opportunities, find practical tools and information, and meet the right people to move investments forward.

In addition to Secretary Pritzker, seven members of President Obama’s Cabinet, welcomed participants: Secretary of State John Kerry, Treasury Secretary Jacob Lew, Secretary of Agriculture Thomas Vilsack, Secretary of Labor Thomas Perez, Secretary of Transportation Anthony Foxx, Energy Secretary Ernest Moniz, and Ambassador Michael Froman, United States Trade Representative (watch online). They were joined by Governor Jack Markell of Delaware, Governor Nathan Deal of Georgia, Governor Butch Otter of Idaho, and Governor Terry McAuliffe of Virginia, who helped show the essential role that state governments play in economic development. Business leaders from a range of industries shared their experiences with the audience, and 22 U.S. Chiefs of Mission personally led delegations of investors.

The SelectUSA Summit started on Sunday, June 19, with the Summit Academy, a pre-Summit orientation designed for first-time investors and U.S. economic developers. Held in filled-to-capacity conference rooms at the Washington Hilton, the Academy sessions were designed to help participants understand the U.S. regulatory environment, tap into resources and networks, build successful investment strategies, pitch locations to international investors, and much more.

On Monday, Secretary Pritzker opened the main Summit program, remarking on the resilience of the U.S. economy and the country’s high-quality workforce. “[Investors] choose the United States because of the talent, ingenuity, and productivity of our people.” She continued, “The American economy is the strongest, most durable, most innovative economy in the world – and there has never been a better time to invest in the United States.”

President Obama delivered the keynote address, highlighting the benefits of FDI for the U.S. economy. The U.S. affiliates of foreign companies directly employ 6.1 million people in the United States, and another 5.9 million jobs are attributable to FDI through sourcing, productivity growth, and other economic effects. These companies exported $360 billion worth of goods from the United States and spent $53 billion on U.S. research and development in 2013 alone.

The President spoke about the transformative power of U.S. innovation: “No country has done more to build a culture of making and tinkering, and entrepreneurship and risk-taking, and of innovation and invention.”

He announced that the Smart Manufacturing Leadership Coalition will lead the new Smart Manufacturing Innovation Institute, in partnership with the U.S. Department of Energy. The coalition, headquartered in Los Angeles, brings nearly 200 partners across academia, industries, and nonprofits from around the country together to spur advances in smart sensors and digital process controls that can radically improve the efficiency of U.S. advanced manufacturing. The Smart Manufacturing Innovation Institute is the ninth manufacturing hub awarded as part of the National Network for Manufacturing Innovation (NNMI). The President also announced the launch of five new manufacturing hub competitions, which will invest nearly $800 million in combined federal and non-federal resources to support transformative manufacturing technologies.

Offstage, the Exhibition Hall was alive with energy, showing the incredible diversity of the United States. U.S. EDOs promoted their locations to representatives of international firms, and participants could walk from California to Texas to Vermont, learning each step of the way, simply by crossing the room. Using the new, digital Poken matchmaking system, participants could search for and connect with potential business partners.

Next to the Exhibition Hall, the U.S. Government Pavilion featured representatives from SelectUSA and 20 other federal agencies. Experts were available to answer questions about visas and customs, economic data, workforce programs, supply chain and export services, resources for innovation, and more. Representatives from the Economic and Statistics Administration, for example, shared their 2016 update to their 2013 FDI report, which found that investment in the United States remains strong, and total FDI stock in the United States grew an average of 6 percent per year from 2009-2014.

That same day, the inaugural meeting of the new Investment Advisory Council met at the White House. Earlier this month, Secretary Pritzker appointed 19 public and private sector leaders as members of the council, who will provide key stakeholder input on how best to support U.S. economic growth through the attraction and retention of FDI.

Secretary of State John Kerry gave the closing address to the Summit, highlighting the benefits of FDI to U.S. economy and, in turn, the world. Secretary Kerry reiterated the common theme that when we do business across borders, governments enjoy mutual benefits: “[It] is clear that when you invest in the United States today, you are investing in a more prosperous world, in a more secure planet, and in a future of peace and opportunity.”

On behalf of SelectUSA, I want to thank everyone involved in making the Summit a success. It has been an honor to work across the federal government and with EDOs and companies from across the country and the world. We are inspired, and we’re excited to continue our mission. Secretary Pritzker announced that the fourth SelectUSA Investment Summit will take place June 18-20, 2017 in Washington, D.C., and the SelectUSA team offers services all year round. We’re already working on our next steps to keep our economy moving forward – we are excited to hear about your next steps as well.

 

 

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