Posts Tagged ‘blog’

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Richmond, Virginia: Providing a Soft Landing Since 1607

October 29, 2019

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

The Greater Richmond Partnership, Inc. (GRP) is the lead regional economic development organization for the City of Richmond and the counties of Chesterfield, Hanover and Henrico in Virginia.

This post is part of SelectUSA’s EDO Spotlight series, highlighting the work of EDOs around the country recruiting foreign direct investment, how that work supports jobs and economic growth across the United States, and how SelectUSA partners with EDOs to support economic development.

You could say that the first foreign direct investment occurred in 1607 when English settlers founded the Richmond Region in Virginia. Soon thereafter the nation’s first hospital was built, the first university was chartered, and the first ironworks were established.

Richmond VA guest blog 102919

Photo via Creative Dog Media

Today, the Richmond Region is home to more than 220 international firms from 26 countries employing 24,600 residents. From advanced manufacturing to supply chain and finance to technology, international firms love the region’s quality of life and affordable business costs.

The biggest challenge for international companies is finding the right location and much like explorers John Smith and Christopher Newport, businesses are still finding their way to the Greater Richmond Region:

  • Sabra Dipping Company operates the world’s largest hummus factory in the region.
  • A locally-based Rolls-Royce manufacturing facility anchored two suppliers, Erodex and Pryor Technology. The two UK-headquartered companies were seeking to improve existing customer relations while expanding its offerings.
  • German company iMPREG Group expanded its operations with a North American headquarters.
  • Polykon Manufacturing, a joint venture between two Air Liquide entities (France), is completing its $60 million facility to produce consumer cosmetics.
  • ERNI Electronics, Inc., a Swiss-based manufacturer of electrical connectors for the automotive, medical, and communications fields, is investing $25 million to establish a new 80,000-square-foot facility.

The United States is the largest economy in the world, so opportunities abound for new businesses. However, most of our clients are adapting from their home market with different business cultures, systems and regulations. GRP encourages international firms to maximize their efforts and resources by taking advantage of expert advice and doing things right the first time. When a company visits the Richmond Region, GRP schedules an itinerary loaded with meetings with industry leaders, local partners and service providers.

GRP’s Global Assistance Program is a one-stop shop designed to provide these essential connections for firms exploring opportunities in the U.S. market. Our roster of referral partners and experienced professionals have a proven track record with international businesses. Company information is always kept confidential and the first meeting with any of our partners is complimentary and without obligation. Available services, include legal advice, , financing, development and real estate, insurance, and marketing.

But don’t take our word for it. In fact, many of GRP’s former clients have served as the best salespeople for the Richmond Region. Several firms even serve on GRP’s International Advisory Committee, which provides valuable expertise and insight for companies considering the U.S. market.

It’s a lot easier following an expert’s map than stumbling through unchartered territory.

For more information on GRP, please visit the organization’s website at grpva.com.

About SelectUSA

Housed within the U.S. Department of Commerce’s International Trade Administration, SelectUSA promotes and facilitates business investment in the United States.

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Key Takeaways from BEA’s Latest FDI Data

October 22, 2019

Kimberly Aagard is a Research Analyst at SelectUSA

With the latest update of the Bureau of Economic Analysis (BEA) foreign direct investment (FDI) data recently released, the Investment Research team at SelectUSA couldn’t resist an opportunity to delve into the numbers and to follow up from our colleague’s previous post.

In 2018, the inward position of FDI in the United States totaled $4.3 trillion, which was an increase of eight percent from 2017. [Note: This statistic measures investment from the foreign ultimate beneficial owners (UBOs) that drive the decision to invest in the United States.] Over the past five years, the compound annual growth rate of the inward FDI position in the United States has been a strong 9.8 percent.

The largest six markets by UBO maintained their 2017 rankings of FDI position into the United States in 2018: in order, the United Kingdom ($597.2 billion), Canada ($588.4 billion), Japan ($488.7 billion), Germany ($474.5 billion), Ireland ($385.3 billion), and France ($326.4 billion). Together, these markets were the ultimate point of origin for more than 65 percent of all FDI in the United States – almost $2.9 trillion!

top 6 sources of US FDI 102219

Many of the markets that are the largest sources of FDI into the United States also have FDI positions that are growing quickly. Belgium, Bermuda, Canada, China, Ireland, and South Korea are among both the top 15 largest and the top 15 fastest-growing sources of FDI in the United States by position. In addition, Argentina, the fastest-growing market for FDI in the United States in 2018, had a compound annual growth rate from 2013 to 2018 of 57.9 percent! [Note: The metric for the fastest-growing sources of FDI ranks only markets with 2018 FDI stock in the United States valued at least $1 billion.]

world map for BES-FDI Data Blog 102219

Source: SelectUSA calculations based on FDI data from the Bureau of Economic Analysis. www.bea.gov Accessed October 2019.

While the United Nations Conference on Trade and Development (UNCTAD) found that global FDI flows continued to decline from 2017 to 2018, the United States retained its dominant position as the top destination worldwide for FDI in 2018. Annual flows can fluctuate from year to year; however, FDI flows (which are measured by foreign parent instead of UBO) into the United States still totaled more than $250 billion in 2018.

When examining the FDI position in the United States by industry of the U.S. affiliate, the share of the position of each industry remained largely similar from 2017 to 2018. The manufacturing sector continued to make up the largest share, at almost 41 percent of the total FDI position in the United States in 2018. However, retail trade had the largest year-over-year growth in its position among industries from 2017 to 2018 (67.2 percent), followed by the real estate and rental and leasing sector (42.4 percent).

In 2018, manufacturing also made up the largest industry sector of FDI coming to the United States from almost all regions of the world: Europe, Asia and Pacific, Canada, Latin America, and the Middle East. The only region where manufacturing was not the largest sector of FDI was Africa, for which data on manufacturing FDI was suppressed.

BEA FDI blog-Position of FDI graphic 102219

Source: Bureau of Economic Analysis. www.bea.gov Accessed October 2019.

Stay Current on FDI
If you’d like more information about this latest release, SelectUSA recently hosted a webinar with BEA experts to discuss the data. You can find a recording of that webinar here.

Keep your eyes open for BEA’s next data release on FDI topics in November: the Activities of U.S. Affiliates of Foreign Multinational Enterprises (MNEs) series, which indicates the number of U.S. jobs, the level of spending on research and development (R&D), and the value of U.S. exports supported by FDI in the United States.

For more information on FDI in the United States, sign up for email updates from SelectUSA and visit SelectUSA.gov for resources such as FDI fact sheetsinteractive data tools, and informative reports. You can also follow and contribute to our #FDIintheUSA campaign on Twitter!

 About SelectUSA
Housed within the U.S. Department of Commerce’s International Trade Administration, SelectUSA promotes and facilitates business investment in the United States.

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

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We Have Launched a Blog

April 23, 2009

Jeremy Caplan is a public affairs specialist in the International Trade Administration’s Office of Public Affairs.

Yes, government blogs are a hot topic in some quarters these days. In the public and within the government itself, there is a healthy mix of excitement and [insert a negative word of your choice] about what they might be able to help accomplish and how smooth or bumpy the road to get there may be. At the International Trade Administration, we think that the blog format could be a great way for us to engage citizens, businesses, and our other stakeholders in a new way (for us as an organization, at least) in a discussion about what we do and why do it, so we decided to launch a blog.

The ITA Blog is to be a study of international trade and the issues involved between us at ITA and you, the trade-interested community. It is meant to be an ongoing dialogue about how trade benefits U.S. businesses and what ITA is doing to helping them achieve those benefits. The ITA Blog will be a new channel to provide context for trade promotion, policy and analysis to show how trade fits into the bigger picture. It will answer questions about what is trade and why is it important?

The ITA Blog will feature blog posts written by ITA employees at all levels. From our trade specialists working directly with companies to help them achieve their first exports to our analysts working in Washington cubicles to our senior officials, we will show you what ITA is doing on trade.

What comes next after the blog entries are posted is up to you. We will provide you an opportunity to reply to our blog posts and we look forward to engaging you in discussions about the questions and issues they raise. So, please, join us as we take up the study of international trade.

A note on blog functionality: As we begin our international trade adventure with you here on the ITA Blog, you may notice the absence of some normal blog features (RSS feeds, categories, etc). We know that they are needed and will add them as soon as we can. Those of you that have worked with the government before probably know that simple is never as simple as it should be. We know that here, too.