Posts Tagged ‘SelectUSA Investment Summit’

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100 Billion and Counting: A New Milestone from Past Participants of the Investment Summit

May 24, 2019

Brian Lenihan is the Executive Director of SelectUSA

The SelectUSA Investment Summit is the place to be if you want to grow your business into an international enterprise. That isn’t hyperbole – it’s job-creating fact. Participants of past Investment Summits have announced more than $103.6 billion in investments in the United States within five years of attending an Investment Summit. Those projects will create or retain over 167,000 U.S. jobs.”

It’s important to note the time frame here. Businesses from around the world come to the SelectUSA Investment Summit to explore the business climate, learn about opportunities, and make connections. Within five years of attending, they’ve announced billions in new projects. That speaks to the quality of companies that come to the Investment Summit, the strength of the U.S. business climate, and the incredible work that economic development organizations do to facilitate investment.

This June 10-12, business investors from around the world will meet at the Washington Hilton in Washington, D.C. to connect directly with economic developers and service providers from across the United States. In addition to hearing from global CEOs and thought leaders in the economic development sphere, they’re traveling to D.C. to turn business potential into business opportunity.

Last year’s Investment Summit saw $600 million in new investment announcements, representing hundreds of new American jobs. One of those companies, Indian steel manufacturer JSW, announced its plans to build a $500 million facility in Mingo Junction, a town of just 3,300 people in eastern Ohio. That investment alone has the potential to transform the town’s economy and job market. JSW’s investment is emblematic of the impact of foreign direct investment (FDI) in the United States.

Confidence in the U.S. market is at an all-time high. Executives from global companies recently confirmed this in the 2019 FDI Confidence Index from A.T. Kearney. This year’s ranking marks the seventh year in a row that the United States has topped the index. “The United States marks its longest-ever run at the top of the Index this year,” A.T. Kearney noted. “likely reflecting its large domestic market, continued economic expansion, competitive tax rates, and technological innovation capabilities.”

I invite you to join us next month. You’ll see why A.T. Kearney continues to rank the United States as the best place in the world to do business. Coming to the Investment Summit isn’t just window shopping. There are actual opportunities here that a business can act on, and there are more than 100 billion pieces of evidence of that.

Visit www.selectusasummit.us for more information and follow @SelectUSA on Twitter for the latest updates on the Investment Summit.

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Building on Success: North Carolina Opens New FDI Office in India

May 22, 2019

Christopher Chung is the Chief Executive Officer of the Economic Development Partnership of North Carolina.

When you stop by North Carolina’s Booth 525 at this year’s SelectUSA Investment Summit, you’ll see a new face that expresses our strong commitment to attracting more India-based companies to a state that has been focusing for the past five years on winning Indian investment.

The Economic Development Partnership of North Carolina (EDPNC) recently opened the state’s first foreign direct investment (FDI) office based in India ― dedicated to increasing FDI into North Carolina from one of the world’s fastest-growing economies.

NC Gov.

North Carolina Gov. Roy Cooper and Infosys President Ravi Kumar announce in July 2017 that the technology consulting company would be establishing a 2,000-job hub in the Research Triangle region of North Carolina.

Our newest FDI representative ― Rahul Padmanabha ― is based in Bangalore. You can meet him at our booth, as well as representatives traveling to the SelectUSA Investment Summit from all the state’s other overseas FDI offices located in Europe, China, South Korea and Japan.

North Carolina, which opened the Bangalore office late last year, is paying attention to India because its executives certainly have been paying attention to us. According to the Moody Analytics company Bureau van Dijk, from 2014 through 2018:

  • Indian companies announced more than $409 million in capital investment and 4,400 new jobs in North Carolina.
  • North Carolina ranked No. 1 among all states for the number of announced jobs connected to Indian FDI.
  • North Carolina was No. 2 in the Southeast U.S. and No. 3 nationwide for the total capital investment announced by Indian companies.

That’s substantial growth in Indian companies choosing our state. And there’s opportunity to attract more of the same because North Carolina is a national leader in industry sectors that closely align with Indian interests ― including IT, pharmaceuticals, textiles, food processing, automotive and aviation.

In the big area of IT consulting, for example, our central East Coast location and tech talent appeal to global companies that want to nearshore facilities closer to their existing U.S. customers. Another big draw? North Carolina’s business-friendly costs and tax climate – including the lowest corporate income tax rate in the United States at 2.5 percent.

Announcements by India-based companies in recent years have made big headlines in North Carolina, such as information technology giant Infosys choosing Raleigh in 2017 for a 2,000-job innovation and technology hub. Others include IT services company HCL Technologies’ 1,237-job expansion in CaryAurobindo Pharma’s 275-job research and development headquarters in Durham; and technology services firm Zensar’s new customer delivery center, which is expected to create up to 200 new jobs in Durham.

There’s also Glenmark Pharmaceuticals, which announced its first U.S. manufacturing facility in Monroe outside Charlotte in 2014. The $100 million facility currently employs nearly 170 people.

While urban areas have attracted most of North Carolina’s India-source investment, several projects have been announced in our rural communities. For example, AR Textiles, part of the India-based Sunflag group of companies, has a factory in Martin County.  Mumbai-based Mahindra Vehicle Sales and Service chose Henderson County for its North American office headquarters.

As SelectUSA’s former lead for India, Rahul brings to his new North Carolina FDI role a deep understanding of what Indian companies need to succeed in the United States. Visit Booth 525 to find out how North Carolina can meet those needs, or email me directly at cchung@edpnc.com. I’ll be at the SelectUSA Investment Summit as well, and looking forward to connecting.

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USA Spends Seven Years Atop Key Business Index

May 7, 2019

Brian Lenihan is the Executive Director of SelectUSA in the International Trade Adminsitration

Some say that a person needs to hear a fact seven times before they will remember it. It’s called the Rule of 7. Whether it’s fact or fiction, I can’t be the judge. But in my time working at the International Trade Administration, I have come up with a Rule of 7 on my own: If global CEOs agree on something for seven years, everyone should commit it to memory.Graphic

The fact at hand is this: The United States is the best place in the world for global businesses to invest and grow.

That’s what global CEOs have said in A.T. Kearney’s annual FDI Confidence Index. For seven consecutive years, business leaders that are growing their companies around the world have said there is no better place to invest than here in the United States.

In honor of seven years earning the top spot as a business investment destination, here are seven reasons the United States is the best place to do business:

1. Sustained Economic Growth: The United States economy has grown at a greater than 2 percent clip for eight consecutive quarters, including a 3.2 percent growth rate in Q1 2019 that beat market expectations.
2. Powerful Consumer Market: Businesses operating in the United States have direct access to the world’s largest consumer market, as ranked by the World Bank.
3. A Fair Corporate Tax Rate: The Tax Cuts and Jobs Act decreased the corporate tax rate from 35 percent to 21 percent, meaning businesses can invest more of their revenues back into their operations.
4. A Simpler Regulatory Environment: The Administration has focused on removing redundant regulations that presented an unnecessary hurdle to doing business.
5. Intellectual Property Protections: Companies and entrepreneurs can innovate in the United States without worry that their intellectual property will be compromised.
6. World-class Productivity: The U.S. workforce is more than 37 percent more productive than the Organization for Economic Cooperation and Development average.
7. An Environment for Entrepreneurship: The U.S. legal system provides predictability and freedom from corruption that allows businesses and entrepreneurs to invest with confidence, as reflected by the United States’ number 1 ranking in the Global Entrepreneurship Index.

Thousands of foreign-owned businesses have used these reasons to grow in the United States, and their impact is significant: FDI supports nearly 14 million U.S. jobs.

If you are looking to enter or expand into the U.S. market, the SelectUSA Investment Summit is a must-attend event. The latest FDI Confidence Index underscores the fact that the United States is open for business; the Investment Summit will show how your business can take advantage of the opportunities offered in the world’s largest and most attractive market. I hope you’ll join us this summer.

For more information about the SelectUSA Investment Summit, please visit selectusasummit.us.

 

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Facilitating Business Investment to Deliver for the American Economy

November 1, 2018

Wilbur Ross is the U.S. Secretary of Commerce.

Today, registration is open for the 2019 SelectUSA Investment Summit, and I am looking forward to another successful event connecting global business investors with growth opportunities in the United States. Next year’s Investment Summit will take place from June 10-12, 2019 in Washington, D.C. at the Washington Hilton.

Throughout its existence, the Investment Summit has been a key contributor to advancing the Department of Commerce’s mission to support U.S. economic growth and create opportunities for hardworking Americans. Past Investment Summit participants have announced $98 billion in new investment projects which have been responsible for creating more than 150,000 American jobs.

susa 2018 summit attendees

The 2018 SelectUSA Investment Summit attracted more than 3,000 participants, including more than 1,000 business representatives from 66 markets.

Those participants include companies like Formosa Plastics, which attended the Investment Summit to find economic development connections in the United States before ultimately announcing a $9.4 billion investment in Louisiana. Grupo Bocar, a tier one automotive parts supplier, attended before deciding to invest $115 million in a facility in Alabama that will support 300 American jobs.

The SelectUSA Investment Summit is where business potential meets business opportunity. Our global Commerce Department team recruits and engages with businesses from around the world that have the desire to invest and the ability to succeed in the United States. Economic development organizations (EDO) representing states and cities from around the country come to the Summit to showcase everything that makes the United States the world’s top destination for business investment.

From decades of experience in the private sector, I’ve come to learn that you need the right people in the room to get deals done. The Investment Summit fosters and provides that environment.

I invite any business that is looking to grow on a global scale to join me at the 2019 SelectUSA Investment Summit. I believe that the time you spend with our team, making connections at networking sessions, talking about opportunities in our matchmaking area, and learning about business trends in our Summit Academy, will pay dividends for years to come.

 

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Building Relationships: The Key to Making Illinois a Top Location for FDI

October 10, 2018

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.

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

Mark Peterson is President & CEO of Intersect Illinois

Foreign direct investment (FDI) is key to the economic renaissance underway in Illinois. With more than 1,800 foreign owned companies already calling Illinois home and contributing more than $100 billion to the state’s GDP, the potential for growth is tremendous.

Relationship building on an international scale is crucial to Illinois’ foreign investment strategy. Over the past year, Intersect Illinois has built strong international relationships while promoting the state’s assets. Intersect has taken part in jobs missions to China, Japan, Germany, Poland, and Italy and hosted multiple delegations from these countries that have directly resulted in investment in Illinois.

The Intersect Illinois booth at the 2018 SelectUSA Investment Summit, June 18-20, 2018.

The Intersect Illinois booth at the 2018 SelectUSA Investment Summit, June 18-20, 2018.

A recent example of the results is Faber-Castell Cosmetics’ announcement of its first North American manufacturing facility in Illinois. The German company’s state-of-the-art $9 million manufacturing plant in Elgin will create 50 full-time jobs. The decision to locate in Illinois came after Intersect Illinois led a trip to Germany, where the delegation (including the governor) met with Faber-Castell’s leaders.

Intersect Illinois also coordinated a visit to China and Japan, that included meetings with companies such as Aisin Seiki (employs 843 people in Illinois), Sakae Riken Kogyo Co., Ltd. (which employs more than 400 in Illinois), and Toyota Boshoku, which has a plant in Lawrenceville. The team also met Caterpillar China, toured Wanxiang Group, and met with more than 60 businesses.

Following the visit, Intersect Illinois welcomed the newly appointed Japanese Ambassador to Illinois on a visit that focused on advancing the state’s business partnerships with Japan. This was part of the consul-general of Japan in Chicago’s Grassroots Caravan program to highlight the contributions of Japanese companies to local economies.

The group toured local Schaumburg companies to see the latest manufacturing innovations and learn more about Illinois’ workforce. The visit reinforced the benefits of foreign direct investment, while showcasing Illinois as a premier location for Japanese companies to grow.

Additionally, Intersect Illinois attended a SelectUSA event in three cities in Italy, meeting with several Italian companies interested in opening operations in the United States. Following the trip, Intersect hosted site tours for Cembre S.p.A, a company from Verona, Italy that attended the SelectUSA event. In August, Cembre opened a sales office in Schaumburg, with plans to distribute its imported products. Intersect also recently hosted site tours for another Italian manufacturer it met in Italy, which is looking to launch its first U.S.-based manufacturing operation.

Through proactive outreach, Intersect Illinois’ project pipeline has nearly quadrupled over the past year; the team is currently working on nearly 100 business attraction projects, more than 50 percent of which are FDI projects. That number is expected to grow as Intersect Illinois continues to market the state’s rich assets around the globe.

With the world’s 17th largest economy, Illinois is a proven global player and an excellent destination for international business. For more details on Intersect Illinois’ comprehensive FDI strategy, or how Illinois supports global companies, visit www.IntersectIllinois.org.

 

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Invest, Grow, and Succeed in the United States

June 22, 2018

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

Brian Lenihan is the Acting Executive Director of SelectUSA

Photo of stage and audience at 2018 SelectUSA Investment Summit.

More than 3,000 international business investors, U.S. economic developers, and more joined high-level government officials and Cabinet secretaries, global CEOs, and FDI thought leaders for the 2018 SelectUSA Investment Summit.

Today, thousands of global business investors, U.S. economic developers, senior government officials and service providers concluded the 2018 SelectUSA Investment Summit, the premier foreign direct investment (FDI) event in the United States.

The last three days culminated a year’s worth of hard work and collaboration, resulting in another successful Investment Summit that included several new investment announcements and the beginning of countless future partnerships. But most importantly, I have seen firsthand, the excitement and energy that the world has for investing and doing business in the United States.

While this was my first Investment Summit as Acting Director, I am incredibly proud of our team’s work and dedication. This was one of SelectUSA’s largest Investment Summits. More than 3,000 attendees from all over the world joined SelectUSA at the Gaylord National Resort and Convention Center for one reason: FDI.

And this Investment Summit has a history of delivering: Past attendees have announced nearly $93 billion in new investment projects, and Thursday alone, four companies announced more than $600 million in projects that will create about 650 U.S. jobs.

Secretary Wilbur Ross hosted the Investment Summit, and concluded it by reiterating the Trump Administration’s commitment to promoting global investment in the United States and the fostering innovation. “Having the world’s most innovative, open system of capitalism is the reason why the United States continues to create entirely new industries that generate strong economic growth,” Secretary Wilbur Ross told Investment Summit participants. “There really is no better place in the world to invest.”

This year’s theme, “Invest Here. Grow Here. Succeed Here,” focused on the connections between global commerce and U.S. communities. U.S. Cabinet secretaries, Governors, CEOs from Fortune 500 companies, FDI experts, and others provided attendees with insights into how FDI impacts a variety of sectors and fields, from the burgeoning commercial space industry to site selection.

Secretary of the Treasury Steven Mnuchin spoke about the positive impact of recent tax and regulatory reforms on the U.S. market: “We invite you to join us in this economic renewal, to seize the opportunity to invest in America and grow your business here.”

Secretary of Energy Rick Perry championed America’s diverse and expansive energy market to attending investors: “No matter what measure you use, the American energy climate is just outstanding… We’ve seen a cascade of game-changing breakthroughs and technology driving energy production and efficiency up, and energy prices and emissions down.”

Secretary of State Mike Pompeo’s remarks focused on U.S. leadership in promoting a safer, more prosperous world, one where international trade shared among equals: “U.S. economic leadership is built on principles of fairness and a level playing field. The State Department will fight to protect the interests of U.S. intellectual property holders around the world; we’ll work to protect your innovation from theft, copyright violations, or other misuse.”

The Exhibition Hall—the networking hub of the Investment Summit—was full of U.S. economic development organizations (EDOs) from across the United States. Each EDO showcased investment opportunities their communities had to offer the international investors in attendance.  This year’s event included more than 2,700 individual matchmaking meetings among the companies and EDOs in attendance.

On Thursday: four global companies broke news:

  • UK-based health services and clinical research company Re:Cognition Health is investing $15 million in Fairfax, Virginia to open a state-of-the-art facility. Re:Cognition will open an additional 15 facilities across the country in coming years;
  • Dutch cold storage company NewCold will invest between $90 million in Burley, Idaho;
  • Japanese automotive electronic components manufacturer Weastec is investing $3 million in Dublin, Ohio; and
  • Indian steel company JSW announced a $500 million investment in Mingo Junction, Ohio, a town of just 3,300 people.

Friday saw some exciting announcements, too:

  • Governor of Puerto Rico Ricardo Rossello announced the issuance of an RFQ for a public-private, utility-scale energy storage project to upgrade and strengthen the island’s energy grid with renewables and efficiency improvements; and
  • Secretary Ross released SelectUSA’s new report on how FDI has benefitted rural America.

The 2018 Investment Summit may have ended, but the work of maintaining U.S. leadership in FDI continues. It was a privilege to hear from and witness those on the front lines of FDI attraction and promotion: state and local-level EDOs. The United States would not be the top destination of FDI were it not for their work. SelectUSA is here to work with them, with you, and we’re here year-round to help in a variety of ways.

Whether you’re a first-time business investor or an experienced economic development professional, SelectUSA can help connect you to the resources and information needed to make your investment a success. Next year’s SelectUSA Investment Summit returns June 10-12, 2019, at the Washington Hilton in Washington, D.C.

For more information on SelectUSA and its services, please visit www.selectusa.gov. I also invite you to follow SelectUSA on Twitter and sign up for email updates to stay in the know with us.

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SelectUSA’s $30 Billion Impact on the U.S. Economy

June 7, 2018

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

This post originally appeared on the Department of Commerce blog.

Guest blog post by Steven Meyers, Director of Outreach and Communications, SelectUSA 

SelectUSA graphic announcing more than $30 billion of greenfield investment into the United States since its inception.

This month, the SelectUSA team hit a major milestone, having now facilitated more than $30 billion in client-verified business investment projects.

Foreign direct investment (FDI) in the United States is a key contributor to U.S. economic growth, directly and indirectly supporting nearly 13 million American jobs. It contributes to U.S. exports, drives innovation, and – most importantly – sends hardworking Americans home with a paycheck.

Since 2007, the SelectUSA program has worked with thousands of clients – business investors, economic development organizations (EDOs), and other leaders – to support job-creating FDI in the United States. Just this month, the SelectUSA team hit a major milestone, having now facilitated more than $30 billion in client-verified business investment projects.

This is the culmination of years of working with clients, hosting global business events, and working closely with American EDOs.

This past year was especially strong, as the SelectUSA team:

  • Held the largest-ever SelectUSA Investment Summit, with more than 1,200 potential business investors and economic development representatives from 52 states and territories.
  • Brought 10 European medical technology startups to Pittsburgh, Cleveland, and Austin as part of its first inbound investment mission.
  • Hosted investment road shows in India and China that facilitated more than 300 meetings between EDOs and potential business investors.
  • Released its first-ever research reports, analyzing the positive effects of FDI on manufacturing and high-tech industries.
  • Led 20+ EDO delegations to some of the largest trade shows in the world, including Hannover Messe in Germany and BIO Korea.

We were also happy to share many FDI success stories on the International Trade Administration blog. Swiss additive manufacturing company Oerlikon decided to invest $62 million in Huntersville, North Carolina, after attending the 2016 SelectUSA Investment Summit. A.T. Kearney ranked the United States as the world’s top destination for business investment for the 5th year in a row. And Mahindra recently shared its reasons for investing in the United States, creating jobs in Michigan.

Our team at SelectUSA and our partners in the economic development community make this all possible. I thank them for their dedication and hard work.

You may not have heard of SelectUSA, and you may not regularly think about the impact of FDI, but millions of U.S. workers rely on FDI for their livelihood. We are proud to support that, and we look forward to working with more clients and helping to create U.S. jobs.

Learn more about the upcoming 2018 SelectUSA Investment Summit, June 20-22, in Washington, D.C. at selectusasummit.us. Visit selectusa.gov for more information about our services, events, and more. You can also follow us on Twitter @SelectUSA.