Posts Tagged ‘SelectUSA’

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Foreign Direct Investment: Driving Global Competitiveness and Innovation

July 7, 2017

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

The following is a cross-post from the U.S. Economic and Development Administration 

Foreign Direct Investment (FDI) plays an important role in the U.S. economy. It leads to the creation of jobs, an increase in wealth and living standards, and overall growth and innovation that drive the U.S. economic competitiveness. Last month, the Commerce Department hosted the 2017 SelectUSA Investment Summit providing a platform to communicate economic priorities and affirm the United States as the number one destination in the world for foreign direct investment.Direct Employment by majority foreign-owned firms in the US graph

The United States remains an attractive destination for FDI for a variety of reasons, including a large consumer base, a productive workforce, a highly innovative environment, and legal protections. As a result, foreign firms make investments in the United States on a regular basis by establishing new operations, purchasing existing operations of another company, or providing additional capital to their existing U.S. operations.

The U.S. welcomes foreign investment, and the numbers show that investors have confidence in the opportunities here. With a population of 320 million and a Gross Domestic Product (GDP) that’s over $18 trillion, our nation is home to more FDI stock than any other country.

The numbers paint the big picture:

  • 12.1 million jobs are attributable to FDI.
  • 6.4 million reflects the number of U.S. workers who are directly employed by majority foreign-owned firms.
  • 2.4 million includes jobs attributable to the economic activity of majority foreign-owned firms, including jobs in those firms’ supply chains, jobs attributable to higher incomes, and other economic effects.
  • In the manufacturing sector alone, productivity growth from technology spillovers associated with FDI contributed 3.5 million jobs.

At the Commerce Department’s Economic Development Administratoin (EDA), FDI is one of our investment priorities. These priorities are designed to provide an overarching framework to guide the agency’s investment portfolio and ensure its investments contribute the strongest positive impact on sustainable regional economic growth and diversification.

Since FY2011, EDA invested more than $109 million in 91 projects to help advance local strategies to attract FDI. Of the total, 61 projects totaling close to $98 million are expected to create and/or retain 30,073 jobs and attract over $8 billion in private investment. The other 30 projects totaling close to $12 million support FDI-related planning, research, technical assistance, access to capital, and/or other activities that are essential for successful economic development and job creation in the future.

Examples that show how EDA is investing to support FDI include:

  • Mississippi: Mississippi State University’s Canton-based office received the Mississippi Economic Development Council’s Community Economic Development Award for its work to bring advanced manufacturing jobs back to America. The program acquired its initial funding through EDA. According to the University, the initiative resulted in a nearly $11 million economic impact, with more than 33 direct investment opportunities identified and 333 jobs created or saved. Additionally, the program saw 262 industry certifications and 221 paid internships in high-demand advanced manufacturing skills.
  • Georgia: Over the last three decades, the global automotive sector has established a noticeable presence in the Southeast United States. From Mercedes in Alabama, to BMW in South Carolina, many automotive manufacturers are seeking to take advantage of the Southeast’s comparatively inexpensive cost of doing business, warm climate, and excellent transportation networks. In 2015, EDA invested $700,000 in Public Works Program funds in the city of Lavonia, Georgia, to make sewer systems improvements that helped bring a foreign-based automotive parts manufacturer to the region. As a result, it is estimated that the region will gain 400 new manufacturing jobs and attract $54 million in foreign direct investment.
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In Idaho, Rural is a Great Investment

June 9, 2017

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.

By Megan Ronk, Director, Idaho Commerce

In Idaho, we know as well as anyone what great opportunities rural America provides to businesses from across the world. From a highly skilled workforce, government support, and unmatched natural resources, more and more businesses are realizing the advantages of investing in rural states like Idaho.

During the last several years, Idaho has become home to many significant relocation and expansion projects. Chobani’s decision to build the world’s largest yogurt facility in Twin Falls raised eyebrows around the world. But the company’s decision to invest in our state, plus numerous other examples, highlights Idaho’s diverse economy, and the many ways rural America can support a variety of different businesses and industries.

  • Kochava, a leading software analytics company, chose to expand in Sandpoint, creating more than 200 new jobs and more than $100 million in new wages.
  • The Dow Chemical Company constructed a $20 million facility in Burley, generating more than $12 million in new wages.
  • Orgill, the world’s largest independent hardlines distributor, will be expanding into a distribution center in Post Falls, creating more than 130 jobs and $68 million in new wages.
  • McCain Foods USA, whose parent company is based in Canada, recently announced a substantial expansion to its potato processing plant in Burley, an expansion to the tune of $200 million and 180 new jobs. McCain is the largest manufacturer of frozen potato products in the world, and a supplier to thousands of restaurants and supermarkets across the globe

These are not only huge economic wins for Idaho, but also a perfect example of why investing in Rural America is a great business decision.

McCain’s decision to put down roots in Idaho and grow in the state has been the result of a joint effort on the part of the company’s leadership and a collaboration between local and state officials, associations, and the company.

International investments like McCain demonstrate the draw and economic opportunity of rural communities in the United States. By maintaining a business-friendly economic climate, low tax rates, reasonable regulations, access to a first-class workforce, low-cost power, and many other advantages, we expect to see continued growth and expansion in our rural communities.

If you’re a global business investor looking for your company’s next expansion location, we recommend taking a look at rural America.

Attending the SelectUSA Summit?

We are excited to participate in the upcoming SelectUSA Investment Summit, June 18-20. If you’ll be there, too, we invite you to see Idaho Lieutenant Governor Brad Little at the “Make it in Rural America” session during the SelectUSA Investment Academy. Afterwards, stop by Booth 311 in the Exhibition Hall to meet Team Idaho. We look forward to showing you what The Gem State has to offer.

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The U.S. Government Pavilion at the SelectUSA Investment Summit – Federal Investment Resources at Your Fingertips

May 31, 2017

 

Andrew Owusu is an Intern at SelectUSA

The 2017 SelectUSA Investment Summit provides a platform to communicate economic priorities and affirm the United States as the number one destination in the world for foreign direct investment.  Looking for U.S. economic data and analysis? The U.S. Government (USG) Pavilion in the Exhibition Hall at the Summit will feature representatives from federal agencies that can help participants find and understand U.S. economic indicators. They include:

  • The Economics and Statistics Administration (ESA) which performs high-quality economic analysis, disseminates national economic indicators   and fosters the mission of the U.S. Census Bureau (Census), the Bureau of Economic Analysis (BEA) and the Office of the Chief Economist (OCE).  OCE created the Assess Costs Everywhere (ACE) tool for businesses to evaluate locating in the U.S.;
  • The Bureau of Economic Analysis (BEA) is a trusted and impartial source of data and statistics on the U.S. economy. BEA data is comprehensive and available for free to all;
  • The U.S. Census Bureau is the leading source of data about the nation’s people and economy; The U.S. Census Bureau provides a wealth of demographic and economic data that can help potential businesses make informed investment decisions.

Looking for data specifically on FDI?  SelectUSA Stats is a public, free online data visualization tool that allows you to compare data on foreign direct investment into the United States. The tool features interactive dashboards that display graphical data. The data, from sources like BEA, includes useful categories such as greenfield investment by country, stock and flow, impacts on U.S. employment, exports, research and development; FDI trends by industry, country, and state. With a choice of multiple data agencies, attendees have numerous opportunities to pick up practical tools and strategies from expert practitioners in a variety of investment-related fields.

Officials will also be standing by to provide information on workforce and training programs, U.S. exports, supply chain, research and innovation, U.S. visas, and the Global Entry program. Below is a list of all of the federal agencies, along with their booth numbers, that are participating in the USG Pavilion.

GP1: U.S. Department of State

GP2: U.S. Citizenship and Immigration Services

GP3: U.S. Customs and Border Protection

GP6: U.S. Department of Commerce Rural Team

GP7-8: SelectUSA Stats

GP9: International Trade Administration, Industry and Analysis

GP10: Export Assistance Programs

GP11: U.S. Department of Agriculture, Rural Development

GP12: U.S. Department of Agriculture, Foreign Agricultural Service

GP13: U.S. Economic Development Administration 

GP14: Minority Business Development Agency

GP15: Bureau of Industry and Security

GP16: The Office of the U.S. Trade Representative

GP17:  U.S. Environmental Protection Agency

GP18: Export-Import Bank of the United States

GP19: U.S. Department of Transportation

GP20: U.S. Small Business Administration 

GP21: UNICOR

GP22: U.S. Department of Veterans Affairs

GP23-24: U.S. Department of Labor

GP25-26: Bureau of Economic Analysis

GP27:  Economics Statistics Administration

GP28: U.S. Census Bureau

GP29: National Institute of Standards and Technology, Manufacturing Extension Partnership

GP30: National Network for Manufacturing Innovation, Manufacturing USA

GP31-32: The U.S. Patent and Trademark Office

A number of U.S. government representatives will also be participating in the matchmaking system, so interested attendees will be able to request meetings and learn more about the various resources that the agencies offer.

We look forward to seeing you next month at the 2017 SelectUSA Investment Summit.  If you’re interested in learning more about the Summit and USG Pavilion, but unable to attend in person, SelectUSA can help you find information on federal tools and programs. Please visit our website and contact us.

 

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SelectUSA Investment Academy – New Pathways to Investment Promotion Success June 18, 2017

May 9, 2017

By Elena Volkava, Intern, SelectUSA

 The 2017 SelectUSA Investment Summit (June 18-20) is next month! This one-of-a-kind event brings together more than 2,000 attendees enabling international businesses to find the people, the resources, and market opportunities in the United States.

 Are you considering an investment in the United States or looking for new ideas to guide your economic development strategy? SelectUSA offers a half-day interactive program – the Investment Academy – with more than 20 workshops. With a focus on practical information and best practices, these workshops are designed specifically to answer questions about establishing and maintaining successful business operations, or attracting high-impact investment, in the United States. Sessions are designed for a more intimate and engaging setting, and include dedicated time for questions and answers.

What’s New in 2017?

Open to All Participants

For the first time, the Investment Academy is open to all Summit participants with full-access passes at no additional cost. Take advantage of this opportunity to learn from expert practitioners and representatives of international companies, state and local governments, and economic development organizations (EDOs) and apply best practices to enhance your organizations and build new partnerships.

Expanded Topics and Sessions

With choices of multiple concurrent sessions, investors are given opportunities to learn about practical tools and strategies for selecting a location, the U.S. regulatory environment, and a wide range of legal protections. For companies looking to expand operations in the United States, a special workshop will use a case study approach to illustrate the business investment decision-making process around a U.S. manufacturing expansion. In addition, EDOs will learn how relationships at different levels can facilitate the site selection process, workforce development, financing, marketing and public relations.

 Federal Government Spotlight

Don’t have a lot of time? In addition to regular Investment Academy programming, we are excited to introduce 30-minute informational sessions from the following eight U.S. government agencies, specifically geared towards investors and EDOs. Learn more about the agencies before you arrive by clicking on the following links:

More Networking Opportunities

With expanded exhibition hall hours on Sunday and a mid-afternoon ice-cream social, there are more opportunities than ever for smaller-group networking during the Investment Academy. At the end of the day, the Summit welcome reception provides the perfect opportunity to wrap up, network further, and look ahead to what’s next.

Now is the time to take advantage of this unique opportunity to interact with peers and experts and apply best practices to enhance your organization, develop new partnerships, and build new pathways to success.  Register or learn more at www.selectusasummit.us.

 

 

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Global CEOs Continue to Show Confidence in the United States as a Business Destination

April 18, 2017

Fred W. Volcansek, Sr., is the Executive Director of the U.S. Department of Commerce’s SelectUSA Program.

For the fifth year in a row, global business executives have named the United States as the top destination for business investment, according to A.T. Kearney’s Foreign Direct Investment (FDI) Confidence Index.

This is excellent news, because FDI creates jobs and contributes to economic development across the United States. It is a direct reflection of the appeal of the U.S. economy and how it enables businesses of any size to access a consumer base of 325 million citizens, employ a productive workforce, and take advantage of a culture of innovation.

As excited as I am to share this great news from A.T. Kearney, I’m more excited about what is to come as we create an increasingly business-friendly environment in the United States. As the Trump administration establishes pro-growth policies including trade reform and tax simplification, I expect CEOs to show even more recognition of the promise of investing in the United States.

As businesses continue to target the United States as the launch pad for global growth, our SelectUSA team will be there to support through services such as market research, counseling, and navigating the federal regulatory environment. There is no program better positioned to support economic growth in the United States than SelectUSA.

For companies considering their next investment destination, and for economic development teams looking to attract job-creating business investment, there is no better place to connect than the SelectUSA Investment Summit in June. The actions we are taking to create a period of economic revival in the United States will be on full display, as will many of the nation’s top investment opportunities.

I hope you will join us at the Summit to find growth opportunities and learn about why the United States continues to be a great place to invest.

My thanks to all the organizations and entities that support economic development throughout our great nation, helping make the United States such an appealing business location. Let’s continue to work together to create opportunity for workers and businesses across America.

 

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SelectUSA Delivering on the Promise to Create Jobs

April 11, 2017

Fred W. Volcansek is the Executive Director for the Department of Commerce’s SelectUSA Program.

It is my great honor to serve the American people – and the business investors who support job creation across the nation – as the Executive Director of SelectUSA, a program that I see as among the most exciting in the U.S. government.

Secretary of Commerce Wilbur Ross said on his first day in office that the United States is entering a period of economic revival. Our team at SelectUSA will be on the forefront of this revival—working to attract business investment in the United States and create opportunities for American workers.

SelectUSA has an incredible impact on U.S. economic development, having facilitated more than $23 billion in client-confirmed business investment and creating or retaining tens of thousands of U.S. jobs. It is a mission I am proud to lead as part of the Trump administration.

This administration has repeatedly made its focus on jobs clear. Few programs, agencies, or policies in the U.S. government support that focus better than SelectUSA. Attracting business investment will be a crucial element to putting more Americans to work; investment from global businesses already supports 12 million direct and indirect U.S. jobs.

SelectUSA will recruit business investors around the world, connect them to promising growth opportunities in the United States, counsel them through the startup of operations, and provide after care to ensure their success. We will be a crucial partner to economic development teams as they market their regions to international businesses.

I am particularly excited about the annual SelectUSA Investment Summit in June. My career has included leadership of multiple high-profile events, and I look forward to leading the Summit as we host thousands of global business investors and U.S. economic development teams. I hope you will consider joining us there to learn about why the United States will be an even better investment destination.

To our economic development partners around the United States, I look forward to meeting and working with all of you to support job creation and business growth across our great nation.

For the international businesses that are considering investing in the United States, I encourage you to contact our team at SelectUSA. Let us help you strategize, connect to the right data, and find the best opportunities to help your business grow. Now is the time for you to make investing in the United States a part of your global growth strategy.

I’d like to thank President Trump and Secretary Ross for this opportunity to serve the American people and to work with the team at SelectUSA. Together, we will meet the challenge to help create opportunity across America.

 

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Get Ready for Hannover Messe 2017!

January 9, 2017

Jana Dorband is Senior Investment Specialist at the U.S. Embassy Berlin

Hannover Messe – the world’s leading industrial technology trade show – will take place on April 24 – 28 2017. SelectUSA will again lead a robust delegation to the event, and host the U.S. Investment Pavilion in Hall 3. 

Hannover Messe 2017 – the world’s leading trade fair for industrial technology – is just around the corner.  Once again, the United States Investment Pavilion will provide a platform for U.S. economic development organizations to showcase their regions to thousands of potential investors. More information, including pricing and registration information, can be found on our flyer.

The official lead theme in 2017 will be “Integrated Industry – Creating Value”, drawing attention to the long-term impact of the fourth industrial revolution on issues beyond mere production technologies.  Key questions on the agenda will include:

  • What are the long-term benefits we gain from digitalization?
  • How will companies adapt to the new technologies?
  • What are the implications for the workforce, for training and for education?
  • What partnerships do we need to forge – across industry sectors, between businesses and government and between countries – to further advance technological change?

Last April, President Barack Obama and German Chancellor Angela Merkel joined the stage to officially open Hannover Messe 2016.  Many of us sat in the audience that night and witnessed what was truly a historic moment.  For the first time in the fair’s 69-year history, the United States served as the official Partner Country.  President Obama was the first sitting U.S. president to attend the show.

The U.S. delegation was the largest it has ever been – over 350 U.S. companies and research institutions, including 200+ small and medium-sized companies, and 90+ U.S. economic development organizations (EDOs).  Partner Country status afforded U.S. pavilions maximum exposure to over 200,000 visitors, 6,000 EDOs and industrial exhibitors, and thousands of journalists and bloggers across 27 exhibit halls.

Our SelectUSA team coordinated the Investment Pavilion, which was the heart of the U.S. presence at the show and provided EDOs with a unique platform to meet and engage with international investors and our own team of investment specialists from around the world.

“This fair gave us a very good opportunity to develop FDI leads with companies we never would have identified with other methods.”Appalachian Partnership for Econ

At Hannover Messe 2016, we witnessed first-hand how the digital age has revolutionized manufacturing, turning traditional production sites into “smart factories.”  This year’s focus on creating value underlines once again that Hannover Messe is more than just a trade show.  It has convening power for decision makers around topics that will shape the future of our economies and our global competitiveness. As Secretary Penny Pritzker pointed out at the event’s 2016 Economic Forum: “[I]n a globalized economy, the separate pursuit of our visions is insufficient. Advanced manufacturing relies on highly integrated processes and supply chains that transcend international borders.” There is no better place to forge these alliances than Hannover Messe.  Whether you are a company or an EDO – if you want to participate in the new age of manufacturing, you can’t afford to miss this opportunity.

Show the world what you have to offer and join the 2017 U.S. delegation to Hannover!  Please contact the SelectUSA team or Ethan Carter with Hannover Fairs USA with any questions or for more information.   We look forward to working with you.