“America is open for business – your business.” This was the message delivered by US secretary of commerce Penny Pritzker and US secretary of state John Kerry at this year’s SelectUSA Investment Summit in Washington, DC on March 23 to 25. The pair discussed the country's improving employment figures, strong rule of law and intellectual property protections, world-class universities and global leadership in research and development, stable financial markets and vibrant supply chains, and abundant and affordable energy supply.
The US is currently the largest recipient of FDI in the world. Foreign businesses have injected an average of $67bn into the US economy in each of the past three quarters and, “over the past year, participants from the summit announced at least $13bn in US investments, which support an estimated 32,500 jobs,” said Ms Pritzker.
She emphasised how the administration of president Barack Obama has helped by leading the revitalised National Export Initiative, stressing the importance of new trade agreements, supporting strategic investments to ensure US worker skills match the needs of businesses, and focusing on business tax reform that closes loopholes and lowers rates. In addition, the US is bringing resources from industry, academia and the government together to create the next generation of advanced manufacturing.
“Finally, we have made key investments in our roads and bridges, in broadband, and in the digital infrastructure needed to compete in the 21st century,” said Ms Pritzker.
Mr Kerry said that the US is getting its fiscal house in order by cutting its deficit by roughly two-thirds, and pointed to Mr Obama’s economic vision called 'middle-class economics' that replaces the idea of 'trickle-down' economics. He emphasised how US interests are advanced “by entrepreneurs, executives and the businesses they build, the workers they hire, the students they train, and the shared prosperity they create at home and abroad.”
He also highlighted how those in the state department are regarded as 'economic officers' and explained how the government has expert investment teams at every embassy. “These teams are on the ground and are a connection to many of your businesses – the point of entry that the SelectUSA network of investors, government partners, business development organisations rely on – to assist you in planning your investment,” he said.