SelectUSA Update
International Trade Administration sent this bulletin at 07/29/2011 06:00 PM EDTSelectUSA is the U.S. Government-wide initiative to attract and retain business investment in the United States. Established by Executive Order of the President and housed within the U.S. Department of Commerce, SelectUSA provides enhanced coordination to existing resources and functions within Commerce and across all federal departments and agencies with operations that touch on business investment issues. SelectUSA works in partnership with state, regional, and local economic development organizations to facilitate overall U.S. business attraction and retention. SelectUSA works on behalf of the entire Nation and exercises strict geographic neutrality.
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Outreach
As SelectUSA continues its launch phase this summer, staff will conduct targeted outreach throughout the United States and around the world. Some upcoming events include:
- August 12: SelectUSA will be hosted by the Atlanta Development Authority in Atlanta, Georgia to brief local stakeholders on SelectUSA's focus on partnership with economic development organizations.
- August 31: SelectUSA will speak to small and start-up business stakeholders in Los Angeles, California. This meeting with the Citizenship and Immigration Services Ombudsman will explore immigration issues facing small and start-up businesses.
- September 8-11: The China International Fair for Investment and Trade (CIFIT) is taking place in Xiamen, China. SelectUSA's Executive Director Barry Johnson will deliver remarks to senior Chinese business leaders about the U.S. investment climate.
- September 18-21: SelectUSA will participate in a panel discussion on reshoring at the International Economic Development Council Annual Conference in Charlotte, North Carolina.
- September 20-22: The ReTECH 2011 3rd Exhibition & Conference for the All-Renewable Energy Industry will be held in Washington, DC. SelectUSA will speak to a global audience of representatives from the renewable energy industry.
Recent SelectUSA outreach has included:
- July 11-13: SelectUSA traveled to Columbus, Dayton, and Cincinnati in Ohio; Louisville, Kentucky; and Indianapolis, Indiana. In Indianapolis, SelectUSA offered congratulatory remarks at the opening of Genco ATC Inc.'s warehousing and distribution facility. Created to service Home Depot's returns processes, this facility is a result of a $10 million investment and will create 200 new jobs.
- July 14: SelectUSA spoke at the Illinois Development Council Annual Conference in East Peoria, Illinois to a state-wide group of economic development professionals from the State of Illinois. SelectUSA explained the role of the U.S. government in foreign direct investment attraction.
- July 20: SelectUSA gave a presentation to senior representatives of 15 large Indian firms with U.S. operations at an event hosted by the Confederation of Indian Industries (CII) at Tata's New York City offices. Firms represented at this event included leading IT, manufacturing, and service companies from India.
Reports of Note
According to the UN Conference on Trade and Development’s 2011 World Investment Report, worldwide foreign investment by businesses is expected to reach its pre-crisis levels by 2013. Worldwide businesses invested $1.24 trillion outside of their home countries in 2010, which is up 5% from 2009. UNCTAD expects that amount to rise this year to between $1.4 trillion and $1.6 trillion.
In recent testimony to the House Ways and Means’ Subcommittee on Select Revenue Measures, Nancy McLernon, President & CEO of the Organization for International Investment, emphasized the importance of U.S. policymaking in attracting FDI. McLernon stated: “As both the largest global investor and the largest beneficiary of inbound FDI, the United States plays a critical role in promoting open investment policies both domestically and abroad.”
A publication from YaleGlobal explains how the Asia-Pacific region is crucial for the United States’ economic prospects, including job creation. As of 2010, investments in the United States from Japan, Australia and India were higher than U.S. investments made into those countries.
Ombudsman
SelectUSA’s ombudsman function is already active and working towards successful resolutions of problems across the federal government, addressing investor concerns and issues involving federal agencies. If a U.S. or foreign investor has a federal-level issue that is jeopardizing an investment in the United States, please contact SelectUSA at 202-482-6800 or by email at info@selectusa.gov.
We invite you to connect with us through the “SelectUSA” group on Linkedin.com.
Your feedback on the content of these emails is welcome. Please address all comments and suggestions to info@selectusa.gov. For more information about SelectUSA, please visit our website at http://www.selectusa.gov.