For Immediate Release: November 6, 2008
Contact: Seamus Kraft/Matt Englehart (202) 482-3809
Commerce Official Promotes Investment in America With Foreign Trade Commissioners
Foreign Direct Investment Key to U.S. Growth
NEW YORK – U.S. Commerce Under Secretary for International Trade Christopher A. Padilla underscored the importance of foreign direct investment (FDI) to the U.S. economy during a meeting with Foreign Trade Commissioners at the office of New York Gov. David A. Patterson. Padilla highlighted the Commerce Department’s Invest in America program as a key federal vehicle that partners with states to drive investment and economic growth in the United States.
“The United States is the best place in the world to do business because of our commitment to open markets and democracy, our transparent legal system and cutting-edge workforce,” said Padilla. “FDI encourages innovation and job creation in the United States and creates strong, stable and profitable investment relationships with global partners that are vital to the long-term health of the U.S. economy.”
The Foreign Trade Commissioners represent U.S. trade and investment partners around the world, including major Asian and European economies with significant investments in the United States. Today’s discussion highlighted the mutual benefits of open investment policies.
The United States is the largest recipient of FDI in the world. More than $237 billion in FDI flowed into the United States in 2007, supporting 5.3 million domestic jobs that paid on average 25 percent higher wages than non-FDI employment in the private sector. Last year, FDI accounted for more than 10 percent of U.S. private sector investment, nearly 15 percent of research and development expenditures, and nearly 20 percent of total U.S. exports.
Invest in America is the primary U.S. Government mechanism to manage foreign direct investment promotion. Efforts are focused on outreach to foreign governments and investors, support for state governments’ investment promotion efforts and addressing business climate concerns by serving as ombudsman in Washington for the international investment community.
For more information on Invest in America, visit http://www.investamerica.gov.
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