Blank highlights Obama administration economic initiatives and new Commerce program designed to attract foreign investment, create jobs

Acting U.S. Commerce Secretary Rebecca Blank traveled to Warren, Ohio, today to tour Thomas Steel Strip Corporation, a member of the Tata Steel Europe Group and a manufacturer of cold-rolled strips usually used as steel casings for batteries.  Thomas Steel employs more than 250 people.

After the tour, Blank discussed the importance of strengthening our education, infrastructure and innovation capacity as ways to rebuild our economic foundation, create jobs and enhance our global competitiveness. She also underscored the steps the administration has already taken to achieve these priorities–from investing in community colleges and funding transportation projects across the country, to launching the President’s National Export Initiative and pushing to shorten the time it takes to approve a patent. 

Blank also highlighted the significance of foreign direct investment (FDI), citing Tata Steel as an example of foreign companies whose investments the U.S. must attract more of to strengthen economic growth and job creation.  With FDI supporting more than five million American jobs, Blank discussed a new government-wide initiative, housed at Commerce–SelectUSA–which seeks to cut federal red tape for domestic and foreign investors, remove barriers to new investment and boost business growth in the United States. 

“In order to create all the jobs we need, we have to attract more businesses to our shores and do more to keep great U.S. firms here,” Blank said. “That’s why SelectUSA was created. It’s the first government-wide initiative to attract and retain new business investment – investment such as Tata Steel–and the jobs that come with it, in the United States.  SelectUSA is vital to help more businesses grow and create long-lasting economic value in the U.S.”

Launched in June, SelectUSA was created by Executive Order in direct response to concerns the Obama administration has heard from the business community. In addition to its work removing federal-level barriers to foreign investment, SelectUSA also brings together information on federal programs and services available to companies looking to invest in the United States in one, easy-to-access location, supported by a comprehensive website at www.SelectUSA.gov. The website also provides snapshots of the competitive landscape in major U.S. industries and a direct line to state and local economic development agencies.