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SelectUSA Investment Summit is a U.S. federal government program founded in 2007 that was aimed at promoting foreign direct investment into the United States, facilitating job creation and economic development. It coordinates investment resources across the federal government and through the U.S. Commercial Service network in over 70 foreign markets. It has a conference that was held by the agency; it is at a federal-level.
It is housed within the Global Markets unit of the Department of Commerce's International Trade Administration, and serves Economic Development Organizations (EDOs) at the state, regional, local, and tribal levels. it also serves business investors with existing operations in the U.S., or planning to enter the U.S. market.[1]
America reinforces the longstanding U.S. Open Investment Policy.[2][3][4][5] Through Invest in America, the Department of Commerce promoted the U.S. economy as an attraction for foreign investment.[6] Since its inception, SelectUSA has facilitated more than $200 billion in investment, creating and retaining over 200,000 U.S. jobs.[7]
SelectUSA is involved with clean energy and workforce development efforts in the United States. Further, SelectUSA supports Biden administration policies including the CHIPS and Science Act and the Inflation Reduction Act.
History
edit
Invest in America
editOn March 7, 2007, Invest in America was established in the International Trade Administration to promote the United States as a destination for foreign direct investment.[8] Efforts were focused on outreach to foreign governments and investors, support for state governments’ investment promotion efforts, and addressing business climate concerns by serving the international investment community in Washington.[9]
SelectUSA
editIn 2011, President Barack Obama established SelectUSA via Executive Order 13577 in 2011.[7][10] SelectUSA is headquartered in Washington, D.C., but works with a global network of investment specialists and U.S. Foreign Commercial Service colleagues based in the United States, as well as U.S. embassies and consulates around the globe.
In FY2022, SelectUSA assisted more than 9,900 clients from 53 U.S. states and territories and 100 global markets. In FY2023, SelectUSA assisted more than 10,000 investment clients.
Services
editSelectUSA provides the following services:[6]
- Actionable information on business investment in the United States and developing a foreign direct investment strategy. This includes information on the U.S. market, business operations, as well as counseling and customized reports on industry clusters, workforce availability, operating costs, supply chains, infrastructure and logistics, regulations, and federal and state resources for businesses to support companies' decision-making processes.
- A platform for expertise and guidance at the local level, including direct introductions and networking opportunities with U.S. states and EDOs.
- Information on navigating the federal system to help with concerns about U.S. federal rules and regulations.
Programs
edit- The Federal Interagency Investment Working Group (IIWG) was established to coordinate activities across the many agencies that promote business investment and respond to specific issues that affect investment decisions. The IIWG is composed of 20 federal agencies and associated bureaus, with SelectUSA acting as its chair.[3]
- The U.S. Investment Advisory Council (IAC) advises the Secretary of Commerce on the development and implementation of strategies and programs to attract and retain foreign direct investment in the United States. It consists of 40 members who serve a two-year term. Members include business and economic development leaders representing businesses and organizations.[4]
- SelectUSA Tech connects early-stage and startup technology companies to prospects for advancement in the United States. The program includes one-to-one counseling and customized data, an annual calendar of events, and the Select Global Women in Tech (SGWIT) Program.[5]
SelectUSA Investment Summit
editThe SelectUSA Investment Summit is the primary event in the United States for foreign direct investment promotion, connecting investors, companies, EDOs, and industry experts to promote U.S. investment. The Investment Summit features plenary sessions, armchair discussions, panels, academies, programs, and an exhibition hall.[8][9]
The event in 2023 had over 4,900 total attendees, including more than 2,300 international delegates representing 83 markets. Over 700 economic development representatives attended, representing 55 U.S. states and territories. President Joseph Biden delivered recorded remarks and six cabinet secretaries provided remarks. Sixteen governors were also in attendance.
The 2024 SelectUSA Investment Summit will be held from June 23 to 26 at the Gaylord National Resort & Convention Center in National Harbor, Maryland.
References
edit- ^ "SelectUSA About". www.trade.gov. Retrieved 2023-04-10.
- ^ "President Bush's Statement on Open Economies". georgewbush-whitehouse.archives.gov.
- ^ a b "William J. Clinton: Remarks at the American University Centennial Celebration". www.presidency.ucsb.edu.
- ^ a b "George Bush: Statement on Foreign Direct Investment Policy". www.presidency.ucsb.edu.
- ^ a b "Ronald Reagan: Statement on International Investment Policy". www.presidency.ucsb.edu.
- ^ a b "Commerce official touts more Japanese investment in U.S. | the Japan Times Online". Archived from the original on 2011-06-06. Retrieved 2008-12-17.
- ^ a b ""The Innovation Advantage:" A Preview of the 2016 SelectUSA Investment Summit, Stefan Selig, Under Secretary of Commerce for International Trade; and Ambassador Vinai Thummalapally, Executive Director of SelectUSA". 2009-2017-fpc.state.gov. United States Department of State. 2016-06-15. Archived from the original on 2020-09-23. Retrieved 2020-09-23.
- ^ a b "U.S. Initiative Aims to Smooth Way for Foreign Investment". Archived from the original on 2008-05-16. Retrieved 2008-05-09.
- ^ a b "Archived copy". Archived from the original on 2010-05-29. Retrieved 2007-03-22.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "SelectUSA". selectusa.commerce.gov. United States Department of Commerce.