Business investment in America creates and supports millions of jobs, while generating economic growth and opportunities in communities throughout the United States.
Today at the Business Round Table in Washington, D.C., we announced a new initiative – SelectUSA – the first-ever government-wide program to aggressively pursue and win new business investment in the United States by both domestic and foreign companies.
America has the most appealing investment environment in the world, with the largest consumer market, an educated workforce, strong intellectual-property protections and open capital markets.
More than 5 million Americans are directly employed by foreign companies in the U.S., ranging from Japanese carmakers to British banks to Indian energy and industrial companies.
But at a time when competition for business investment is more intense than ever, the U.S. is the only developed economy in the world without a national-level investment program and advocacy program.
In recent years we have been losing ground in attracting and retaining business investment to better coordinated foreign competitors.
SelectUSA, established by Executive Order of the President, will leverage existing resources of the federal government to ramp up promotion of the U.S. as a prime investment destination to create jobs at home and to keep jobs from going overseas.
We will be working with governors, mayors and legislative leaders around the country, who are trying to attract business investment.
We will also be a trouble shooter for those dealing with red tape and federal hurdles to bringing or keeping business operations and investment in their communities.
Too often, businesses and local governments have difficulty navigating federal agencies in pursuit of permits, tax information and directives on regulatory compliance, delaying new investment. We know that, because we’ve heard directly from businesses about it.
SelectUSA will help turn this around.
Coordinated by the Commerce Department, with expert personnel in nearly 80 countries promoting American exports and investment opportunities, SelectUSA will lead the federal effort to address business investment attraction and retention issues, both logistical and policy related, in the U.S.
This new initiative will target three types of firms: foreign firms looking to expand, domestic firms looking to expand, and foreign and domestic firms looking to reorganize or return their operations to the United States.
To help interested firms, we are consolidating all information on federal programs and services available to companies that operate in the United States at www.SelectUSA.gov.
SelectUSA.gov will offer a one-stop portal for information about federal resources and incentives for business investment; general information about the U.S. economic climate; and access to economic development opportunities throughout the country.
Through SelectUSA, we will be promoting America as the best place in the world to build a company. We will not be advocating for one state over another. We just want new business investment and the jobs that come with it.
New investment, new jobs, and new opportunities in the United States – that’s how we are going to win the future.
SelectUSA’s mission is to help make that happen.