Prior to President Obama attending the Democratic Governors Association Meeting, Secretary John Bryson addressed the assembled governors to discuss how the Commerce Department is working across the federal government to make every federal tool available to promote “insourcing” by U.S. companies and to attract more foreign direct investment.
Secretary Bryson reiterated the key advantages America has over foreign competitors. For example, the American workforce is among the most productive in the world. He also discussed how America continues to have the best universities, the strongest sources of R&D and manufacturing innovation, excellent supply chains, and the strongest IP protections. He also noted that foreign direct investment rose nearly 50 percent from 2009 to 2010.
Bryson then emphasized that through SelectUSA, the Commerce Department wants to partner with more states to attract even more foreign direct investment to the U.S. SelectUSA is the first coordinated federal effort to aggressively pursue and win new business investments in the U.S. It will help investors navigate our rules and procedures and will help advocate for the U.S. when foreign businesses are deciding where to put their next facility and create jobs.
SelectUSA is already working with some city and state economic development organizations to produce results. Bryson personally invited the governors and their top economic officials to attend the 1st annual SelectUSA Investment Summit later this year. The Commerce Department will assemble companies from around the world and it will provide an excellent opportunity for states to explain why they are the best place to invest and to hire.