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Blog Category: Trade and investment

Working to Strengthen Economic Relationship, Secretary Pritzker Concludes Commercial Diplomacy Trip to Pakistan

Submitted on March 11, 2015 - 4:59pm
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During her trip, Secretary Pritzker also held bilateral meetings with Prime Minister Nawaz Sharif

U.S. Secretary of Commerce Penny Pritzker visited Islamabad, Pakistan this week as part of the Administration’s efforts to boost bilateral trade and investment with Pakistan and strengthen the partnership between our governments and people.

As part of her first official visit to the country, Secretary Pritzker joined Pakistani Prime Minister Nawaz Sharif to launch the first-ever U.S.-Pakistan Economic Partnership Week, a bilateral initiative intended to highlight the potential for growing the relationship between the United States and Pakistan. She thanked senior government officials for their dedication to improving the partnership and acknowledged that the economic relationship between the two countries has, over the years, buttressed the overall relationship and is still growing.

U.S.-Pakistan Economic Partnership Week included the third U.S.-Pakistan Business Opportunities Conference, an event intended to engage the private sector from both the United States and Pakistan, and strengthen business-to-business ties.

Secretary Pritzker opened the Business Opportunities Conference on Tuesday. Addressing an audience of more than 400 people, many attending from overseas, the Secretary applauded the work being done by the Pakistani and American private sector companies represented. She commended them for engaging with government agencies seeking to improve Pakistan’s business and investment climate and called on them to continue their efforts to expand trade and investment between Pakistan and the United States.

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Commerce Secretary Penny Pritzker Discusses "Open for Business Agenda" at Lake Shore Cryotronics in Ohio

Submitted on November 19, 2013 - 5:30pm
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Pritzker touring plant with Lakeshore Cryotronics officials

Secretary Penny Pritzker traveled to Westerville, Ohio yesterday to deliver a speech highlighting the Obama Administration’s economic growth agenda and the Department of Commerce’s priorities. Secretary Pritzker announced a new strategic vision for the Department, the “Open for Business Agenda,” November 14.  In Ohio, Secretary Pritzker toured and delivered remarks at Lake Shore Cryotronics, an international leader in the development of cryogenic temperature sensors and instrumentation.

Promoting trade and investment is a major part of Secretary Pritzker’s “Open for Business Agenda.” Nationwide, America’s businesses are exporting: the United States hit a record $2.2 trillion dollars in exports last year, up $600 billion dollars from 2009 when President Obama launched his National Export Initiative. Lake Shore Cryotronics, for example, generates 60 percent of sales from exports. Nearly 10 million U.S. jobs are now supported by exports, up 1.3 million since 2009. But the United States still under-exports, which is why the Secretary is gearing up to launch NEI 2.0, which will aim to help more U.S. companies sell their goods and services to more markets around the world.

In order to achieve greater economic growth and create more good jobs, Secretary Pritzker talked about the need to attract more foreign investment to the United States. According to Columbus 2020, an economic development organization for the 11-county Columbus Region, about 39,000 people in Central Ohio are employed by foreign-owned companies. But as of 2011, 5.6 million jobs nationwide million jobs are supported by foreign direct investment, supporting $437.8 billion in wages to U.S. employees. Global businesses want to be here in the United States because of our stable rule of law, intellectual property protections, solid financial markets, world-class universities, strong consumer base, and our low-cost and abundant energy. That is why President Obama launched SelectUSA at the Commerce Department in 2011. SelectUSA has been working with foreign CEOs and economic development groups across the country to put even more deals in the pipeline.

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Secretary Pritzker Outlines Bold Policy Agenda Focused on U.S. Trade and Investment, Innovation, and Data

Submitted on November 14, 2013 - 3:30pm
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Secretary Pritzker Outlines Bold Policy Agenda Focused on U.S. Trade and Investment, Innovation, and Data

Secretary of Commerce Penny Pritzker today outlined a bold new policy agenda for the Department of Commerce, centered on U.S. trade and investment, innovation, and data.  This “Open for Business” Agenda reflects the department’s role as the voice of business, and the Obama Administration’s focus on economic growth and job creation. Additionally, this new vision recognizes the demands of a globally competitive economy.

Among the new initiatives Secretary Pritzker announced are a revitalized National Export Initiative, an enhanced and expanded program to attract foreign investment, a first-of-its-kind, Commerce effort to ensure skills training programs meet industry needs, and a focus on public-private partnerships that enable businesses and communities to make better use of government data.

Secretary Pritzker also committed to leading a robust environmental agenda at Commerce, and to ensuring that operational excellence and public accountability are top priorities of departmental leadership. 

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