The FY 2013 President’s Budget proposes $13 million for SelectUSA to encourage and facilitate foreign direct investment in the United States to support economic growth and job creation.
Housed in the U.S. Department of Commerce, SelectUSA is a U.S. Government-wide initiative to support business investment in the United States. SelectUSA represents the entire nation and exercises strict geographic neutrality. It serves firms and economic development organizations by:
- Promoting the benefits of investing in the United States
- Responding to inquiries about the U.S. business climate
- Helping investors encountering confusion, delays, or obstacles in a federal regulatory process
- Advocating on behalf of the U.S. government in a globally competitive business location decision
- Offering guidance on rules, regulations, procedures and policy positions that impact our global competitiveness
- Offering aftercare to companies that have already invested in the United States
The United States is the largest recipient of foreign direct investment in the world. In 2010, we saw the level of inbound foreign direct investment increased 49% over the 2009 level. However, the share of FDI captured by the United States has consistently decreased since the 1990s as other economies continue to open up and compete for FDI attraction to their respective markets.
Canadian automotive supplier AGS Automotive announced plans to invest in Michigan in January, 2011, in part due to information and guidance provided by SelectUSA.
Business investment by both domestic and foreign firms leads to economic growth by impacting U.S. jobs and exports. Foreign investment plays an important role in the U.S. economy:
- Foreign-owned companies operating in the United States support over 5.3 million U.S. jobs,
- U.S. subsidiaries of foreign-owned firms account for 21 percent of all U.S. exports, and
- The $2.3 trillion stock of FDI in the United States is equivalent to nearly 18 percent of U.S. GDP.