News / Economy

White House Launches Push to Attract More Foreign Investment

White House Launches Push to Attract More Foreign Investmenti
X
November 01, 2013
The United States has traditionally been the world’s largest recipient of foreign direct investments (or FDI) - but that is changing. Since 2000, when the U.S. held nearly 40 percent of the world’s foreign investments, its share of capital inflows has declined to just 17 percent. The White House hopes to reverse the decline - launching an aggressive campaign Thursday to attract more foreign investment to the United States. Mil Arcega has more.
TEXT SIZE - +
The United States has traditionally been the world’s largest recipient of foreign direct investments (or FDI) - but that is changing.  Since 2000, when the U.S. held nearly 40 percent of the world’s foreign investments, its share of capital inflows has declined to just 17 percent. The White House hopes to reverse the decline - launching an aggressive campaign Thursday to attract more foreign investment to the United States. 

More than $160 billion in foreign investments flowed into the U.S. economy last year.  It's a sizeable sum - one that boosts U.S. productivity and creates new jobs.
 
But in this interconnected global economy, foreign investors are increasingly putting their money elsewhere.
That’s one reason why Commerce Secretary Penny Pritzker welcomed more than 1200 guests to Washington for the first Select USA Summit.

“Business leaders from 58 countries and across the United States are here today.  A warm welcome to all of you from all of us in the Obama administration," said Pritzker.

The sales pitch comes as foreign investment in the U.S. continues to slide.  Down 28 percent in 2012 from the year before - it’s on pace for another big decline this year.

Economists say the reasons are many - from the slowdown in emerging markets, to the political dysfunction in Washington.

Still, among the advanced economies, Treasury Secretary Jacob Lew says the United States boasts the most favorable business climate.  

“We need the world to sustain greater growth, and the world continues to need the United States to be the backbone of a stable global economy," said Lew.

The Summit represents a new push by the White House to remind investors that the U.S. is open for business.  And it was an opportunity seized by President Barack Obama.

“I want more American products being sold in your countries, and I want your companies investing more here in the United States of America," said President Obama.

To do that, the White House has launched a four-pronged effort to persuade international investors to buy American - from coordinating  assistance, through U.S. embassies, to cutting red tape for direct investment.

“You should find out why there’s no substitute for those proud words Made in America. We are open for business and we’re looking forward to partnering with all of you in the months and years ahead.  Thank you very much," said Obama.

You May Like

Multimedia Relatives of South Korean Ferry Victims Fire at Authorities

46 people are confirmed dead, but some 250 remain trapped inside sunken ferry More

War Legacy Haunts Vietnam, US Relations

$84 million project aims to clean up soil contaminated by Agent Orange More

Wikipedia Proves Useful for Tracking Flu

Technique gave better results than Center for Disease Control (CDC) and Google’s Flu Trends More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Ukraine, Russia, United in Faith, Divided in Politicsi
X
Michael Eckels
April 19, 2014
There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Ukraine, Russia, United in Faith, Divided in Politics

There is a strong historical religious connection between Russia and Ukraine. But what role is religion playing in the current conflict? In the run-up to Easter, Michael Eckels in Moscow reports for VOA.
Video

Video Face of American Farmer is Changing

The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Donetsk Governor: Ukraine Military Assault 'Delicate But Necessary'

Around a dozen state buildings in eastern Ukraine remain in the hands of pro-Russian protesters who are demanding a referendum on self-rule. The governor of the whole Donetsk region is among those forced out by the protesters. He spoke to VOA's Henry Ridgwell from his temporary new office in Donetsk city.
Video

Video Drones May Soon Send Data From High Seas

Drones are usually associated with unmanned flying vehicles, but autonomous watercraft are also becoming useful tools for jobs ranging from scientific exploration to law enforcement to searching for a missing airliner in the Indian Ocean. VOA’s George Putic reports on sea-faring drones.
Video

Video New Earth-Size Planet Found

Not too big, not too small. Not too hot, not too cold. A newly discovered planet looks just right for life as we know it, according to an international group of astronomers. VOA’s Steve Baragona has more.
Video

Video Copts in Diaspora Worry About Future in Egypt

Around 10 percent of Egypt’s population belong to the Coptic faith, making them the largest Christian minority in the Middle East. But they have become targets of violence since the revolution three years ago. With elections scheduled for May and the struggle between the Egyptian military and Islamists continuing, many Copts abroad are deeply worried about the future of their ancient church. VOA religion correspondent Jerome Socolovsky visited a Coptic church outside Washington DC.
Video

Video Critics Say Venezuelan Protests Test Limits of Military's Support

During the two months of deadly anti-government protests that have rocked the oil-rich nation of Venezuela, President Nicolas Maduro has accused the opposition of trying to initiate a coup. Though a small number of military officers have been arrested for allegedly plotting against the government, VOA’s Brian Padden reports the leadership of the armed forces continues to support the president, at least for now.
Video

Video More Millenials Unplug to Embrace Board Games

A big new trend in the U.S. toy industry has more consumers switching off their high-tech gadgets to play with classic toys, like board games. This is especially true among the so-called millenial generation - those born in the 1980's and 90's. Elizabeth Lee has more from an unusual café in Los Angeles, where the new trend is popular and business is booming.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
AppleAndroid

World Currencies

EUR
USD
0.7217
JPY
USD
102.17
GBP
USD
0.5949
CAD
USD
1.1009
INR
USD
60.326

Rates may not be current.