SelectUSA is the U.S. federal investment promotion agency, facilitating job-creating business investment into the United States and raising awareness for the role of economic development in the U.S. economy.

SelectUSA is housed within the U.S. Department of Commerce's International Trade Administration, and serves Economic Development Organizations (EDOs) at the state, regional, local, and tribal levels, and business investors with existing operations in the U.S. or planning to enter the U.S. market.

The SelectUSA Investment Summit is a conference held by the agency to promote foreign direct investment to the United States, the only such U.S. effort at the federal level. Prior to the creation of SelectUSA, Invest in America, founded in 2007, was the primary mechanism for promoting foreign direct investment. SelectUSA was created by Executive Order 13577 in 2011.[1][2]

America reinforces the longstanding U.S. Open Investment Policy.[3][4][5][6] Through Invest in America, the Department of Commerce promoted the U.S. economy as the best place in the world to do business.[7] Since its inception, SelectUSA has facilitated more than $146 billion in investment, creating and retaining over 166,000 U.S. jobs.[1]

History

Former Logo of Invest in America, predecessor of the SelectUSA.

Invest in America

On March 7, 2007, Invest in America was established in the International Trade Administration to promote the United States as a destination for foreign direct investment.[8] Invest in America was the primary U.S. Government mechanism to manage foreign direct investment promotion.[9] Efforts were focused on outreach to foreign governments and investors, support for state governments’ investment promotion efforts, and addressing business climate concerns by serving as ombudsman in Washington for the international investment community.[9]

SelectUSA

In 2011, President Barack Obama established SelectUSA via an Executive Order.[2]

SelectUSA is housed within the Global Markets unit of the Department of Commerce's International Trade Administration. SelectUSA is headquartered in Washington, D.C., but works with a global network of investment specialists and U.S. Foreign Commercial Service colleagues based in the United States and U.S. embassies and consulates around the globe.

In FY2022, SelectUSA assisted more than 9,900 clients from 53 U.S. states and territories and 100 global markets.

Mission

SelectUSA is the federal government program devoted to promoting foreign direct investment into the United States, facilitating job creation and economic development. It serves as the primary resource for business investors and economic development organizations, coordinating investment resources across the federal government and through the U.S. Commercial Service network in over 75 international markets. SelectUSA also provides services for companies and economic development organizations.[10]

SelectUSA is involved with clean energy and workforce development efforts in the United States. SelectUSA supports Biden administration policies including the CHIPS and Science Act and the Inflation Reduction Act.

Services

SelectUSA provides the following services:[7]

  • Actionable information on business investment in the United States and developing a foreign direct investment strategy. This includes information about the U.S. market and how to open a business in the United States, as well as counseling and customized reports on industry clusters, workforce availability, operating costs, supply chains, infrastructure and logistics, regulations, and federal and state resources for businesses to support companies' decision-making processes.
  • A platform for connections that will provide in-depth, on-the-ground expertise and guidance at the local level, including direct introductions and networking opportunities with U.S. states.
  • Information on navigating the federal system to help with concerns about U.S. federal rules and regulations, such as connecting EDOs and investors with officials at federal agencies to address questions and concerns.

Programs

  • The Federal Interagency Investment Working Group (IIWG) was established to coordinate activities across the many agencies that promote business investment and respond to specific issues that affect investment decisions. The IIWG is composed of 20 federal agencies and associated bureaus, with SelectUSA acting as its chair.[4]
  • The U.S. Investment Advisory Council (IAC) advises the Secretary of Commerce on the development and implementation of strategies and programs to attract and retain foreign direct investment in the United States. It consists of 40 members who serve a two-year term. Members include business and economic development leaders representing businesses and organizations.[5]
  • SelectUSA Tech connects early-stage and startup technology companies to prospects for advancement in the United States. The program includes one-to-one counseling and customized data, an annual calendar of events, and the Select Global Women in Tech (SGWIT) Program.[6]

SelectUSA Investment Summit

The SelectUSA Investment Summit is the primary event in the United States for foreign direct investment promotion, connecting investors, companies, EDOs, and industry experts to promote U.S. investment. The Investment Summit features plenary sessions, armchair discussions, panels, academies, programs, and an exhibition hall.[8]

The event in 2023 had over 4,900 total attendees, including more than 2,300 international delegates representing 83 markets. Over 700 economic development representatives attended, representing 55 U.S. states and territories. President Joseph Biden delivered recorded remarks and six cabinet secretaries provided remarks. Sixteen governors were also in attendance.

The 2024 SelectUSA Investment Summit will be held from June 23 to 26 at the Gaylord National Resort & Convention Center in National Harbor, Maryland.

References

  1. 1 2 ""The Innovation Advantage:" A Preview of the 2016 SelectUSA Investment Summit, Stefan Selig, Under Secretary of Commerce for International Trade; and Ambassador Vinai Thummalapally, Executive Director of SelectUSA". 2009-2017-fpc.state.gov. United States Department of State. 2016-06-15. Archived from the original on 2020-09-23. Retrieved 2020-09-23.
  2. 1 2 "SelectUSA". selectusa.commerce.gov. United States Department of Commerce.
  3. ↑ "President Bush's Statement on Open Economies". georgewbush-whitehouse.archives.gov.
  4. 1 2 "William J. Clinton: Remarks at the American University Centennial Celebration". www.presidency.ucsb.edu.
  5. 1 2 "George Bush: Statement on Foreign Direct Investment Policy". www.presidency.ucsb.edu.
  6. 1 2 "Ronald Reagan: Statement on International Investment Policy". www.presidency.ucsb.edu.
  7. 1 2 "Commerce official touts more Japanese investment in U.S. | the Japan Times Online". Archived from the original on 2011-06-06. Retrieved 2008-12-17.
  8. 1 2 "U.S. Initiative Aims to Smooth Way for Foreign Investment". Archived from the original on 2008-05-16. Retrieved 2008-05-09.
  9. 1 2 "Archived copy". Archived from the original on 2010-05-29. Retrieved 2007-03-22.{{cite web}}: CS1 maint: archived copy as title (link)
  10. ↑ "SelectUSA About". www.trade.gov. Retrieved 2023-04-10.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.