The U.S. Department of Commerce has announced the achievement of a new historic milestone, surpassing $200 billion in customer-verified foreign direct investments (FDI). This accomplishment was made possible through the SelectUSA program, part of the Department's International Trade Administration, established in 2011.
Impact of the SelectUSA Program
This news serves as evidence of the continued success of the Biden-Harris Administration's "Investing in America" agenda. Historic legislations such as the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act have fueled job creation in the United States through FDI in critical sectors, making the U.S. an attractive ecosystem for international investments.
U.S. Secretary of Commerce, Gina Raimondo, emphasizes the importance of the SelectUSA program in attracting FDI to the United States and creating well-paying jobs. The year 2023 was revolutionary for the SelectUSA program, with President Biden's agenda leading investments in critical sectors such as semiconductors and clean energy.
A Strong Year for SelectUSA
The SelectUSA program has recorded an exceptional year, facilitating over $55 billion in customer-verified FDI, supporting more than 35,000 American jobs in fiscal year 2023. This figure represents over a quarter of the total FDI announced by SelectUSA since its inception in 2011. SelectUSA-supported investments range from rare earth facilities in Texas to lithium-ion battery manufacturing in Kansas and pharmaceutical manufacturing in Puerto Rico.
For 11 consecutive years, the United States remains the top destination globally for FDI, a testament to the ongoing strength of the U.S. economy. According to the latest data from the Bureau of Economic Analysis (BEA), FDI is responsible for over 15 million total direct and indirect jobs across the United States.
SelectUSA: The Heart of Investment Attraction
The SelectUSA program, led by the U.S. Department of Commerce, serves as a single point of contact for investors, coordinating federal agencies to promote and facilitate business investments in the United States. It supports U.S. economic development organizations, provides information, and advocates for the importance of economic development in the U.S. economy.
In conclusion, the SelectUSA program continues to be a driving force in attracting crucial investments to the United States, supporting job creation and solidifying the country's position as a global leader in receiving FDI.
Note: This press release was issued on January 4, 2024, by the U.S. Department of Commerce. All data and statistics are updated as of the publication date.
SelectUSA: Guide to Foreign Direct Investments in the United States
The SelectUSA program, led by the U.S. Department of Commerce and part of the International Trade Administration, is an initiative aimed at promoting and facilitating foreign direct investments (FDI) in the U.S. territory. Established in 2011, SelectUSA acts as a strategic hub, providing a single point of contact for international investors interested in capitalizing on opportunities offered by the United States.
Objectives and Successes of the Program
The primary goal of SelectUSA is to attract foreign investments that contribute to the creation of high-quality jobs and focus on key sectors of the U.S. economy. The program plays a crucial role in implementing the Biden-Harris Administration's "Investing in America" agenda, promoting economic growth through significant legislative initiatives.
The recent announcement of surpassing the $200 billion milestone in verified FDI confirms the program's success in creating a favorable environment for international investments in the United States.
How SelectUSA Works
SelectUSA facilitates the decision-making process for international investors by providing detailed information, acting as a coordinator between involved federal agencies, and offering support in addressing challenges related to the U.S. regulatory system.
The organization assists U.S. economic development agencies in competing globally for investments. Through international marketing platforms and high-level advocacy activities, SelectUSA promotes the United States as a primary destination for business investments.
Results and Economic Impact
SelectUSA has demonstrated its effectiveness in facilitating investments in critical sectors such as semiconductors, clean energy, and pharmaceutical manufacturing. Data shows that, for eleven consecutive years, the United States has maintained its position as a global leader in FDI.
According to the Bureau of Economic Analysis (BEA), FDI has contributed to over 15 million direct and indirect jobs in the United States, highlighting the importance of such investments for the economic vitality of the country.
Glossary
- Foreign Direct Investment (FDI): Corporate investment made by a foreign entity in a company located in another country.
- Advocacy: Activity of defending and promoting economic interests, often carried out by organizations and institutions in support of specific policies or initiatives.
- Regulatory System: Set of laws, regulations, and procedures governing a sector or economic activity, establishing rules and requirements for businesses.
- Well-Paying Jobs: Occupations that offer competitive salaries and significant benefits, contributing to the well-being of employees and their families.
- SelectUSA: Program led by the U.S. Department of Commerce that promotes and facilitates Foreign Direct Investments (FDI) in the United States.
- BEA: Bureau of Economic Analysis, an agency of the U.S. Department of Commerce responsible for providing national economic data.
- CHIPS: Creating Helpful Incentives to Produce Semiconductors for America's Future Act, legislation aimed at promoting semiconductor production in the United States.
- FDI: Foreign Direct Investment, the English acronym for Foreign Direct Investment.
- U.S.: United States, the United States of America.
- Fiscal Year: A twelve-month accounting period used for fiscal and accounting purposes, often different from the calendar year.
- Biden-Harris Administration: The presidential administration led by President Joe Biden and Vice President Kamala Harris.
- Infrastructure Law: Bipartisan Infrastructure Law, bipartisan legislation focused on infrastructure in the United States.
- SelectUSA-supported Investments: Investments supported by the SelectUSA program to attract foreign investments.
SelectUSA remains a fundamental pillar in promoting foreign investments in the United States, supporting job creation, and contributing to the resilience of the American economy. For additional information and opportunities, please visit the official program website: www.trade.gov/selectusa.
Note: All data and information provided is updated as of the publication date. by doc.gov
