For Immediate Release: May 5, 2008
Contact: Brittany Eck (202) 482-3809
Department of Commerce Announces Inaugural “Invest in America” Week
Commerce Officials to Highlight the Benefits Foreign Investment
Washington – Commerce Secretary Carlos M. Gutierrez today announced the inaugural Invest in America Week, May 5-9, 2008, featuring events spanning the United States. Invest in America Week will highlight the importance of foreign direct investment (FDI) for U.S. jobs and economic growth through a series of events in 18 states across the country.
More than five million Americans work in jobs created by foreign direct investment, and FDI accounts for 10 percent of U.S. capital investment, 15 percent of annual research and development expenditures, and 20 percent of U.S. exports. On average, U.S. subsidiaries of foreign firms pay 25 percent higher wages than that of U.S. establishments, making these jobs highly sought-after by U.S. workers.
“Invest in America Week highlights our commitment to open investment policies that are key drivers of economic growth. Millions of Americans are employed by foreign companies, with better than average wages. We need to continue attracting investment that promotes economic growth and produces jobs,” Gutierrez said.
Events will take place in Arizona, California, Connecticut, Kansas, Kentucky, Maryland, Massachusetts, Nevada, New Hampshire, New York, Pennsylvania, Rhode Island and Wisconsin.
The Department of Commerce created Invest in America in 2007 as the first federal-level U.S. investment promotion effort in a generation. Invest in America provides support for state governments' investment promotion efforts in all 50 states and is facilitating Invest in America Week activities to showcase the benefits of foreign investment in America.
Historically, the United States is the world’s largest recipient of FDI. Companies invest in the United States because, as the largest economy in the world, it is one of the most important markets for any global company. The United States is the most competitive and open economy in the world, and America’s pool of skilled labor is one of the best educated, most productive and innovative in the world. Foreign investors’ confidence in the U.S. economy has been and will continue to be critical to American economic growth.
In recognition of the importance of FDI for U.S. jobs and economic development, federal, state, and local officials across the country will highlight the benefits foreign investment has brought to American communities and families, as well as the broader benefits of encouraging an open investment climate. For additional information, visit www.investamerica.gov.
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