New Initiative Encourages U.S. and Foreign Companies to Create More Jobs in the United States
On June 15, U.S. Commerce Secretary Gary Locke announced a new government-wide initiative that will help remove federal investment barriers in support of a stronger economy and new jobs. This initiative is the first coordinated federal effort to aggressively pursue and win new business investment in the United States. Created by Executive Order, SelectUSA will be housed at the U.S. Department of Commerce and online at www.SelectUSA.gov. It will also highlight why the United States is the premier place to do business globally and help attract business operations to the U.S., spurring economic growth and job creation.
As the U.S. competes with trading partners who have aggressive and large national programs to encourage businesses to move to or expand within their borders, SelectUSA will be a key component to strengthening U.S. competitiveness and winning the future. It will help cut federal red tape and remove barriers to new investment. The initiative is a direct response to concerns the administration has heard from the business community.
SelectUSA will encourage foreign businesses to operate in the United States, U.S. and foreign businesses to expand and grow in the United States, and U.S. businesses operating outside our borders to return their previously off-shored operations back to the United States by:
- Providing assistance to U.S. states, at their request, to address federal “red tape” issues through a new interagency investment facilitation task force;
- Engaging in advocacy and outreach to promote the United States as the best market for business operations in the world, and;
- A one-stop web portal, www.SelectUSA.gov will offer government-wide information on federal programs and services available to companies that invest in the United States and will also provide snapshots of the competitive landscape in major U.S. industries and be a direct line to state and local economic development agencies.
Both domestic businesses and U.S. subsidiaries of foreign firms play an important role in the U.S. economy. U.S. subsidiaries of foreign firms support over 5 million jobs (accounting for over 10 percent of U.S. private-sector capital investment), nearly 15 percent of annual research and development expenditures, and nearly 20 percent of U.S. exports.