U.S. EDA Invests to Help American Communities and Regions Tap Foreign Direct Investment and Export Opportunities
September 30, 2011
Contact: John Atwood, (202) 482-4085
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $191,044 grant to the Georgia Tech Research Corporation of Atlanta, Ga., to identify best practice strategies for attracting foreign direct investment and catalyzing export development.
"The Obama administration is committed to helping American communities and regions compete in the global economy to boost economic and job growth," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This project will provide best practices to local and regional economic development practitioners as they work to develop export markets and attract foreign direct investment."
U.S. exports have been a key driver of America's economic recovery. In 2010, U.S. exports of goods and services totaled $1.84 trillion, an increase of nearly 17 percent over 2009 levels. Foreign direct investment in the United States over the past decade has supported more than five million U.S. jobs that, on average, paid 30 percent more than other jobs. This project will help identify best practices that communities across the country as they create regional strategies to promote economic development and regional prosperity.
The grant is being made under EDA's Research and National Technical Assistance program, which fund research and technical assistance projects to promote competitiveness and innovation in distressed rural and urban regions throughout the United States and its territories.
About the U.S. Economic Development Administration (www.eda.gov):
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.