U.S. Department of Commerce Invests $1 Million to Support Foreign Direct Investment in Tennessee
Contact: Public Affairs Department, (202) 482-4085
Monday, March 9, 2015
WASHINGTON – The U.S. Department of Commerce today announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the City of Mt. Pleasant, Tennessee. The funding will support critical infrastructure that will serve a European-based company planning to locate in the area. According to grantee estimates, the project will create 180 jobs and generate $70 million in private investment.
“Helping communities attract foreign investment is a major focus for the Department of Commerce and EDA,” said Assistant Secretary of Commerce for Economic Development Jay Williams. “The EDA investment announced today will provide the infrastructure needed to locate a foreign-owned ceramic tile company in Tennessee to help create American jobs.”
EDA’s investment will make improvements to the gas and sewer systems that will enable UST, a European ceramic tile company, to set up its first production and distribution center in the United States. According to the grantee, the region has suffered from high unemployment, and UST has plans for growth. This initial investment will benefit 13 counties in Tennessee: Bedford, Coffee, Franklin, Giles, Hickman, Lawrence, Lewis, Lincoln, Marshall, Maury, Moore, Perry, and Wayne.
The Department of Commerce also supports foreign-direct investment through SelectUSA, which is an office within Commerce focused on promoting more investment in the United States. SelectUSA is the first-ever U.S. government-wide initiative to promote and facilitate investment to the United States. The Commerce Department will host the 2015 SelectUSA Investment Summit on March 23-24 to connect thousands of businesses with economic development organizations to make investment deals that will create jobs and spur economic growth.
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.