U.S. vows to attract foreign direct investment
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Xinhua, October 8, 2011
Facing falling inflows of foreign direct investment (FDI), government of the United States on Friday pledged to attract overseas money to boost the country's sluggish growth.
FDI plays critically important role in the U.S. economy, noted State Secretary Hilary Clinton when hosting a meeting of the President's Council on Jobs and Competitiveness at the State Department.
Clinton is joined by Acting Secretary of Commerce Rebecca Blank, Under Secretary of State for Economic Affairs Robert Hormats, GE Chairman Jeff Immelt, CEO of Kodak Antonio Perez, UBS Investment Bank President Robert Wolf and business leaders and stakeholders.
Participants of the meeting held that overseas investment in the United States creates and supports millions of good paying jobs, contributes to economic growth, boosts productivity, and support American communities.
But the United States' share of global FDI has fallen drastically over the last decade from more than 40 percent to 17 percent, according to a report released by a leading organization on Friday.
In the first six months of 2011, FDI inflows into the U.S. fell by 11 percent compared to the first half of 2010, said the report - - The Foreign Investment Challenge for the United States by the Organization for International Investment, a Washington-based association representing U.S. subsidiaries of global companies.
Clinton said the U.S. government is working to improve the U.S. open investment policy and ways to increase direct investment in the United States.
In June, President Obama signed an executive order creating SelectUSA, a branch attached to the Commerce Department, as the first-ever government-wide initiative to attract and retain U.S. business investment.
Clinton also noted that the U.S. is considering to simplify its business visa appliance process under the request of many emerging market economies, including China and Brazil.
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