President Barack Obama’s Council of Economic Advisers (CEA) have released a report that details the positive impact and significant potential of U.S. Inbound Foreign Direct Investment, while highlighting the administration’s open investment policy which allows foreign-based companies to grow and expand their businesses across the United States.
A June 20 White House statement which announced the report, adds that it outlines how foreign-based companies that invest directly in the U.S. economy create high-quality, well-paid jobs for American workers – by building new facilities, investing in research and development and growing warehouses, sales offices and service centers.
"The United States is an attractive location for foreign companies to invest due to our strong and open economy, our productive workforce, a unique culture of innovation and entrepreneurship, remarkable colleges and universities, and a business environment underpinned by transparency, protection of intellectual property, and the rule of law," said Obama. "At a time where we need to use every tool in our toolbox to continue to put Americans back to work and grow the economy here at home, promoting foreign direct investment is an important opportunity to accelerate our economic recovery."
According the statement, the U.S. continues to receive the most foreign direct investment of any country in the world. It goes on to note that the CEA reports that in 2010, the U.S. inbound foreign direct investment rebounded sharply and increased by 49 percent from the economic crisis level it reached in 2009.
Last week, the President’s Council on Jobs and Competitiveness put forward a set of ideas for accelerating private sector job growth. Promoting foreign direct investment was one of the recommendations put forward by the group of private sector leaders because of the great potential for the American economy.