June 15, 2011

Organization for International Investment & Business Roundtable Applaud Administration’s New Initiative

‘SelectUSA’ to Facilitate Business Investment and Job Growth in the U.S.

Washington, D.C.- Today U.S. Secretary of Commerce Gary Locke announced the formation of a new initiative within the Department of Commerce that will encourage foreign and domestic firms to invest here by highlighting why the U.S. is the premier place to do business globally. SelectUSA represents the first inter-agency initiative strictly focused on increasing investment in the United States as an engine for American job creation and sustainable economic growth.  This initiative will lead federal efforts to help mitigate investment barriers for companies looking to invest in the United States.  

“We need action by government agencies to break down barriers impeding productivity and job creation here in the U.S.,” said Business Roundtable President John Engler, whose organization hosted Secretary Locke as he announced the launch of SelectUSA. “SelectUSA is a step in the right direction, and we are ready to work with the Commerce Department to expand investment opportunities within the U.S. and help keep America competitive.”

 “In an era of unprecedented global competition, SelectUSA is a valuable new initiative to ensure the United States successfully attracts the best companies from around the world to invest and grow our economy,” said Nancy McLernon, President and CEO of the Organization for International Investment. “This Administration understands that inward investment helps stimulate the U.S. economy and foster competitiveness.  U.S. subsidiaries of global companies already employ over five million Americans and manufacture 18 percent of total U.S. exports; SelectUSA will enable the U.S. to benefit even more from the global economy.”

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The Organization for International Investment (OFII) is a business association representing U.S. subsidiaries of global companies. U.S. subsidiaries employ more than five million American workers, support over $408 billion in annual U.S. payroll, account for 13 percent of total U.S. manufacturing jobs, and reinvested an annual $93.1 billion back into their U.S. operations. For additional information, see OFII’s web site at www.ofii.org.

 Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay more than $179 billion in dividends to shareholders. BRT companies give nearly $9 billion a year in combined charitable contributions.