United States Secretary of State, Antony Blinken has said that since 2021, the private sector has invested more than $435 billion in businesses across the country, while a third of the investments announced since August have involved a foreign investor.
Blinken who disclosed this in his closing remarks at the 2023 SelectUSA Investment Summit, National Harbor, Maryland on Thursday, said there is also record demand for international business leaders to come to US which his department is facilitating.
According to him, “So far this fiscal year, we have already issued nearly double the number of business visas that we did at this point last year, and we’ve also surpassed the number of business visas that were issued before the COVID-19 pandemic
“So that entrepreneurs and investors can attend professional conferences, negotiate contracts, work with their associates, do the countless things that they do to run successful businesses.
“It has been very evident this week, there is tremendous pent-up demand for more business travel, so we’re devoting more resources and streamlining our processes to help secure business and work visas for leaders and for their employees”.
Adding that, “Our Bureau of Consular Affairs stands ready to help. We’ve made it easier to apply for these visas, including by launching the Business Visa Center. That’s a one- stop-shop to help international investors access visas for business travel.
“Later this year, we’ll be piloting a program to make it easier to renew some of our temporary work visas from within the United States instead of having to traveling abroad. That’s going to save time and it’s going to reduce uncertainty for employers”.
Secretary Blinken said further that since 2021, this conference has helped bring in more than $80 billion in private investment. “It’s supported more than 60,000 jobs in the United States.
“While helping thousands of foreign businesses and investors enter the U.S. market, to benefit of themselves, their economies, their fellow citizens back home. These partnerships have helped advance critical foreign policy priorities, something that needless to say I’m focused on”.
He briefly laid out how the govt is building on advantages to try to make the US an even stronger and more attractive place to invest, to do business. “And the short answer really is this: first and foremost, by investing in ourselves.
“We’ve made, as you know, historic investments in our competitiveness with legislation like the bipartisan CHIPS and Science Act, the Inflation Reduction Act, the Bipartisan Infrastructure Law, transformative laws that make America an even better place to do business, with more resilient supply chains.
“A stronger and more inclusive workforce, more regional innovation and technology hubs, improved infrastructure, including new roads, rail transit, waterways, airports, as well as expanded fast and free broadband across our entire country.
“But investment in ourselves is not a zero-sum proposition. Our approach is predicated on building a strong, resilient, and advanced industrial base with our partners around the world.
“We can’t build everything domestically, nor would we want to, because it’s to our collective benefit to have diversified supply chains across all of our partners.
Blinken explained further, “We’re also trying to modernize our economic partnerships to better position us to address challenges, opportunities of this moment that we share: from combating the climate crisis, to tackling corruption, to driving sustainable economic growth.
“New initiatives like the Indo-Pacific Economic Framework, the Americas Partnership for Economic Prosperity will both protect our national and economic security, and that of our partners, creating closer connections between countries, more opportunities for our businesses to invest and to thrive.
“And we’re using existing bodies to produce results for our people, like the U.S.-EU Trade and Technology Council, through which we’re coordinating our industrial strategies to be complementary to one another”, the Secretary added.
He boldly said that GlobalWafers, Delfast, hundreds of other companies have used this summit to gain connections and the know-how to enter the United States market. “The State Department stands ready to help your company do the same thing.
“We have 200 Economics and Business Affairs officers in Washington, D.C., and 1,500 economic officers in our embassies and consulates around the world, across more than 150 countries.
“All have the responsibility to help foreign businesses find the strongest investment opportunities here in the United States.
“They, along with our colleagues in the Department of Commerce’s Foreign Commercial Service, will be able to help you navigate legal frameworks in the United States, connect you with potential partners, and answer any questions that you’ve got along the way.
“So to our international visitors here today: The United States is very much open for business, and we hope you choose to invest your time and your talents with us.
“And to the U.S. businesses that are here today: We are standing by to continue supporting everything that you’re doing as you grow your businesses both here in the United States and around the world”, Blinken said.