OFII Applauds Jobs Council Call for a “National Investment Initiative”
Washington DC- Today the President’s Council on Jobs and Competitiveness formally recommended a National Investment Initiative (NII), as part of a comprehensive report, Taking Action, Building Confidence, which would be the first ever attempt by the United States to systematically attract foreign direct investment.
Statement by Nancy McLernon, President & CEO, Organization for International Investment:
“Over the last decade, the United States has lost considerable ground in attracting cross border investment and the jobs that come with it. A National Investment Initiative would send a strong positive message to global companies that the U.S. welcomes their business. We applaud the President’s Jobs Council for its work to elevate a policy discussion on how more global investment in the United States could directly benefit American workers.”
FACTS ON FOREIGN DIRECT INVESTMENT IN THE U.S.
Jobs: U.S. subsidiaries of global companies employ 5.3 million Americans;
Payroll: U.S. subsidiaries support an annual payroll of $408.5 billion;
Manufacturing: U.S. subsidiaries heavily invest in the American manufacturing sector; nearly 38 percent of American jobs at U.S. subsidiaries are in manufacturing;
Exports: U.S. subsidiaries manufacture in America to export goods around the world — accounting for close to 21 percent of all U.S. exports;
Reinvestment: U.S. subsidiaries reinvest an annual $93.1 billion in their U.S. operations.
Taxes: U.S. subsidiaries pay $38 billion in annual U.S. corporate taxes, nearly 17 percent of total U.S. corporate tax payments.
*All statistics are the latest publicly available government data from the Department of Commerce and the Internal Revenue Service.
RELATED DOCUMENTS
President’s Council on Jobs and Competitiveness: Taking Action, Building Confidence
OFII Study: The Foreign Investment Challenge for the United States
President Obama’s: Open Investment Statement
SelectUSA
Council on Foreign Relations (CFR) Report: U.S. Trade and Investment Policy