Hannover Messe partnership part of broader U.S. manufacturing initiative
With foreign direct investment on the rise, SelectUSA Summit aims to help economic development teams increase promotion and recruitment of new manufacturing sites.
The announcement Tuesday, March 24, that the United States will be the Partner Country at the 2016 Hannover Messe is part of a larger U.S. initiative designed to increase foreign direct investment in manufacturing.
The Partner Country status for Hannover Messe was announced in Washington, D.C. at the SelectUSA Investment Summit, which brings together economic development directors from around the country to meet with government officials and company executives to explore how to grow the U.S. manufacturing economy.
According to a press release issued by the White House on March 24, foreign direct investment (FDI) accounts for $67 billion in investment per quarter over the past three quarters, compared with $49 billion per quarter from 2009 to 2013.
Besides the Hannover Messe announcement, a number of other initiatives have been announced at the SelectUSA Summit:
- New partnership with state economic development organizations: SelectUSA will convene at the Summit the first semi-annual gathering of a collaborative platform for federal and state economic development officials. The partnership will improve state-federal coordination, inform SelectUSA services and programs, and promote high standards in investment-promotion activities across the country.
- Federal advisory committee: Commerce Secretary Penny Pritzker will establish the first-ever federal advisory committee to solicit formal input on the development and implementation of strategies and programs to attract and retain foreign direct investment in the United States.
- Launch of SelectUSA Academy: Through 2014, SelectUSA provided consultation for U.S. economic developers, seminars in at least 25 countries for investors, and a 101 series of Webinars on infrastructure investing. This culminated in the first-ever SelectUSA Academy, held March 22, the evening before the Summit kick-off. Building on the success of this effort, SelectUSA will expand online and on-site training programs for investors and EDOs.
- Policy Guidance for L-1B Visas: U.S. Citizenship and Immigration Services will increase clarity around the adjudication of the L-1B non immigrant visa that allows international companies to temporarily deploy workers with specialized knowledge to the United States when launching or conducting operations here.
– Bob Vavra is content manager, Plant Engineering, email@example.com