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US looks for ways to recapture foreign investment
The share of foreign investment coming into the U.S. has fallen dramatically, and the U.S. is scrambling for ideas to counteract a trend that is contributing to the 9.1 percent unemployment rate.
Secretary of State Hillary Clinton hosted a discussion of the President’s Jobs Council on Friday and said the jobs council will make recommendations to President Obama on ways to make the U.S. more attractive to foreign companies.
A new report out Friday sponsored by the Organization for International Investment found that investment fell to 18 percent of world flows in 2009, down from 41 percent in 1999.
“We need to step up our game,” acting Commerce Secretary Rebecca Blank told the group.
However, the administration can only do so much to improve the investment climate without Congress.
Jeffrey Immelt, the head of GE and of the Jobs Council, said the council report will focus on making regulations more business-friendly and improving crumbling infrastructure here. The former goals are generally embraced by Republicans while President Obama has been calling for a massive investment in infrastructure.
Absent political agreement, the administration has been working to advocate for the U.S. and has set up a new website, Select USA, to promote the United States.
CEOs called for more extensive changes to U.S. policy during the Friday discussion.
Clinton said that the administration is trying to work with Congress to ease business visa restrictions. She noted however that cuts to State Department appropriations being talked about for next year could backlog the visa system in addition to erasing foreign aid.
CEOs also called for the U.S. to invest in vocational training, saying blue collar skills in the U.S. are subpar, especially compared to the skills of engineers and scientists.
Chemical industry representatives also called on the U.S. to develop natural gas from shale in order to create a low-cost energy environment here.
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