The US Department of Commerce has announced that client-verified foreign direct investment (FDI) through the SelectUSA programme has surpassed the $200bn mark while generating over 200,000 jobs across the US and its territories.
Established in 2011, the SelectUSA programme is housed within the International Trade Administration of the department.
The programme encourages and streamlines business investment in the US by orchestrating collaboration among relevant federal government agencies, serving as a unified point of contact for investors. It also aims to heighten awareness of the pivotal role economic development plays in the American economy.
According to the Department of Commerce, SelectUSA’s achievement underscores the ongoing success of the Biden-Harris Administration’s Investing in America agenda.
Fuelled by legislation including the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act, the administration has created US jobs through FDI in crucial sectors. Additionally, it has established an appealing ecosystem that encourages international businesses to invest across the country, said the department.
US Secretary of Commerce Gina Raimondo said: “SelectUSA continues to serve as an indispensable tool within the Department of Commerce to attract FDI into the United States and help create good-paying jobs across the country.
“2023 was a groundbreaking year for the SelectUSA programme, with President Biden’s historic Investing in America agenda driving investments in critical industries like semiconductors and clean energy. Workers all over the nation are seeing the benefits of SelectUSA’s work to promote FDI and the President’s commitment to investing in our country.”
The latest milestone comes after a robust year for the SelectUSA programme, scoring over $55bn in client-verified FDI and contributing to the creation of more than 35,000 jobs in fiscal year 2023.
The FDI achieved in this period constitutes over a quarter of the total announced FDI facilitated by SelectUSA since its establishment. The investments supported by SelectUSA span critical industries, encompassing rare earths facilities in Texas, lithium-ion batteries manufacturing in Kansas, and pharmaceutical manufacturing in Puerto Rico.
