Blinken Promotes Foreign Investment in US

Secretary of State Antony Blinken urged foreign investors to take advantage of the Administration’s domestic investments in areas like semiconductors and clean energy technology that are making the United States an ever more attractive investment destination.

“My message today is simple: There is no better place in the world to invest than the United States and no better time to do it than right now,” he said yesterday at the annual Select USA investment summit.

“Through landmark legislation like the Bipartisan Infrastructure Law, the CHIPS and Science Act, the Inflation Reduction Act, we are doubling down on these advantages to make the United States an even better place to invest – modernizing our roads, our rail, our broadband, our electric grid; strengthening and diversifying supply chains; turbo-charging domestic manufacturing; spurring key industries of the future, from semiconductors to clean energy,” he stated.

“Over the past three years, businesses from around the world have invested more than $1 trillion in the United States, supporting millions of jobs across this country,” he continued. “We’re proud that – in addition to being the leading provider of foreign direct investment around the world – the United States also remains the world’s top destination for foreign investment.”

The United States is bringing in better investment, “ investment that’s good for the United States, fueling our competitiveness, rebuilding our manufacturing base, delivering higher wages for all of our workers, and investment that’s good for the rest of the globe, by creating more secure supply chains, strengthening connectivity, creating good jobs, safeguarding our planet,” he said.

Economic Diplomacy Action Group

Mr. Blinken pointed to the newly-established Economic Diplomacy Action Group, that is tasked with boosting US competitiveness and attracting increased foreign investment.

State, along with the Commerce Department, US Trade Representative’s Office and  Treasury Department, will sit on the group “to ensure that our foreign policy continues to create opportunities for American companies globally while also attracting foreign investment in sectors that are vital to US national security.”

According to an announcement from State, the EDAG will ensure “our foreign policy continues to create opportunities for American businesses globally and attract foreign investment into the United States in sectors vital to US national security. The EDAG will advance US economic priorities, including supply chain resilience, and deepen our shared prosperity with allies and partners.”

The EDAG also will create a trade expansion advisory committee with selected representatives from the private sector, labor and other organizations to provide comment and advice.