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The US made a seismic change this year to its FDI policy, with the federal government vowing to play a much more proactive role in promoting inward investment. The tone was set by president George W Bush’s ‘Open Economies’ statement in May 2007 along with an announcement of the creation of the Invest in America initiative.
Treasury secretary Henry M Paulson has been particularly vocal about the benefits of FDI for the US economy, and the country’s openness to investment, and he is said to have been a driving force behind the new efforts. Shouting against the protectionist winds blowing at home and abroad, he has been making the rounds to convince Americans that FDI is good for them and convince foreign investors that, despite the perceptions created by controversies surrounding planned acquisitions by Dubai-based and Chinese companies, the US economy remains open and receptive to foreign investment.
“Foreign investment in America creates jobs and revitalises communities. Foreign-owned companies directly provide jobs to over five million US workers, or almost 5% of our domestic workforce, and they support almost the same number of jobs indirectly,” he says. “Today, the US sends a clear signal to the rest of the world that we continue to have an open economy. We are committed to encouraging other countries to deepen their commitment to open investment policies.”
