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SelectUSA.gov Entering the U.S. Market Aaron Brickman Deputy Executive Director SelectUSA
About SelectUSA SelectUSA.gov 1.The Administrations policy on business investment 2.The establishment and functions of the SelectUSA initiative 2 SelectUSA was created by the Executive Order of the President of the United States in June The Executive Order outlines: © International Trade Administration 2012
FDI and the U.S. Economy 5.3 million $43 billion $154 billion $220 billion $410 billion 21% 33% Workers Employed by U.S. Affiliates of Foreign Firms in the U.S. in 2009 Amount U.S. Affiliates of Foreign Firms spent on R&D in the U.S. in 2008 Amount U.S. Affiliates of Foreign Firms Spent on Capital Investments in 2009 Size of FDI Flows into the U.S. in 2011 (preliminary) Amount of Wages Paid to Employees of U.S. Affiliates of Foreign Firms in 2009 Percent of all U.S. exports come from U.S. subsidiaries of foreign firms in 2009 U.S. Affiliates of Foreign Firms On average Pay 33% More than the economy-wide average in 2009 Source: Bureau of Economic Analysis © International Trade Administration 2012 SelectUSA.gov 3
Industry breakdown of total U.S. FDI stock ($2.3 trillion) Source: Bureau of Economic Analysis U.S. FDI Trends © International Trade Administration 2012 SelectUSA.gov 4
Top 10 FDI Growth Sectors in the United States (Compound annual growth rate in FDI position between 2005 and 2010 and dollars in 2010 on a historical cost basis) Primary and Fabricated Metals Computers and Electronic Products Electrical equipment, appliances, and components Machinery Finance and Insurance Other Manufacturing Professional, Scientific, and Technical Services Information Other Industries Chemicals 13.54% $56.76 billion $ billion $ billion $ billion $ billion $ billion $ billion $ billion $ billion 12.64% 11.7% 11.32% 10.7% 10.49% 9% 8.82% 7.26% 7.22% $ billion FDI and the U.S. Economy Source: Bureau of Economic Analysis.gov Total Stock in 2010 © International Trade Administration 2012 SelectUSA.gov5
The U.S. Business Climate World Economic Forums Global Competitiveness rankings France: #18Germany: #6UK: #10 AT Kearneys 2012 FDI Confidence Index France: # 17Germany: #5UK: #8 #4 #5 #4 IESE Business Schools 2011 Venture Capital and Private Equity Index France:#17Germany: #16 UK: #3 World Banks Ease of Doing Business 2012 ranking France: #29 Germany: #19UK: #7 #1 © International Trade Administration 2012 SelectUSA.gov 6
Center for Global Innovation and Entrepreneurship U.S. Responsible for 36% of Total World R&D Expenditures (EU-27 accounted for 24%); Average 558,000 new businesses created per month in Strong Intellectual Property Right Protections 43% of the Patents Granted in 2011 by the U.S. Patent Office Originated from a Foreign Country 2 A Leader in Higher Education 15 of the top 20 universities in the World (Europe has 4 of the top 20) 3 Productive Workforce U.S. labor productivity grew 2.3% in 2009 (France: -1%, Germany: -2.3%, UK: -2.5%) 4 Strategic Market & FTAs Population of U.S. and FTAs is 695 million; U.S. 42% of Global Consumer Goods Market 5 Open to People, Cultures, and Ideas U.S. has more Irish than Ireland, Filipinos than Manila, Chinese than Hangzhou* and Poles than Warsaw 6 1 National Science Foundation Science and Engineering Indicators 2010; Kauffman Index of Entrepreneurial Activity ; 2. U.S. Patent and Trademark Office; 3. The Times Higher Education Report (U.K.); 4. OECD Labor Productivity Statistics; 5. Office of the U.S. Trade Representative; Central Intelligence Agency – The World Factbook; and Credit Suisse survey; 6. U.S. Census Bureau, *Hangzhou city proper The U.S. Business Climate © International Trade Administration 2012 SelectUSA.gov 7
Innovation and Entrepreneurship 41.2% of all R&D in developed countries took place in the United States More Nobel prize winners completed their winning research in the U.S. than in all other countries combined. Sources: OECD, WIPOwww.nobelprize.org U.S. 41.2% Other U.S. researchers published over 270,000 articles, more than anywhere else in the world. The U.S. received more patent applications (456,106) than any other country, more than half were from non-residents. China: 314,573 Euro. Patent Office: 134,580 Japan: 348,596 In © International Trade Administration 2012 SelectUSA.gov 8
Entrepreneurship and Opportunities The U.S. ranks 5 th in entrepreneurship and opportunities. A strong entrepreneurial climate in which citizens can pursue new ideas and opportunities for improving their lives can lead to higher levels of income and well-being. Source: The 2011 Legatum Prosperity Index © International Trade Administration 2012 SelectUSA.gov 9
U.S. Ranks #1 in Global Talent Index Source: Heidrick & Struggles and the Economist Intelligence Unit © International Trade Administration 2012 SelectUSA.gov 10
Productive Workforce The United States has the most productive workforce among the worlds largest economies Source: Bureau of Labor Statistics SelectUSA.gov © International Trade Administration
Myths About the U.S. Market Myth: It is both difficult and time-consuming for international investors to get the visas they need to administer an investment in the United States. Facts: In Fiscal Year 2010, the Department of State issued over 6.4 million tourist and business visas Visa interview wait time is less than 30 days in 90% of U.S. embassies and consulates abroad 97% of qualified applicants receive visas within two or three days 36 Countries are a part of the visa waiver program SelectUSA.gov © International Trade Administration
Myths About the U.S. Market Myth: The Foreign Corrupt Practices Act (FCPA) is unfair to foreign firms Facts: FCPA applies equally to U.S. and foreign firms and individuals. Companies that continue to act corruptly may sacrifice access to the world-leading U.S. economy The FCPA legislation has furthered the goals of the OECD Anti- Bribery Convention SelectUSA.gov © International Trade Administration
Myths About the U.S. Market Myth: All foreign investment in the United States is subject to undue scrutiny. Facts: CFIUS has the authority under a voluntary review mechanism to review individual FDI transactions to determine their effects, if any, on national security. The overwhelming majority of FDI in the United States does not result in a CFIUS review. Where CFIUS reviews have been conducted, risk mitigation assurances are requested for only a few transactions per year SelectUSA.gov © International Trade Administration
Myths About the U.S. Market Myth: U.S. laws and business culture make it difficult to do business Facts: According to the World Banks Ease of Doing Business Index, the U.S. ranks as the one of the worlds best economies for doing business and ranks #4 overall The United States has clear rules governing business, which make for a predictable market. Foreign firms receive the full benefit of this transparency, as foreign and domestic firms are treated equally. SelectUSA.gov © International Trade Administration
Indian FDI in the United States 16SelectUSA.gov © International Trade Administration 2012
FDI from India to the U.S. 8 th $7.1 billion 32,000 $250 million $3.3 billion $697 million Source: Bureau of Economic Analysis India is the eighth fastest growing source of FDI in the U.S. The total stock of FDI from India to the U.S. in 2010 Employment by U.S. affiliates of Indian Firms in 2009 Capital Investments by U.S. affiliates of Indian Firms in 2009 Size of FDI Flows from India into the U.S. in 2010 (up from $2.4 billion in 2009) Value of exports by U.S. subsidiaries of Indian firms in 2009 SelectUSA.gov © International Trade Administration
FDI from India to the U.S. Fastest Growing Sources of FDI in the United States, by Compound Annual Growth Rate ( ) RankCountryGrowth Rate Billion USD 1China53%5.8 2Singapore44%21.3 3Ireland38%61.7 4New Zealand37.8%3.3 5U.A.E.37%2.6 6Spain36.9%44.2 7Mexico35%5.5 8India34%2.3 9Belgium33%2.4 10Brazil26%3.8 Source: fDiMarkets.comSource: Bureau of Economic Analysis SelectUSA.gov © International Trade Administration
19 Indian FDI in the United States Recent Greenfield Announcements Source: fDi Markets April 2012 – Telerad Tech, a subsidiary of India-based Teleradiology Solutions, has opened a new office in Minneapolis, Minnesota to better meet the needs of the US healthcare industry. The move comes after the firm signed its first three contracts in the US earlier in Telerad Tech was founded with the focus to develop products and solutions to address the gaps and needs of healthcare IT in general. February 2012– India-based Bartronics, a global consulting and IT services and systems integration leader, announced it will open a 645 sq m office in East Windsor, New Jersey in April The new location will employ around 35 staff. The company offers RFID solutions, smart cards, global positioning system and point of sale solutions. May 2012 – HCL America, a subsidiary of India-based HCL Group, announced it will open a new facility in Jackson, Michigan, generating up to $3.35m in new private investment and 300 new jobs in the process. The Michigan Economic Development Corporation has offered the $875,000 to facilitate the project. March 2012 – MindTree, an India-based international IT implementation and consulting company, is to open an office in Gainsville, Florida. The firm will invest $2.93m into the new location, which will employ 400 staff. The new office, located between the university and downtown, is to open before the end of SelectUSA.gov © International Trade Administration 2012
Currently, Indian companies and individuals can invest up to 200 per cent of their net worth for the acquisition of foreign assets. RBI has indicated further liberalization in this ceiling after it notices some improvement in current account condition. Enhancing the limit would facilitate larger foreign buy-outs by domestic companies. Industry experts are quite confident that outward FDI from India will increase exponentially, on the back of effective managerial skills, frontier technologies, free trade agreements (FTAs) and the Government's liberal approach. Indian companies are leaving no stone unturned to take advantage of the opportunities available in the international market. In fact, they are getting more diversified across counties with rising focus on developed ones. OFDI from India SelectUSA.gov © International Trade Administration
Your Next Steps Identify business and industry regulations and resources Discover ways to cut some long term costs (tax incentives, infrastructure development, workforce development) Research regional markets for excellence in industries, workforce, supply chain Learn more about your opportunities in the U.S. How can SelectUSA be a resource? SelectUSA.gov © International Trade Administration
Our Role SelectUSA.gov Our mission is to encourage, facilitate, and accelerate business investment to create jobs, spur economic growth, and promote American competitiveness Geographically neutral in the United States Engage in international and domestic business investment What we do: 1.Facilitate Business Inquiries 2.Act as Ombudsman and Advocate 3.Connect Investors with State/Local EDOs 22 © International Trade Administration 2012
Establishing the business Maintaining success in the U.S. What We Do SelectUSA.gov23 Help firms learn about The ease and benefits of doing business in the U.S. The profiles of different U.S. industries Foreign direct investment statistics Provide information on U.S. policies and help firms comply with regulations in setting up and operating their business Work directly with firms to resolve any problems on a case- by-case basis Connect firms with local or state resources for investment opportunities and incentives Connect firms to industry associations for industry-specific information and potential business partners Help firms locate federal programs and incentives for business retention and expansion Identify and work to remove barriers to success in cooperation with federal agencies Understanding the U.S. investment climate Deciding where, how, and with whom to invest © International Trade Administration 2012
What We Do: Information Clearinghouse SelectUSA provides actionable information to foreign firms to help them… Incorporate a business in the U.S. Understand basic U.S. tax and legal concepts Learn about incentives available to businesses in the U.S. Connect with U.S. state, city, or regional economic development offices to learn about investment opportunities Apply for a business-related visa Foreign investors can communicate with SelectUSA by phone or in Washington, DC, or with our local U.S. Commercial Service office in Taipei and Kaohsiung. SelectUSA.gov © International Trade Administration
SelectUSA Services: Information Clearinghouse Research & Development Tax Credit SBIR Funding Opportunities Renewable Energy Tax Credit DOE Loan Guarantee Program ARPA-E Funding Opportunities Updated Guide Available at selectusa.govselectusa.gov Contact Invest in America with questions © International Trade Administration 2012 SelectUSA.gov 25
SelectUSA Services: Ombudsman Assistance SelectUSA works across the federal government on a case-by- case basis to: Address foreign investor concerns and issues Connect with a federal agency/office to seek insight into a specific case Offer direct communication between the relevant federal agency and the client Identify federal regulations or processes to U.S. policy makers, that may negatively impact the U.S. business climate The SelectUSA Ombudsman function is considered business sensitive and administered strictly by the SelectUSA HQ: SelectUSA does not share company information SelectUSA may report on the types of federal regulations, countries, industry sectors and other aggregate information about cases to determine the efficacy of its ombudsman function SelectUSA.gov © International Trade Administration
Aaron Brickman Deputy Executive Director SelectUSA U.S. Department of Commerce Tel: SelectUSA.gov Thank You 27
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