US vows to attract foreign direct investment

WASHINGTON, Oct 8 (Xinhua): Facing falling inflows of foreign direct investment (FDI), government of the United States Friday pledged to attract overseas money to boost the country's sluggish growth. FDI plays critically important role in the US economy, noted State Secretary Hilary Clinton when hosting a meeting of the President's Council on Jobs and Competitiveness at the State Department. Clinton is joined by Acting Secretary of Commerce Rebecca Blank, Under Secretary of State for Economic Affairs Robert Hormats, GE Chairman Jeff Immelt, CEO of Kodak Antonio Perez, UBS Investment Bank President Robert Wolf and business leaders and stakeholders. Participants of the meeting held that overseas investment in the United States creates and supports millions of good paying jobs, contributes to economic growth, boosts productivity, and support American communities. But the United States' share of global FDI has fallen drastically over the last decade from more than 40 per cent to 17 per cent, according to a report released by a leading organization Friday. In the first six months of 2011, FDI inflows into the US fell by 11 per cent compared to the first half of 2010, said the report - - The Foreign Investment Challenge for the United States by the Organization for International Investment, a Washington- based association representing US subsidiaries of global companies. Clinton said the US government is working to improve the US open investment policy and ways to increase direct investment in the United States. In June, President Obama signed an executive order creating SelectUSA, a branch attached to the Commerce Department, as the first-ever government-wide initiative to attract and retain US business investment. Clinton also noted that the US is considering to simplify its business visa appliance process under the request of many emerging market economies, including China and Brazil.