Invest in America Visits Philadelphia

Emphasizes the Importance of Foreign Direct Investment to the Local, State, and National Economy

On June 23, International investment specialist, Christopher Clement, visited Philadelphia to speak with local economic developers and the World Trade Center of Greater Philadelphia (WTCGP) about the importance of foreign direct investment (FDI) to the U.S. economy and, more importantly, how his office, Invest in America, can assist economic development organizations (EDOs) to attract greater FDI flows into their communities. Invest in America, part of the International Trade Administration’s U.S. & Foreign Commercial Service (USFCS) at the U.S. Department of Commerce, supports foreign investors as they pursue opportunities in this country. Invest in America is the primary U.S. government mechanism coordinating inward investment promotion. Its efforts are strictly geographically neutral. The program focuses on outreach to foreign governments and investors, support for state and local governments’ investment promotion efforts, and addressing investors’ concerns by serving as an ombudsman in Washington for the international investment community. As part of USFCS, Invest in America has a network of investment and trade professionals in almost 80 countries around the world. Besides Invest in America, EDOs and companies eager to attract more FDI to Philadelphia and its surrounding counties are well-served by such organizations as the WTCGP and Select Greater Philadelphia.

Pursuing FDI is increasingly important to EDOs as they seek to diversify their toolkits to maximize the economic growth potential for their city, region, or state. In 2008, the most recent year for which complete data is available, FDI in the United States supported 5.5 million jobs, accounted for almost $40 billion of America’s research & development spending, led to $55 billion of reinvested earnings in the U.S. economy, and supported $404 billion in wages and salary. U.S. affiliates of foreign firms generated $204 billion in exports, approximately 19 percent of America’s total. The total stock of FDI in the U.S. economy is $2.3 trillion, which is about 16% of total U.S. GDP. Individual states, regions, and cities are competing against one another to maximize their share of the inbound U.S. FDI pie.

According to available data from the U.S. Bureau of Economic Analysis, many foreign investors have located in the greater Philadelphia region. The city and its surrounding counties in Pennsylvania, New Jersey, and Delaware constitute a primary engine for economic growth. As of 2007, the most recent year for which data is available, U.S. subsidiaries of foreign-owned firms owned more than $4.3 billion of property, plants, and equipment in Delaware, almost $38 billion in Pennsylvania, and almost $39 billion in New Jersey. The Greater Philadelphia area has been successful in attracting Greenfield FDI in recent years. According to fDi Markets, a subscription database that tracks cross-border greenfield investments, Delaware, New Jersey, and Pennsylvania attracted a combined total of 348 announced greenfield investments between January 2003 and June 2010. These announced greenfield investments, when completed, are expected to contribute more than $13 billion of FDI and almost 34,000 jobs to Pennsylvania, New Jersey, and Delaware.

If you would like to learn more about FDI and how it can enhance the economy of your city or county, please visit www.investamerica.gov, call 202-482-0929, or email Christopher at christopher.clement@trade.gov.

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