Investment in the United States by both domestic and foreign businesses is a major engine of economic growth and job creation, and the United States attracts more foreign direct investment (FDI) than any other nation worldwide. FDI supports more than 5.6 million American jobs, including over two million in manufacturing. Manufacturing jobs tend to pay better – on average one-third more than the national average. These investments also help drive U.S. exports. Foreign affiliates also invest in innovation, spending over $40 billion each year on research and development in the United States.
But the United States faces increased competition for these investments and the jobs they bring with them. Can policymakers help keep America at the top and create even more jobs through these foreign investments?
On October 1, the Initiative on Business and Public Policy at Brookings hosted a forum examining the key factors policymakers should consider in trying to attract global investment in America. President and CEO of Volkswagen Group of America Jonathan Browning gave the keynote address. He was followed by a panel including Assistant to the President and the Principal Deputy Director of the National Economic Council Jason Furman; Brookings Senior Fellow and Director of the Initiative on Business and Public Policy Martin Baily; Executive Director of SelectUSA Steven J. Olson; President & CEO of the Organization for International Investment Nancy McLernon; and New York Times columnist Eduardo Porter, who will served as moderator.