tv U.S. Chamber of Commerce Hosts U.S. Investment Summit - Wilbur Ross CSPAN February 26, 2019 4:42am-5:07am EST
way, i don't think the eu will leave or someone else is going to leave. i think that will just mean big trouble on a global scale and in many ways that is avoidable. let's do what we have done for a long time as a country and as an economy and leave regardless of what side of the aisle you are on. now we can start to focus on the eu and the pacific rim. >> thank you everyone, we really appreciate your comments and hopefully you will all join us as we seek agreements as that first step in terms of growing export opportunities and bringing more investment into the u.s.. thanks everyone.
good afternoon everyone, good afternoon imc then clark vice president of the u.s. chamber of commerce. i hope you have found today's program as insightful as you had with governors and business leaders with many reasons that the u.s. is the leading destination for direct investment. one message should be abundantly clear, we welcome businesses from all over the world, they have seized opportunities to grow their businesses in the world's most competitive economy while investing in our communities and creating good jobs for american workers. none of this would be possible without the support and engagement of leaders in the public sector there, so we want to make sure we thank all of our speakers and partners of
the national government association for joining the chamber here today to promote investment in america. we will continue to work closely with federal state and local governments to advance progrowth policies that will keep our economy competitive. is there any doubt among the investigators in the audience, i am certain our final speaker will leave you convinced that now is the time to invest in the united states. it is my great pleasure to welcome the u.s. secretary as part of the commerce mission secretary ross is the administration's lead advocate for business investment in the u.s. he will host the upcoming investment summit and as many of you know this is their signature investment event and it is a year-round program to facilitate and promote
partnership with state level government. we are very pleased to have a leader like secretary ross surge, the champion for business. he brings to the role as you all know a long and successful career in investment banking and private equity.'s experience includes serving as a director of more than 100 companies operating in 20 different countries. we are looking forward to hearing his remarks and more importantly to continuing our work with him and his team. ladies and gentlemen, please join me in welcoming the secretary of commerce mr. ross.
>> thank you suzanne for that kind introduction and congratulations on being the first senior executive vice president of the u.s. chamber of commerce and its 104 year history. can we have applause for suzanne? it is my pleasure to be here and i thank you for inviting me. to the governors in the written, welcome again to washington dc. we have been coming and going all weekend. welcome also to all of the foreign investors and representatives of foreign governments in attendance. for those of you who worked for foreign companies that have invested in the u.s., i think you. your commitment to the u.s. market has been instrumental in reinvigorating it.
you have helped create millions of jobs for these people in every state in the union. at the u.s. department of commerce, at the white house, and that every federal agency, we are focused on making the united states the best place in the world to invest and to run a business. this enhances our system of innovation and revitalizing the reality of the american dream. we are doing this in partnership with industry, labor , business partners, and most importantly in collaboration with states and governors. now america is open for business. for these companies that are
producing products in the u.s., they are creating a level playing field and a system of reciprocal trade that will enable you to sell more products everywhere in the world. our efforts on trade and so many other facets of economic policy are beginning to pay off and after more than a decade of stagnation, the u.s. economy has entered a virtual circle of economic growth. u.s. manufacturing employment has increased by almost 500,000 jobs since president trump was elected. the most job growth in this essential sector of the u.s. economy for more than two decades. optimism among u.s. manufacturers as measured by
the national association they reached a record of 92.4 percent in 2018. the u.s. economy is growing by more than three percent, a rate that no one predicted a few years ago. new shipments of durable goods increased by an impressive 7.3 percent in 2018 as new orders who were up by 8.1 percent bodes well in 2019. our corporate tax rate is now globally competitive. they have federal deregulatory
actions in 2018 with three times the savings to american businesses in 2017. they have a high priority policy to help solve our fast growing private sector. that is the shortage of highly skilled workers. that's a problem we must deal with. i shared this board and we have 2 governors they are on the board. along with some of the nation's most important ceos and doug
mcmillan. they have labor unions and trade associations including the chambers own tom donahue. they will provide input as they implement a first ever comprehensive national strategy. we are doing so much more to make the united states the premier destination for investment. we have renegotiated replacing it with the u.s. and ca, with the intention of bringing production and jobs back to the united states. our negotiations with china have already addressed many of the outstanding issues we face with them.
president trump is now willing to extend through the deadline on terrace to see whether we can achieve an all-encompassing enforceable agreement and an ultimate session. if not, we will go forward with the original plan to raise tariffs on 200 billion imports from 10 percent to 25 percent and meanwhile, the 25 percent on 50 billion of chinese imports will remain in place. at the commerce department, our assets located in 100 u.s. cities further encourage put direct investment into the
united states. they are located throughout the country and have been directed to identify and eliminate foreign barriers for local producers. these also have been instructed to work on attracting foreign direct investments into champion expansions. the select usa investment summit is this country's largest gathering of state economic development offices. last year, we welcomed more than 1000 international investors from 66 countries and hosted economic developing offices from 51 states and
territories. record 10 governors participated themselves in last year's investment summit and we expected to double that participation this year. state economic development organizations how to more than 2000 700 individual meetings with foreign companies to discuss investment opportunities . to quote a governor regarding his investment summit, he is able to accomplish more in three days then and multiple trips overseas and i can do that without jet lag. then i might add, he is very happy about not having the jet lag.
if you are serious about this, this is the one event you need to attend each year. many states sponsor individual events with foreign delegations directly preceding or succeeding the select u.s. summit. this is proven very effective and if you wish to schedule one, we will get one out to the participants in advance of the summit. these efforts are generating great opportunities for local economies. last year, select usa worked with 91 global market climates and they have 449 greenfield investment projects in all 49
u.s. states and territories. these products value $32 million and supported 55,700 jobs. as the host of the 2 most recent select usa summits, i have worked directly with more than a dozen governors connecting ceos of foreign companies both large and small interested in expanding their footprints in the united states. last year's summit, the ceo told me that the u.s. has all the right conditions to invest here. she noted that the u.s. would
have abundant natural resources , the rural law that protects her individual assets, the world's most skilled and educated workforce and an entrepreneurial spirit that she said is really driving change. she told the audience of potential foreign investors that if you come to the u.s., you will find an innovation that is unrivaled by any other. she added, we are looking to invest even more here then use this as an engine in order to drive our global growth. she invited the attendees to come join in those efforts.
the u.s. is already home to the greatest amount of foreign direct investment in the world. more than $4 trillion in cumulative fdi stock. of that, 277 billion came in in 2017 alone. last year, the u.s. topped that fdi confidence interest for the 60th year in a row. there are other avenues for private investment in public projects, but the infrastructure breakout session with governance this morning at the white house, there was some confusion about the role of public partnerships. i tried to clear that up now for the governance here.
equity capital is inherently more costly than treasury or tax exempt financing, but they are also willing to take more risks. therefore i divided projects into three buckets. the first of these projects has a well-defined and predictable revenue streak, does have no need for equity from the private sector. those have no real revenues but are necessary for public policy reasons. those must be funded from otherwise available government funding. the third category are those
projects with potential revenue streams that might be somewhat unpredictable. these will need equity as a condition so that financing would become available. private capital could be the solution because equity capital has a greater risk tolerance if there is also the prospect of higher returns. in any event, we believe that both infrastructure and business in general and real estate development would generate more than 100 billion dollars of new, private investment in some 8000 distressed communities because of these new opportunities ends.
those of you who are foreign companies already operating here might consider breaking free from them because those features are available both to corporate and flow-through entities as well as individuals wanting to defer capital gains. finally, let me mention that in the new turn, the us-mexico canada agreement will be up for a vote in congress, hopefully this spring. this passage will deliver significant economic benefits to all businesses and all the states from farmers, to high- tech and digital commerce innovators, and to local producers of thousands of different products and services.
u.s. mca is a win for mexico, canada, and the u.s. that will generate a new era of north american investment. we will be doing everything in our power to make sure it is approved by the u.s. congress. thank you again to american workers into a truly dynamic american culture that with your involvement and your investment continuously will reinvent itself. thank you very much, enjoy the rest of your day.
>> i would like to say we had a successful day and witnessed by the speakers we had from the administration from the chamber across the business community, you can see the effort on forreston former investment. we will see what i can do for either your investment fund and we are eager to work with you throughout the year. we talked about the robust economic forecast for the year north of 33 percent that the value of human capital here in the u.s., the rule of law, the certainty, the tax of climate, all of these combine to make
the u.s. the world's destination for global investment. we are very glad to have been able to do this today, we are very proud to be standing at the forefront of the foreign investment and discussion here in the u.s., before we leave i would like to make a short list of thank youse, number one our sponsors samsung, jacobs, no one had a free lunch today, all of this was funded and paid for and we appreciate our sponsors. we also have a panel what the moderators and the governors that joined us today, they have a daytime job of actually running their states but they are also out as being proponents and doing little business developments as well. we appreciate their time coming out spending with us today. i can't leave the stage without thinking the events team, all the staff support that makes
the state run smoothly and as i mentioned, jasmine smith led the group that was put on today so one round of applause for the support staff. with that, i will close out our summit and invite you all back here exactly one year from now where we will convene again for our fifth annual summit, thank you again to participants, we really appreciate your support and participation, thank you.