Deputy Secretary Andrews Promotes SelectUSA and Fostering Foreign Investment at APEC in Beijing

This past weekend at the Asia-Pacific Economic Cooperation (APEC) Summit in Beijing, Deputy Secretary Bruce Andrews participated in a roundtable with some of China’s most influential business leaders to discuss fostering investment and innovation in the world’s two largest economies – the United States and China.

Hosted by the State Department and Secretary of State John Kerry, the roundtable stressed the importance of cooperation between the United States and China to expand economic opportunities in both countries and strengthen global growth.  Other U.S. government officials in attendance included Ambassador Max Baucus, Assistant Secretary for Economic and Business Affairs Charles Rifkin, and Deputy USTR Ambassador Robert Holleyman.

During the discussion, Deputy Secretary Andrews promoted further foreign investment in the United States by explaining the importance of SelectUSA, the first-ever U.S. government-wide effort to promote, attract, retain, and expand business investment to and within the United States. Created by President Obama and led by the Department of Commerce, the inaugural SelectUSA Investment Summit in Washington, DC transformed into a sold-out event with more than 1,300 participants, including representatives of 450 foreign or multinational firms from 60 different markets. With China as the fastest growing source of direct investment in the United States, Deputy Secretary Andrews also recognized the positive contribution of China’s growing investment position.

With this in mind, Deputy Secretary Andrews extended an invitation to attend the next SelectUSA Investment Summit in Washington, DC from March 23-24, 2015.

After Deputy Secretary Andrews spoke, the Chinese business leaders provided brief overviews of their companies and experiences investing in the United States.

This discussion underscored the U.S. government’s openness to investment from China and how a transparent and fair investment climate in China could help foster a healthy and positive economic bilateral relationship.

APEC is central to U.S. economic engagement in the Asia-Pacific region, serving as the leading forum for facilitating trade and investment and promoting economic growth in one of the most dynamic regions in the world. The Department of Commerce’s participation in many APEC issues – including business ethics, cross border data privacy, disaster risk reduction, and oceans – reflects its commitment to strengthening collaboration with Asian economies in a range of sectors, and reflects the President’s message of support for existing multi-lateral institutions in Asia.