I was excited to be back in Washington, D.C. for the 2023 SelectUSA Investment Summit earlier this month (May 1-4, 2023). My last time attending this informative and engaging international conference was in 2019 before the pandemic. It was great to connect with old friends and meet people from different countries all around the world.
What is the SelectUSA Investment Summit?
SelectUSA is a program sponsored by the Department of Commerce that specializes in attracting global companies to invest in the United States. The SelectUSA Investment Summit is the top event that promotes foreign direct investment in the US, and it is generally held once a year in D.C. The 2023 SelectUSA Investment Summit was the largest one to date. There were 4,900+ attendees including investors, companies, economic development organizations, and industry experts from 83 international markets and 50+ US territories!
Helping Foreign Companies Expand to the US
As our firm is committed to guiding businesses to grow their operations globally, professionals from our firm have participated in the SelectUSA conference for many years. My colleague Teresa Gordon, who leads our international practice, was a speaker at one of the workshops this year, helping business investors learn more about market entry to the US. I am glad that I had the opportunity to team up with Teresa, economic developers from Michigan and industry experts (i.e., bankers and attorneys) to meet with companies from Canada, China, and Taiwan to learn from their companies, answer their questions and share our success stories in helping foreign companies expand their operations in the US.
SelectUSA Investment Summit Highlights
The four-day summit had a full agenda every day, including panel discussions, workshops, pitching sessions, exhibition hall exploration, group meetings, and networking opportunities. Some of the highlights included opening remarks from Secretary of Commerce Gina Raimondo who emphasized the importance of foreign direct investment (FDI) in the US, which has helped make the US the world’s top FDI destination for 11 years in a row. There were big announcements made every day about global companies that committed to their investment plans. I was excited to learn that Michigan won the biggest foreign investment at this year’s SelectUSA Summit—Norwegian company Nel plans to build a $400 million automated gigawatt electrolyser manufacturing facility in Michigan.
Why Should Global Investors Consider the US?
The Inflation Reduction Act of 2022 (IRA), The Chips and Science Act, The Infrastructure Investment and Jobs Act, and the state-level economic stimulus plans will continue to make the US a top choice for global investors, especially for semiconductors, artificial intelligence, clean energy, and the related supply chain industries.
Continue the Conversation
If you would like to learn more about the latest FDI trends discussed at the 2023 SelectUSA Investment Summit, please reach out. We look forward to helping you navigate the global marketplace and expand your business to the US.
