Opportunities Abound During SelectUSA
The 2019 SelectUSA Investment Summit was recently held in Washington DC. Because this is the most significant event dedicated to promoting foreign direct investment (FDI) in the US, Clayton & McKervey increased its level of participation this year, sending two members of the management team as part of the State of Michigan delegation. As the leader of the firm’s FDI practice, I’m excited to share a summary of the event from our experience.
SelectUSA is a federal program led by the US Department of Commerce with a mission to facilitate investment in the US to create jobs. Since its inception, it has facilitated more than $98 billion in investment, creating or retaining tens of thousands of US jobs. In 2019, Select USA attracted over 3,100 people from a record 79 international markets around the globe, as well as economic development organizations from 49 states and territories. In its sixth year, the event included the Select USA Investment Academy to provide investors and economic developer’s information from expert practitioners sharing practical tools, strategies and actionable information related to investment in the US.
The Michigan Economic Development Corporation (MEDC) was a Diamond Sponsor at the 2019 Select USA Summit. With a theme of Michigan Pure Opportunity, a large delegation of state and regional economic developers, as well as private sector partners such as Clayton & McKervey promoted new investment in Michigan. Governor Gretchen Whitmer was the first Michigan Governor to attend a Select USA Summit; she participated in a biotechnology panel discussion and met with companies announcing their commitment to expand their operations in Michigan.
We were honored to be part of the Michigan delegation again this year, participating in many of the delegation’s meetings with companies. Our FDI expertise provided solutions on-the-spot to the accounting and tax-related questions companies commonly have in the planning and start-up phase of US operations.
Similar to the geographic diversity of our international practices, my colleague Nina Wang and I met with companies from Austria, Belgium, Canada, China, Italy, India, Korea, Japan, Mexico, Netherlands, Taiwan and other parts of the world interested in investigating the opportunities for investment and expansion into the US. While we see dominance in our client base of companies from Europe, Asia and North America, we saw significant interest at this event from countries outside these areas.
Clayton & McKervey is a full-service accounting firm offering traditional and specialty services to companies expanding to the US. For more than 30 years, our FDI services have helped companies navigate the critical first steps, seamlessly meet the US accounting and tax requirements, and forward-pace solutions for business considerations to support a successful expansion to the US.
If you are considering expanding to the US, I would be happy to talk with you and share more information about SelectUSA and how we can support your expansion. The date for next year’s Summit has not been announced but I trust those who take the time to attend will find it very helpful to investigate and finalize their US expansion plans.