US attractive location for FDI: Obama

Washington: US President Barack Obama on Monday said the United States is an attractive location for foreign direct investment, as the latest government report showed that FDI in the country has created a significant number of jobs in the past several years.

"The United States is an attractive location for foreign companies to invest due to our strong and open economy, our productive workforce, a unique culture of innovation and entrepreneurship, remarkable colleges and universities, and a business environment underpinned by transparency, protection of intellectual property, and the rule of law," Obama said.

"At a time where we need to use every tool in our toolbox to continue to put Americans back to work and grow the economy here at home, promoting foreign direct investment is an important opportunity to accelerate our economic recovery," he was quoted saying in a statement.

Noting that the US is the world's largest recipient of FDI, the White House said according to the latest report by the Council of Economic Advisers, inbound FDI rebounded sharply and increased by 49 percent from the low it reached in 2009, after the financial crisis.

This investment is particularly important to the US manufacturing sector, it said, adding that in 2008, the US affiliates of foreign multi-national corporations employed 13 per cent of the entire manufacturing workforce in the US.

Over 42 per cent of the US affiliates' total value-added production in 2008, was concentrated in the US manufacturing sector.

Promoting FDI is one of the recommendations put forward by the President's Council on Jobs and Competitiveness, it added.

Additionally, the Administration launched the SelectUSA Initiative to facilitate additional investment, reconfirming the federal government's commitment to an open investment climate.

The report on Inbound FDI, highlights the Administration's open investment policy which allows foreign-based companies to grow and expand their businesses across the United States.

The report also outlines how foreign-based companies that invest directly in the US economy create high-quality, well-paid jobs for American workers by building new facilities, investing in research and development and growing warehouses, sales offices and service centers.