Administration of Joseph R. Biden, Jr., 2021

June 8, 2021

The open investment policy of the United States is a pledge to treat all investors fairly and equitably under the law. As Governors, CEOs, and other public and private sector leaders come together at the 2021 SelectUSA summit this week, I want to reiterate my administration's commitment to ensuring that the United States remains the most attractive place in the world for businesses to invest and grow, thus creating jobs here at home, strengthening supply chains across the country, and deepening our relationships with allies and partners.

America has the most productive workforce in the world. We have an unmatched business environment strengthened by our culture of innovation and entrepreneurship, outstanding educational institutions, and commitment to transparency, protection of intellectual property, flexible and efficient capital markets, and the rule of law. We believe that our countryâand our worldâare safer, more resilient, and more prosperous because of the investment of foreign- owned companies in the United States.

As we continue to advance our agenda to revitalize American manufacturing, build an inclusive 21st-century workforce, and maintain our competitive edge, the United States welcomes foreign investment. Today, U.S. subsidiaries of foreign-owned companies directly employ almost 8 million Americans and help boost U.S. innovation by investing $70 billion in research and development. They contribute to all sectors of the U.S. economy and are responsible for nearly 24% of all U.S. goods exports.

We will always protect our national security, and certain foreign investments will be reviewed by the Committee on Foreign Investment in the United States for this purpose. But we will also maintain a level playing field. As the United States faces increasing competition for the jobs and industries of the future, we will remain the destination of choice for investors around the world.

Categories: Statements by the President : Open investment, U.S. commitment.

Subjects: Business and industry : Foreign investment in U.S., promotion efforts; Business and industry : Global competitiveness; Economy, national : Strengthening efforts ; Employment and unemployment : Job creation and growth; Science and technology : Research and development.

DCPD Number: DCPD202100487.

1