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DISPUTATIONS: 'Invest in America'

A response to Clyde Prestowitz.

I read with interest Clyde Prestowitz's piece on globalization and U.S. competitiveness, entitled "The $64 Trillion Question." I was struck by Mr. Prestowitz's contention on investment promotion. He wrote that the United States should develop an "Invest in America office" modeled after Singapore's Economic Development Board. I am happy to report that ITA established such an office in 2007. Invest in America is the federal effort to attract foreign direct investment, and it complements existing state and local FDI attraction efforts. The Obama administration understands how important exports are to creating jobs and growing our economy. Increasing U.S. competitiveness with regard to the attraction of FDI relies on both policy and promotion. We continue to make a concerted effort to ensure that senior Commerce and administration officials include "Invest in America" messaging in their deliveries to business communities around the worldand across America. From his past experience at Commerce, I'm sure Mr. Prestowitz can appreciate how engaged our department is on these issues.

Francisco J. Sanchez is the under secretary of commerce for international trade.