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‘Invest in America’ becomes new catch-cry
25-11-2009
ATI ASIA2010 Magazine
WASHINGTON — Like other countries, particularly in Asia, where Governments place high priority on inbound investment, the United States Government surprisingly did not have a formal programme until 2007, when the Invest in America programme came into being.
The policy, administered by the US Department of Commerce, aims at promoting investment into the US, and smoothing the way for incoming investors to the world’s largest economy.
“The US has a long-standing policy of openness to foreign investment, but this is the first comprehensive programme to actively promote inbound investment to the United States,” says Patrick Santillo, Regional Director, East Asia and Pacific, at the Commerce Department’s Office of International Operations — which is located within the Department’s US Commercial Service. “Our job is to get the word out to the world, in my case Asia and Australia, that the US is open to investment.”
Santillo, who visited Australia to meet Australian companies in July, says: “We are interested in new companies coming here to manufacture.” He adds that it is a fallacy to think that high-cost will deter investors.
“One of the reasons people come here is because they can be close to the market – the world’s largest market. Even if it is expensive, if you want to play in this market, you have to be close to it to serve it.”
Santillo says the Invest in America office acts as an advocate and ombudsman. “We act as a voice on behalf of incoming companies to make sure that they talk to the right people on issues that concern them. Whether it is a regulatory issue or a misunderstanding, we put them in the right direction.” Commercial Services is the trade promotion unit of the US Comm-
erce Department’s International Trade Admin-istration (ITA), and one of four ITA units which takes care of trade issues. The East Asia and Pacific division runs 24 offices in 13 countries.
Broadly, the office is involved with business counselling, trade promotion and commercial diplomacy or advocacy on matters such as non-tariff barriers. “We have three basic types of clients – US companies which want to export, companies from other countries which want to source American products, and those that wish to invest in America.”
Santillo says the Department offers practical advice on markets, and will also drill down to specific sectors or products. Its overseas offices undertake market research into products and sectors to identify opportunities for US companies. “We promote trade by bringing buyers and sellers together. We help US companies in markets in Asia or Australia by introducing them to importers, wholesalers and sometimes retailers. If they are service providers, we put them in touch with end-users,” he says.
Santillo says his office can escort buyers to the US to source products. Examples include trade missions to the United States and the Commercial Service’s International Buyer Program that recruits delegations of buyers and brings them to selected US trade shows. “We all know how bewildering a large trade show can be, so we take visitors to the booths of people who have expressed interest. By facilitating these matchmaking efforts, we save the buyer and seller valuable time and resources.”
Santillo says he has detected a sustained, if not broadening, interest in exporting among US companies. “In tougher times, our companies do think more about exporting. In some ways, we are busier than we might be. There was a time, two years ago, when you could talk to a company about selling their building materials overseas — they weren’t so interested because the home market was booming. Money was falling from the sky; they didn’t have to hustle for business. But when times are tough, they have to go further afield to find those potential buyers.”
International trade specialist, Joe Ruland, who looks after Singapore and Australia at the Department of Commerce, says: “Where we know there is a cluster of US companies at trade shows in Singapore, for example, we bring buyers to these shows, instead of having them travel to New York or Chicago.” Ruland says US companies have had a strong presence in trade fairs like the Singapore Air Show and Singapore International Water Week. Santillo says there is now a focus among US exporters on new products on green and clean technology, and energy-efficient building materials.
Santillo recommends that international buyers looking to source US products and services or invest in America visit www.buyusa.gov for their nearest US Commercial Service office located at US Embassies and Consulates around the world. In Australia, these include offices in Sydney and Melbourne. |
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