SECRETARY BLINKEN: Good morning, everyone. It’s wonderful to see this room full of energy and enthusiasm. I want to start by expressing my gratitude to my colleague and friend, Secretary Raimondo, along with Deputy Secretary Graves and the entire Commerce Department team, for their outstanding leadership and partnership. I am proud of the work our teams are doing together—not only to create economic opportunities for the American people but also to foster global prosperity.
To the thousands of foreign investors joining us, as well as the private sector and government leaders from nearly every U.S. state and territory—welcome. One attendee once called this event “the World Cup of U.S. market entry,” and I couldn’t agree more.
My message today is simple: There is no better place to invest than the United States, and there is no better time to do so than right now. Our country offers world-class universities, cutting-edge tech hubs, and dynamic manufacturing centers that nurture both ideas and talent. We have a culture of innovation and entrepreneurship that encourages bold risks and solutions to global challenges. Our legal system is transparent and independent, with the strongest intellectual property protections in the world, ensuring that innovation is safeguarded. And our workforce is among the most skilled, productive, and dedicated anywhere.
Through landmark legislation such as the Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act, we are strengthening these advantages—modernizing our infrastructure, diversifying supply chains, accelerating domestic manufacturing, and driving key industries of the future, from semiconductors to clean energy.
As a result of these efforts—and thanks to the resilience and ingenuity of the American people—the United States has recovered from the COVID-19 pandemic more effectively than any other advanced economy. Our GDP surpasses the next three largest economies combined. Unemployment and inflation are among the lowest in the G7. We know that investing in our workers, our communities, and our environment is not a burden on economic growth—it fuels it.
At the same time, we are modernizing our economic partnerships to drive inclusive growth. Initiatives such as the Indo-Pacific Economic Framework, the Americas Partnership for Economic Prosperity, and the Partnership for Global Infrastructure and Investment are advancing regional integration and shared prosperity.
Over the past three years, global businesses have invested more than $1 trillion in the United States, supporting millions of jobs. In addition to being the world’s leading provider of foreign direct investment, the United States remains the top destination for global investors.
Consider just a few of the success stories from last year’s SelectUSA Summit:
- Neolpharma, a Mexican pharmaceutical company, announced a $16 million investment in Puerto Rico to develop millions of oral COVID treatments—supporting over 200 jobs and strengthening the medical supply chain.
- Meyer Burger, a Swiss industrial technology firm, committed $400 million to launch a new solar facility in Colorado, boosting renewable energy production for homes, businesses, and utilities.
- SK Hynix, a South Korean chip manufacturer, is building a $3.8 billion semiconductor plant in Indiana—the largest investment in the state’s history—creating more than 1,000 high-paying jobs and advancing AI-driven technology.
These investments demonstrate that we are not only attracting more capital, but also better investments—ones that enhance U.S. competitiveness, rebuild our manufacturing base, raise wages, and create more secure supply chains. This benefits not just the United States, but the global economy as well.
We believe economic success should be a shared opportunity. When we strengthen labor and environmental standards, protect intellectual property, and ensure fair competition, we are not only supporting U.S. companies and workers—we are helping businesses and workers worldwide. Encouraging these mutually beneficial investments is a top priority for the State Department.
Just last week, President Biden launched the Economic Diplomacy Action Group, bringing together leaders from the Departments of State, Commerce, and Treasury to ensure that our foreign policy continues to create opportunities for American businesses while attracting foreign investment in sectors vital to our national security.
At the State Department, we are making it easier for investors, entrepreneurs, and workers to engage with the U.S. economy. We have streamlined visa processes by waiving in-person interviews for many U.S. work visa applicants and piloted a renewal program that has already benefited over 2,400 companies across 45 states.
Additionally, we recently welcomed Sarah Morgenthau as our Special Representative for Commercial and Business Affairs. She and her team—along with more than 1,500 economic officers in U.S. embassies and consulates worldwide—are ready to assist investors in navigating the American market. If you’re considering investing in the U.S., we want to hear from you.
Whether you are an international investor or part of the American private sector, I encourage you to use this week to forge new connections, strengthen existing ones, and explore the vast opportunities that the United States offers.
Thank you.