U.S. is open for investment

Treasury Secretary Henry Paulson is going on offense in an attempt to prove that the U.S. is open to foreign investment. Citing the Dubai Ports World deal as an example of skepticism surrounding the issue, Paulson is reaching out. Today he spoke at a panel on the importance of attracting foreign investment capital, and is scheduled to head to St. Louis tomorrow to meet with foreign-owned firms.

Adding his weight to the issue, the President released a statement encouraging foreign direct investment in the U.S. today. The first from a president in 15 years (the last was issued by George H.W. Bush), it cites foreign investment as key to creating jobs, stimulating growth and boosting productivity in the U.S. Two interesting paragraphs from the statement:

A free and open international investment regime is vital for a stable and growing economy, both here at home and throughout the world. The threat of global terrorism and other national security challenges have caused the United States and other countries to focus more intently on the national security dimensions of foreign investment. While my Administration will continue to take every necessary step to protect national security, my Administration recognizes that our prosperity and security are founded on our country's openness.

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My Administration is also committed to advancing free and fair trade in multilateral, regional, and bilateral negotiations. We will work aggressively to conclude the World Trade Organization's Doha Development Agenda negotiations and to secure congressional approval of the free trade agreements with Colombia, Panama, Peru, and South Korea. The prospects for the Doha Development Agenda negotiations to produce significant new economic opportunities, particularly in developing countries, demand that we do everything possible to reach an outcome that creates new trade flows and strengthens global development.