U.S. Department of Commerce Invests $1 Million to Support Business Startups in Keokuk

WASHINGTON – U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the city of Keokuk, Iowa, to renovate an office building that will house startup companies. According to grantee estimates, the project is expected to create or retain 75 jobs and spur $3 million in private investment.

“President Trump is working diligently every day to help empower our nation’s entrepreneurs who are the engine of job creation,” said Secretary of Commerce Wilbur Ross. “The renovated Roquette building will attract and support new companies that will boost the region’s economic growth.”

The project will help to renovate the former Roquette office building to support the expansion of emerging startup companies in southeast Iowa. It serves as an opportunity for area grain processing businesses as well as entrepreneurs to be close to clustered industries and expand in the region. This project was made possible by the regional planning efforts led by the Southeast Iowa Regional Planning Commission. EDA funds Southeast Iowa Regional Planning Commission to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment, and create jobs.

Foxconn announces U.S. manufacturing plant in Wisconsin

(Reuters) – Taiwanese electronics manufacturer Foxconn on Wednesday announced plans to build a $10 billion LCD display panel screen plant in Wisconsin, a deal President Donald Trump asserted would not have happened without his efforts.

The company said it plans to invest $10 billion over four years to build a 20-million square foot plant that could eventually employ up to 13,000.

Trump praised Foxconn chairman Terry Gou at a White House event, asserting: “If I didn’t get elected, he definitely wouldn’t be spending $10 billion … This is a great day for America.”

Wisconsin Governor Scott Walker said at the White House his state will award $3 billion in incentives and sign a memorandum of understanding on the investment on Thursday.
He told reporters at the White House the state legislature will need to approve the $3 billion incentives package. About half is for capital costs and nearly half for workforce development. There are also some sales tax exemption incentives.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd (2317.TW), said in a statement that the investment “signifies the start of a series of investments by Foxconn in American manufacturing in the coming years.”

But Foxconn has had a mixed record following up on promises to create new jobs in the United States.

In 2013, Foxconn said it would invest $30 million and hire 500 workers for a new factory in Pennsylvania, but that facility was never completed. Foxconn has another small operation in Pennsylvania.

Foxconn, a major supplier to Apple Inc (AAPL.O) for its iPhones, said last month it plans to invest more than $10 billion in a display-making factory in the United States.
Wisconsin’s tax incentives would be awarded over 20 years if Foxconn meets hiring targets, officials said Wednesday.

Walker said the plant was the largest economic development project in the state’s history.

White House Chief of Staff Reince Priebus told a Wisconsin TV station that Trump was aboard Marine One over Kenosha, Wisconsin, in April and spotted the site of a former Chrysler plant.

When Foxconn executives met with Trump in the Oval Office, “the president said I know a good spot where you should go — that place in Kenosha,” Priebus recounted.

Walker said Foxconn is considering several sites in southeast Wisconsin and will announce a final site soon.

Trump has called for companies to build more products in the United States and open additional plants. He has made several announcements since his election in November about U.S. investments by both foreign and domestic manufacturers, building on his campaign focus on boosting American jobs. Some of those announcements sought to take credit for previously announced investments.

JOINT RELEASE: Initial Results of the 100-Day Action Plan of the U.S. – China Comprehensive Economic Dialogue

President of the United States Donald Trump and President of the People’s Republic of China Xi Jinping agreed at their Mar-a-Lago meeting to advance U.S. – China economic cooperation with a 100-day action plan under the framework of the U.S. – China Comprehensive Economic Dialogue. Under the leadership of the co-chairs, Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur Ross of the United States and Vice Premier Wang Yang of China, both nations have negotiated intensively to make progress on key issues. The three co-chairs reached consensus on initial commitments under the 100-day plan and objectives for next steps.

In approximately one month following the Presidential Summit, the two sides reached consensus on addressing issues in areas including agricultural trade, financial services, investment, and energy. For details, see the U.S.-China joint fact sheet below.

Both sides also identified other issues that will require significant effort to resolve and achieve progress on within the 100-day period. Both sides further committed to strengthen communication and coordination to jointly advance those issues and achieve resolution as soon as possible. Further, as concrete progress is made in implementing the actions under the 100-day plan, the two sides will begin discussing a one-year plan to further solidify actions in promoting U.S. – China economic engagement and cooperation. Following implementation of the 100-day plan, the United States and China look forward to deepening engagement on these and other issues at the first meeting of the Comprehensive Economic Dialogue, to be held in the United States in the summer of 2017.

Initial Actions of the U.S.-China Economic Cooperation 100-Day Plan

1. Following one more round of technical consultations between the United States and China, China is to allow imports of U.S. beef on conditions consistent with international food safety and animal health standards and consistent with the 1999 Agricultural Cooperation Agreement, beginning as soon as possible but no later than July 16, 2017.

2. The United States and China are to resolve outstanding issues for the import of China origin cooked poultry to the United States as soon as possible, and after reaching consensus, the United States is to publish a proposed rule by July 16, 2017, at the latest, with the United States realizing China poultry exports as soon as possible.

3. China’s National Biosafety Committee (NBC) is to hold a meeting by the end of May 2017, to conduct science-based evaluations of all eight pending U.S. biotechnology product applications to assess the safety of the products for their intended use. No additional information unrelated to safety assessment for intended use is to be requested of the applicants. For any product that does not pass the safety evaluation at the NBC meeting held in May 2017, the NBC is to operate with transparency by providing in writing to the applicants a complete list of requested‎ information necessary to finalize the safety assessment for the products’ intended use, along with an explanation of how the requested information would be relevant to the safety of the products’ intended use. The NBC is to hold meetings as frequently and as soon as possible after an application is resubmitted in order to finalize reviews of remaining applications without undue delay. For the products that pass the safety evaluations of the NBC, China is to grant certificates within 20 working days in accordance with Administrative License Law of the People’s Republic of China.

4. The United States welcomes China, as well as any of our trading partners, to receive imports of LNG from the United States. The United States treats China no less favorably than other non-FTA trade partners with regard to LNG export authorizations. Companies from China may proceed at any time to negotiate all types of contractual arrangement with U.S. LNG exporters, including long-term contracts, subject to the commercial considerations of the parties. As of April 25, 2017, the U.S. Department of Energy had authorized 19.2 billion cubic feet per day of natural gas exports to non-FTA countries.

5. By July 16, 2017, China is to allow wholly foreign-owned financial services firms in China to provide credit rating services, and to begin the licensing process for credit investigation.

6. The U.S. Commodity Futures Trading Commission (CFTC) intends to extend by July 16, 2017 the current no-action relief to Shanghai Clearing House for six months, with further extensions amounting to up to three years, if appropriate and consistent with the conditions set forth in the no-action relief. The People’s Bank of China and the CFTC are to work towards a Memorandum of Understanding (MOU) concerning the cooperation and the exchange of information related to the oversight of cross-border clearing organizations.

7. By July 16, 2017, China is to issue any further necessary guidelines and allow wholly U.S.-owned suppliers of electronic payment services (EPS) to begin the licensing process. This should lead to full and prompt market access. China is to continue to allow Chinese banks to issue dual brand-dual currency bankcards that allow U.S. EPS suppliers to process foreign currency payment card transactions.

8. The applicable U.S. federal regulatory authorities remain committed to apply in the United States the same bank prudential supervisory and regulatory standards to Chinese banking institutions as to other foreign banking institutions, in like circumstances and in accordance with U.S. law.

9. China is to issue both bond underwriting and settlement licenses to two qualified U.S. financial institutions by July 16, 2017.

10. The United States recognizes the importance of China’s One Belt and One Road initiative and is to send delegates to attend the Belt and Road Forum in Beijing May 14-15.

The United States welcomes direct investment by Chinese entrepreneurs as it does by entrepreneurs from other countries. The United States welcomes Chinese participation in the SelectUSA Investment Summit that will be held June 18-20 in Washington D.C.

Join AIM 2017!

SelectUSA and the U.S. Commercial Service will head the U.S. Investment Pavilion at the 2017 Annual Investment Meeting (AIM) in Dubai, United Arab Emirates (UAE) on March 31 – April 4, 2017. Participating economic development organizations (EDOs) will gain unparalleled access to prospective investors from across the Gulf Cooperation Council (GCC).

As a trading bloc, GCC markets constitute the United States’ fifth-largest export market and our fourteenth-largest source of foreign direct investment (FDI), with over $43 billion in FDI as of 2015. In 2014, combined GCC FDI in the United States supported approximately 24,000 U.S. jobs.

EDO booth packages start at $4,950 and include:

  • 1 AIM delegate pass (AIM registration, ticket to Gala, and matchmaking);
  • Light box company signage and prominent branding; and
  • Power supply and booth furniture (lockable counters, shelves, chairs, etc.).

Available booth sizes are:
 
 8 square meters ($4,950)
12 square meters ($7,500)
18 square meters ($11,250)
24 square meters ($15,000)

Why exhibit at the U.S. Investment Pavilion?

Since its inception in 2011, AIM has brought together tens of thousands of exhibitors and visitors to network and attract investment to their regions. In addition to being featured on a prominent promotional platform hosted by the U.S. government, exhibitors will:

  • Secure one-on-one meetings with regional government and private sector officials with decision-making authority;
  • Meet regional investor delegates recruited by the U.S. Commercial Service;
  • Leverage AIM’s exclusive networking system to initiate meetings with investors;
  • Connect with priority AIM participants at events organized by the U.S. Embassy in Abu Dhabi, the U.S. Consulate in Dubai, and AIM; and
  • Receive full assistance from SelectUSA and Commercial Service investment specialists.

Save the Date: The Hokuriku-U.S. Business Seminars

Join SelectUSA in Hokuriku!

The U.S. Commercial Service Western Japan and SelectUSA, with the support of the Japan External Trade Organization and the Fukui, Kanazawa and Toyama Chambers of Commerce, will host a series of seminars in Japan’s Hokuriku region to promote the 2017 SelectUSA Investment Summit and connect Japanese investors with U.S. economic development organizations (EDOs) on February 6-8, 2017, in Fukui, Kanazawa and Toyama, Japan.

Participants will hear from Japanese companies that have successfully invested in the United States. EDOs will have the opportunity to showcase their locations to companies, network, and arrange individual meetings.

Spotlight on Europe , Upcoming Events

Paris Startup Pitch Competition: DEADLINE APPROACHING!

European startups looking to enter the U.S. market have two more days to apply for the Paris startup pitch competition.  

October 22: Application deadline
October 31: Announcement of finalists
November 7: Jury presentations by finalists and closing ceremony / announcement of winner

Announcing the 2017 Italy Seminars!

Early next year, SelectUSA and the U.S. Commercial Service will hold a series of regional seminars in Italy to promote the 2017 SelectUSA Investment Summit and connect Italian investors with U.S. economic development organizations (EDOs). The dates and locations are as follows:

Northwestern Italy Seminar: February 28 in Milan

Northeastern Italy Seminar: March 1 (Location TBD)

Central Italy Seminar: March 2 in Rome

Participants will hear case studies from Italian companies from each region that have successfully invested in the United States. EDOs will also be able to showcase their locations to Italian investors, network and arrange individual meetings. 

Based on interest, a fourth seminar may be held in Southern Italy.  

Germany: SelectUSA at K Trade Fair 2016

On October 21, 2016, in conjunction with the K Trade Fair 2016 in Düsseldorf, U.S. Consul General Michael R. Keller will host a half-day seminar highlighting investment opportunities in the U.S. plastics industry. 

United Kingdom: Southwest USA Technology Opportunities Seminar

SelectUSA is a co-sponsor of the Greater Phoenix Economic Council’s Southwest USA Technology Opportunities Seminar, taking place in London on November 4, 2016.

Germany: SelectUSA at MEDICA 2016

On November 15, 2016, the U.S. Consulate General in Düsseldorf and SelectUSA will host a half-day investment seminar at MEDICA, the world’s leading trade fair for the medical industry. 

SelectUSA 2017 India Road Show

March 6-10, 2017

The three-city India Road Show to New Delhi (March 6-7), Ahmedabad (March 8-9), and Bangalore (March 10) will offer U.S. state, local, regional, and tribal economic development organizations (EDOs) the opportunity to market their locations directly to investors in India.

India is among the top ten fastest-growing sources of FDI in the United States and one of the fastest growing economies in the world. With a total stock of $11.3 billion, Indian firms directly support more than 52,000 U.S. jobs.

Check out SeletUSA India fact sheet for more FDI information.