Invest in America @ Medica Speech
DCM John M. Koenig 

Düsseldorf, November 13, 2007. 

As prepared for delivery. 

It is my pleasure to welcome you to Medica 2007 and to the first Invest in America conference. This event represents a unique cooperation of U.S. federal, state and private sector interests, which recognize the importance of foreign direct investment to the United States. There is an expert group of speakers here today to tell you about opportunities on the U.S. medical device market.  In addition to these reknowned experts and our federal government's Department of Commerce, Food and Drug Administration and our Embassy Visa Section, seventeen U.S. states are present at this conference.  All are great sources of information about investment in this sector in the United States. I encourage you to visit the sponsors' information tables and to get to know them during the breaks, in individual meetings and during the reception this evening.  

As internationally engaged companies, many of you are already familiar with the advantages of investing in the United States.  In fact, open markets for trade and investment are a central pillar of U.S. international policy.  The United States is the number one destination for inward investment and is the single greatest source of overseas investment itself.  Within the international arena the U.S. and the EU represent the world's two largest economies.  More than three billion dollars a day in trade, services and investment cross the Atlantic every single day.  Fourteen million jobs depend directly on trans-Atlantic trade. 
 
However, I am especially pleased to see that we have participants at this conference from all corners of the globe.  This is a tribute to the growing and dynamic markets in Asia, the Middle East and South America.  It is interesting to see that these regions, which have traditionally been the recipients of investment from the Western Hemisphere, are now becoming sources of overseas investment themselves. 

The business community has played an invaluable role in building many of the world's most successful partnerships.  The competitive, innovative, and open natures of our economies have been instrumental in forging long lasting partnerships, which withstand the transitional differences on other fronts.  But, despite these many advantages, we know there are concerns we need to address. 

For example, there are impediments to trade and investment between the United States and the EU member states, including Germany.  Perhaps it is a mark of success, as well as a challenge for deeper economic integration, that traditional tariff barriers no longer pose the main barrier to transatlantic business.  Rather, our bilateral challenges generally involve regulatory standards and practices.  Recognizing the importance of our economic relationship, Chancellor Merkel initiated the Transatlantic Economic Initiative to reduce and remove these barriers.  As a result, the Transatlantic Economic Council was created at the EU-U.S. Summit in Washington last April.  The first official meeting of the Council was held last Friday in Washington with good results.  I am very certain that transatlantic trade and investment was also a topic of discussion between Chancellor Merkel and President Bush at their meetings over the weekend in Crawford, Texas.  Perhaps these initiatives may serve as a model for U.S. relations with other parts of the world. As you might know, the medical devices sector is one of the sectors that has been selected for priority treatment under this initiative.  Beyond the issue of regulatory cooperation, we are aware of growing global perceptions of the United States as being unwelcome to foreign investment. 

This was one of the reasons that the Department of Commerce launched Invest in America earlier this year.  Invest in America is the primary U.S. Government mechanism to coordinate inward investment promotion and, along with colleagues throughout the Administration, to work to create a more attractive domestic climate for FDI.  It also serves as ombudsman in Washington for the international investment community and will address federal issues that may impede investment. Some of these issues include the same economic policies important to all U.S. businesses, such as the financial costs placed on businesses from lawsuits, health care and energy expenses, regulatory compliance and corporate taxes. 

Many foreign investors also view the ease with which they can travel to the U.S. as a key indicator of how easy it will be to make or administer an investment.  With that in mind, I am happy to share with you that later today in Washington, DC, Secretary of Commerce Gutierrez will announce the official release of Visas and Foreign Direct Investment: Supporting U.S. Competitiveness by Facilitating International Travel, a Business Visas and FDI policy paper, within which the Secretary recognizes the importance of the timely availability of visas for U.S. businesses, including those headquartered overseas.  Invest in America is committed to advocating for consideration of FDI competitiveness in interagency discussions on improving the business visa process.   

In closing, I am glad that you are here to explore investing in the U.S. market. We believe it is the best place in the world to invest and do business and the numbers show that many investors do, too. With the launch of Invest in America, and in particular, with the assistance of the U.S. Commercial Service and our state partners, you now have an advocate at all levels of government in the U.S. working to create an even more attractive domestic climate for FDI.   I encourage you to contact them with your questions and investment concerns. We hope to see you soon in America!