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http://economictimes.indiatimes.com...nts-from-india-china/articleshow/10277041.cms
WASHINGTON: America's top business and political leadership has sought more investments into the country from India, China and Brazil so that more jobs could be created in the US.
"Our direct investment from places like China, India, Brazil, the people that really have a hot hand today, are minuscule, almost non-existent, and there's no reason why those countries shouldn't be investing more broadly in the US than they are today," said Jeffrey Immelt, Chairman and CEO of the General Electric Company.
"I totally believe that if we have more foreign direct investment from India and China and those places in the United States, we wouldn't have as many issues as we have," he added.
Immelt and others expressed their views on the issue at Friday's discussion at President's Jobs and Competitiveness Council with the Secretary of State Hillary Clinton and the Acting Secretary of Commerce Rebecca Blank.
Antonio Perez, Chairman and CEO, Eastman Kodak Company argued that the US became the largest economy of the world simply because it was the best place to invest and to grow.
"We still have, as has been said here before, the largest investment in the world. But the trends are really troubling: from the late '90s, 25 per cent of the global investments in the world; now we're only 12 per cent," he said.
Perez added, "Even more troubling than that is the fact that out of the 12 per cent, only 2 1/2 per cent comes from the combination of Brazil, India and China. Obviously that does not bode well for the future of our country."
Meanwhile, Blank said, that US currently has USD 2.3 trillion of Foreign Direct Investment in America. These companies pay higher wages on average, and their investments are supporting more than 5 million jobs through 50 states.
So, increasing that is obviously important, she said. "In 2009, the US attracted 12 per cent of total global investment, down from 25 per cent over a decade ago. And that's despite having the world's largest consumer market, a highly educated workforce, strong intellectual property protection and fluid capital markets. In the face of increased competition, we need to step up our game," Blank said.
Participants at the discussion sought visa reform from the State Department.
Responding to the visa concerns, Clinton said the US is now putting lot of emphasis in addressing this issue.
"We have put a lot of time and attention into the emerging markets because, in Brazil and China for example, there's an enormous demand, appetite for visas," she said.
Clinton added, "So we've shifted resources, we've opened longer hours, we've done everything we can to accelerate the consideration of visas. And we've made progress. We have increased the numbers, we've cut the time. So in that arena, we are making incremental progress."
WASHINGTON: America's top business and political leadership has sought more investments into the country from India, China and Brazil so that more jobs could be created in the US.
"Our direct investment from places like China, India, Brazil, the people that really have a hot hand today, are minuscule, almost non-existent, and there's no reason why those countries shouldn't be investing more broadly in the US than they are today," said Jeffrey Immelt, Chairman and CEO of the General Electric Company.
"I totally believe that if we have more foreign direct investment from India and China and those places in the United States, we wouldn't have as many issues as we have," he added.
Immelt and others expressed their views on the issue at Friday's discussion at President's Jobs and Competitiveness Council with the Secretary of State Hillary Clinton and the Acting Secretary of Commerce Rebecca Blank.
Antonio Perez, Chairman and CEO, Eastman Kodak Company argued that the US became the largest economy of the world simply because it was the best place to invest and to grow.
"We still have, as has been said here before, the largest investment in the world. But the trends are really troubling: from the late '90s, 25 per cent of the global investments in the world; now we're only 12 per cent," he said.
Perez added, "Even more troubling than that is the fact that out of the 12 per cent, only 2 1/2 per cent comes from the combination of Brazil, India and China. Obviously that does not bode well for the future of our country."
Meanwhile, Blank said, that US currently has USD 2.3 trillion of Foreign Direct Investment in America. These companies pay higher wages on average, and their investments are supporting more than 5 million jobs through 50 states.
So, increasing that is obviously important, she said. "In 2009, the US attracted 12 per cent of total global investment, down from 25 per cent over a decade ago. And that's despite having the world's largest consumer market, a highly educated workforce, strong intellectual property protection and fluid capital markets. In the face of increased competition, we need to step up our game," Blank said.
Participants at the discussion sought visa reform from the State Department.
Responding to the visa concerns, Clinton said the US is now putting lot of emphasis in addressing this issue.
"We have put a lot of time and attention into the emerging markets because, in Brazil and China for example, there's an enormous demand, appetite for visas," she said.
Clinton added, "So we've shifted resources, we've opened longer hours, we've done everything we can to accelerate the consideration of visas. And we've made progress. We have increased the numbers, we've cut the time. So in that arena, we are making incremental progress."
