SelectUSA, a specially designed business concept
Despite several challenges being faced, the US automotive sector is still at the forefront of innovation. New research and development initiatives being taken are transforming the industry in order to better utilise the opportunities available in the emerging scenario. This has made the US a great home for automakers and suppliers from around the world.
The US is the second-largest manufacturer of motor vehicles, having produced roughly 11 million cars and commercial vehicles in 2013 and directly employing more than 8,56,000 people. At the same time, the US has been the world’s largest recipient of foreign direct investment (FDI) since 2006, and the automotive sector enjoys robust investment from firms from across Europe, Asia and North America.
At the recently-held IAA Hannover Fair, Mr. Edward Fantasia, J.D., SelectUSA Representative, U.S. Consulate General, in a casual chat with R. Natarajan, Managing Editor & Publisher, MOTORINDIA, outlined the US’ ambitious plan to attract investments from various sectors, including automobiles.
He said: “SelectUSA is a relatively new concept which seeks to highlight the many advantages the US offers as a location for business and investment. We have a mature and growing economy. Our country is now undergoing a big transformation and reinventing itself.”
In this context, the SelectUSA Investment Summit to be organised at Washington, DC during March 23-24, 2015, assumes special significance.
Recognizing that the competitiveness and job-generating ability of a nation is determined by its desirability as a place for businesses to operate, SelectUSA was created at the Federal level to showcase the US as the world’s premier business location and to provide easy access to its programs and services related to business investment. It is designed to complement the activities of all the American States and work with partners to provide information, guidance and counselling. “When the market is attractive, there is a lot of interest from international companies to have a strong presence. I have been receiving a lot of requests from Indian companies too for investing in the US”, he added.
Commenting on the automotive business, Mr. Edward pointed out that a free market would help improve the competitiveness of both the nations. The IT sector has particularly proved that there is tremendous synergy between the two countries wherein a large pool of talent in India supports the innovative efforts in the US. This kind of co-operation is possible in other sectors also.
It may be noted that the US automotive sector in general is very robust. For a long time people in the US have been focusing on the passenger vehicle and its aftermarket segments. With the energy boom in the country and the recovery of the construction industry, there is huge potential now offered by the commercial vehicle segment which makes the US an interesting investment destination.
In fact, Mr. Edward was at IAA Hannover to promote business opportunities available in different regions of the US, including Illinois, Indiana, Kentucky, New Jersey and South Carolina.