WEST KINGSTON, RI -- 05/08/08 --
U.S. Department of Commerce officials
plan to visit Rhode Island today to highlight the benefits of foreign
investments made in the U.S. as part of the agency's Invest in America Week
activities. Invest in America Week will be held May 5-9, 2008, featuring
events spanning the United States. These events will highlight the
importance of foreign direct investment (FDI) for jobs and economic growth
through a series of site visits to foreign investor-owned facilities in
states across the country. West Kingston, R.I.-based APC, a global leader
in integrated critical power and cooling services, will serve as host site
for Rhode Island's Invest in America Week activities on May 8. APC is owned
by France-based Schneider Electronic, a $25 billion global specialist in
energy management.
Rear Admiral William G. Sutton CAE, U.S. Navy (Ret.) is the U.S. Commerce
Department Assistant Secretary for Manufacturing and Services (MAS) will be
visiting Rhode Island as part of the Invest in America Week activities, and
will be addressing the topic of foreign direct investment at APC along with
Rhode Island Governor Donald L. Carcieri, Laurent Vernerey, APC's president
and chief executive officer and Saul Kaplan, the executive director of the
Rhode Island Economic Development Corporation.
"Invest in America Week highlights our commitment to open investment
policies that are key drivers of economic growth. Millions of Americans are
employed by foreign companies, with better than average wages. We need to
continue attracting investment that promotes economic growth and produces
jobs," Commerce Secretary Carlos M. Gutierrez said.
States participating in this year's Invest in America Week activities
include Arizona, California, Connecticut, Maryland, Massachusetts, Nevada,
New Hampshire, New York, Kansas, Kentucky, Pennsylvania, Rhode Island, and
Wisconsin.
"Foreign direct investment continues to play a major role in Rhode Island's
economy," said Rhode Island Governor Donald L. Carcieri. "We are encouraged
by the job growth we have seen by U.S. subsidiaries located in Rhode
Island. Approximately 23,000 Rhode Islanders are employed by U.S.
subsidiaries and it shows that our state's assets, such as its people,
infrastructure, institutions of higher education, and access to talent have
been recognized and appreciated at a global level."
U.S. subsidiaries in Rhode Island play a vital role in supporting jobs.
According to the Organization for International Investment U.S.
subsidiaries in Rhode Island currently employ 22,900 Rhode Islanders
(representing a 3.2% increase over the past five years). In fact, the
relative portion of jobs in the state supplied by U.S. subsidiaries remains
significant. They provide the livelihood for 5.3% of Rhode Island's
private-sector workforce. Additionally, Rhode Island ranks 11th in the
nation in the share of its workforce supported by U.S. subsidiaries. U.S.
subsidiaries support 3,100 manufacturing jobs in Rhode Island. Almost 6% of
manufacturing jobs in Rhode Island are supported by U.S. subsidiaries.
"On behalf of APC and Schneider Electric, we are delighted to support the
Department of Commerce's Invest in America Week," said Laurent Vernerey,
APC's president and chief executive officer. "Schneider Electric has
established a significant presence in the U.S., representing approximately
$7 billion in revenue, 28 percent of its total revenue; backed by a team of
more than 30,000 people; and represented by industry leading offers in
energy management, including Square D, TAC and Pelco. The addition of
industry-leading companies such as APC to the Schneider Electric portfolio
strengthens our market presence not only in the U.S., but globally, while
at the same time providing APC customers and employees with expanded
opportunities and solutions."
Historically, the United States is the world's largest recipient of FDI.
The total stock of FDI in the United States in 2006 was nearly $1.8
trillion, or the equivalent to approximately 15% of U.S. GDP. In the United
States, over five million Americans work for companies headquartered
overseas. Despite representing less than five percent of our workforce,
these jobs account for 10 percent of U.S. capital investment, 15 percent of
U.S. annual research & development investment, and nearly 20 percent of
U.S. exports.
"Rhode Island has seen a 3.2% increase in foreign direct investment over
the past five years and we are pleased that so many innovative Rhode Island
companies have caught the attention of global investors," stated Saul
Kaplan, executive director, Rhode Island Economic Development Corporation.
"The capacity to deliver value to a global market has become increasingly
important to businesses across all industries. As Rhode Island continues
its transition into a 21st century innovation economy, we would expect to
see this investment continue and increase substantially over time."
More than five million Americans work in jobs created by FDI, and FDI
accounts for 10 percent of U.S. capital investment, 15 percent of annual
research and development expenditures, and 20 percent of U.S. exports. On
average, U.S. subsidiaries of foreign firms pay 25 percent higher wages
than that of U.S. establishments, making these jobs highly sought-after by
U.S. workers.
Examples of foreign corporations with operations in Rhode Island include
APC (France), BAE Systems Defense (United Kingdom), Cookson Group
Electronics (United Kingdom), GTECH (Italy), Hexagon (Sweden), Mahr Federal
(Germany), National Grid Electricity Generation/Transmission (United
Kingdom), Polyrack Tech-Group Electronics Packaging (Germany), Simulia,
France, Toray Industries Plastics (Japan), and Uvex Safety Manufacturing
Protective Gear (France).
For more information about Invest in America Week, please visit
http://www.trade.gov/investamerica/investinamericaweek.asp.
MEDIA CONTACTS:
APC
Chet Lasell
401-789-5735, ext. 2693
chet.lasell@apc.com
RIEDC
Andy Cutler
401-743-7842
andy@cutlerandcompany.com
DEPARTMENT OF COMMERCE
Jen Derstine
202 482 0929
Jennifer.Derstine@mail.doc.gov
