Speeches
Remarks by U.S. Consul General, Ms. Sharon Anderholm Wiener
Invest in America Seminar
October 22, 2008
Istanbul, Turkey
Good Morning.
Allow me to begin today by thanking Mr. Haluk Dinçer, President of TAiK – the Turkish American Business Council and the TAiK staff for facilitating this seminar and giving us the opportunity to meet you. DEiK-TAiK is in the forefront of fostering Turkish-American business relations, for which we are grateful.
I would like to start today by sending the clear message that the United States welcomes foreign investment and provides international investors with a vibrant and stable economy. We recognize the value of foreign direct investment and its importance to the U.S. economy.
Not only do we welcome FDI, but the United States is also the best place in the world to invest. There is no question that investing in the United States brings with it many advantages. With more than 300 million people, a landmass of 3.7 million square miles spanning a continent, and the largest economy in the world, the United States is one of the most important markets for any global company.
Many Turkish investors have already recognized the benefits of investing in the United States. Despite economic fluctuations, Turkish firms like Sarar have invested $88 million in textiles; Gilan invested $26.1 million in consumer products; and Sarkuysan Elektrolitik Bakır Sanayii Ve Ticaret invested $10 million in the metals sector. It is estimated that these firms and others have created more than 1,200 jobs and invested in excess of $201 million in greenfield projects in America. Turkish investors have increased their U.S. investment position by 33 percent over the last 5 years, particularly in textiles, consumer products, building and construction materials, and non-automotive transport. However, I feel this is merely the beginning.
The investment climate of the United States is second to none. In its 2008-2009 Global Competitiveness Report, the World Economic Forum ranked the United States first out of the 131 economies surveyed. According to the RAND Corporation’s National Defense Research Institute, the United States is responsible for 40 percent of total research and development expenditures in the world. Six of the world’s top ten universities are located in the United States contributing to a well educated workforce. Four of the top ten airports by air cargo volume are there--including the busiest cargo airport in the world. The United States provides strong intellectual property rights protection and enforcement ensuring successful commercialization of investors’ creativity and innovation.
The United States has maintained a long-standing and unequivocal policy of openness to investment even though sometimes perceptions suffer from inconsistent and exaggerated reporting in the media. Some potential investors may have concerns about visa applications, customs procedures, and regulatory issues. These are legitimate issues and by addressing them, we can help ensure the United States remains the top global location for foreign investment.
For this reason, the U.S. Department of Commerce in conjunction with the United States Consulate in Istanbul have come together to address these challenges. Indeed, the Department of Commerce has recently created a new “invest in America” office, and I’m pleased to inform you that today, Mr. Aaron S. Brickman, the director of this office, has traveled from Washington, D.C. to speak about “Invest in America” and his office’s role in promoting inward investment. In addition, Ms. Sandra Oudkirk, who is my deputy and the chief of the consulate’s Political and Economic section, will talk about some of the important investment regulations applicable to investors which you should be aware of, but not frightened of. Ms. Laura Hruby from the Consular section of the Consulate General will present information on the various types of visas available to Turkish investors and the application process. There will be ample opportunity for you to ask all of your questions.
Investing in an economy that accounts for 42 percent of the world’s consumer goods market is a savvy business decision. Nonetheless, there are bureaucratic challenges that investors face. Overcoming the challenges to investment is best accomplished with proper information and knowledge of investor resources so that the process is transparent and logical. These resources will ensure that investors have safe investment climate in which to operate. The United States is open for business, and welcomes the Turkish business community.
I would like once again to extend a warm welcome to you all. I am sure you will find this “Invest in America” seminar to be a valuable and informative experience. Thank you.