This year’s SelectUSA Investment Summit was the biggest one yet, with more than 5,500 attendees from over 100 markets. The event featured top officials from the US administration, including US Secretary of Commerce Howard Lutnick and leaders from the Environmental Protection Agency, the National Economic Council, the US Trade Representative Office, and more.
During various panel sessions, governors from nine states and US territories made their case for why foreign companies should choose them for their expansion plans.
Guam Governor Leon Guerrero framed the US territory as a gateway to “America in Asia”, as the island attempts to diversify its economy away from tourism and military spending.
There were plenty of major investment announcements at the Investment Summit. Oklahoma Governor Kevin Stitt and Japanese conglomerate Hitachi announced a memorandum of cooperation to explore investment opportunities in the state. French American pharmaceutical company Cilcare announced a series of investments, including expanding clinical capacity at a research centre in Massachusetts and launching a US operational gateway for international biotech companies.
Indian industry leaders also announced a series of major projects, with the biggest coming from Sun Pharmaceutical’s $11.75bn (Rs1.12tn) acquisition of women’s health company Organon & Co. UK-based engine manufacturer Carnot also announced a $20m (£14.84m) investment in its first US manufacturing facility, for which it will initially hire 250 people.
Industry leaders noted that US market access and client proximity were deciding factors for investing in the US. “You should be close to where your markets are,” Hindalco Industries’ Satish Pai said in a panel on the subject of manufacturing in the US. Pai also noted that as automation increases productivity, higher labour costs in the US are not as big a barrier as they used to be.
There was a focus on strategic sectors such as AI and critical minerals. Industry and government officials discussed the importance of creating domestic supply chains and industries for both sectors.
On a panel about critical minerals, Bunker Hill executive chairman Richard Williams noted the importance of government support and development finance institutions that can help kick-start mining projects, as private credit markets are often not willing to take on so much of that initial risk.
The Investment Summit also marked the 250th anniversary of the US with a commemorative reception to close the event.
