Every year in June, business leaders and investors from all over the world gather at the SelectUSA Investment Summit organized by the U.S. Department of Commerce’s International Trade Administration to explore investment opportunites in the United States and to connect with the economic development community and government officials at the federal, state and local levels. This year’s summit was held virtually from June 7-11, 2021 in Washington, D.C.
As in previous years, a large economic delegation from Austria attended the SelectUSA Investment Summt. The Austrian delegation — the third largest from all participating countries — included well-known entrepreneurs with existing investments and established production facilities in the U.S., such as voestalpine, Red Bull, Rauch, Egger, Borealis, Kapsch, Semperit, as well as start-ups (Longevity Labs, bugbattle, newsadoo, meetfox, e-squirrel).
During a virtual reception U.S. Secretary of Commerce Gina Raimondo acknowledged the important role of Austrian companies in America, not only in job-creating but also in exporting the “apprenticeship” concept — the dual system of vocational education and academic studies — which is key to a well-trained skilled workforce.
Did you know? Austrian Foreign Direct Investment (FDI) in the U.S. amounted to more than 13.5 billion USD in 2020, thus supporting more than 48.000 well-paid American jobs in sectors such as industrial equipment, software and IT services, or the chemical industry. Austrian FDI has more than doubled in the past decade, giving Austria the tenth most dynamic FDI in the U.S. by international standards.
During this year’s supply chain plenary opening, moderated by Laura Lane, Austrian Dr. Thomas Leissing, CFO of the EGGER Group, and co-panelists Jyri Luomakoski (Uponor Group) and Jane Thomas (Teijin Holdings USA) shared insights on securing reliable supply chains for investments.
voestalpine's apprenticeship program is globally recognized. The company’s board member Franz Kainersdorfer joined moderator Maria Flynn, NY State Lieutenant Governor Kathy Hochul, Lara Salamano an Noel Ginsburg sharing best practices to strengthen U.S. workforce.