National Harbor, MD – President Barack Obama hinted changes in L-1B visa category at an investment summit to facilitate global companies move non-immigrant employees to the United States, as he pitched America as the “best place” in the world to invest.
“My administration is going to reform the L-1B visa category, allowing workers to temporarily move from a foreign office to U.S. office in a faster, simpler way,” President Obama said in his key-note address at the 2015 SelectUSA Summit. “This could benefit hundreds of thousands of non-immigrant workers and their employers that in turn will benefit our entire economy.”
The March 23-24 summit has attracted more than 2,600 people from nearly 80 countries to encourage more companies around the world to do business in the United State.
The Obama’s administration is targeting foreign direct investment that plays a critical role in the U.S. economy. In 2014, 5.8 million people in the United States were employed by U.S. subsidiaries of foreign firms.
“America is proudly open for business and we want to make it as simple and as attractive for you to set up shops here as is possible,” said the president while outlining features that makes the country ideal for foreign investment.
“The companies that invest in America have access to the largest market in the world. It’s a market that is strong and stable and growing, “the President said adding that the U.S.’ access to global market makes it easier to ship goods made in the USA around the world.
He informed the audience that by the beginning of this year, SelectUSA had assisted more than a 1,000 clients, helping to generate more than $20 billion investment in the U.S.
Some of the top chief executives attending the two-day moot include Eric Schmidt, Executive Chairman of Google; Ludwig Willisch, President of Michelin North America; Peter Selleck, Chairman and President of Michelin North America; Toshiyuki Shiga, Vice Chairman of Nissan Motor Company; and David Rubenstein, Co-Founder and Co-CEO of the Caryle Group, the world’s largest equity firm.
The SelectUSA is improving online investment tools to help companies identify state-based incentives to help them decide where to invest. “For companies, considering new investment here, the United States of America is the best place in the world to invest,” said the president.
Giving a glimpse of economic recovery, President Obama said that businesses in America has added more than 200,000 jobs each month for 12 months straight months – the first time it has happened in nearly 40 years.
The unemployment rate, he said, has come down to 5.5 percent from the peak of 10 percent in 2009. Over the last five years, manufacturers have added jobs at a rate not seen since the 1980s. “We have got a good story to tell.”