SelectUSA Investment Summit Wraps Up in Washington - Global Trade Magazine
  June 22nd, 2017 | Written by

SelectUSA Investment Summit Wraps Up in Washington

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  • Terminal operator GT USA was recognized as an example of the high potential for UAE business ventures in the US.
  • UAE is one of the fastest-growing sources of foreign direct investment in the US.
  • Two international companies announced expansions in the US during the 2017 Investment Summit.

The Department of Commerce concluded its fourth SelectUSA Investment Summit on Tuesday, setting records for total registrations and participating international business representatives.

More than 3,000 people registered for the Investment Summit, including 1,200 business representatives from 64 foreign markets. The Investment Summit addressed critical US business issues including infrastructure development, tax reform, and deregulation. High-level speakers included Secretary of the Treasury Steven Mnuchin, Secretary of Energy Rick Perry, Secretary of Labor Alexander Acosta, and CEOs from BMW, Siemens, GE, General Motors, and other leading global companies.

“This continues to be the best place for business representatives to find growth opportunities in the United States,” said Secretary of Commerce Wilbur Ross. “The record number of attendees at this year’s event further shows that the United States is becoming an even stronger investment destination. We look forward to announcing job-creating business transactions that arose from this great event.”

The annual Investment Summit, which took place in Washington, DC, June 18 to 20, connects global business leaders with US economic development teams to facilitate US investment.

Among the new FDI companies in attendance was GT USA, the cargo terminal operator that recently began operations in Florida. “Based on the success Gulftainer has found at Port Canaveral, we continue to look for future investment opportunities in the United States as we expand GT USA’s market presence and forge new partners in trade,” said GT USA CEO Peter Richards.

Gulftainer signed a historic 35-year agreement with Canaveral Port Authority to develop and operate a multipurpose cargo and container terminal at Port Canaveral. Gulftainer, the largest privately owned, independent terminal operator and logistics company in the world, is based in the UAE.

Gulftainer’s multimillion-dollar investment in GT USA was touted at the Investment Summit by Saud Al Nowais, commercial counselor for the United Arab Emirates to the United States, as an example of the high potential for UAE business ventures in the United States. He noted that the UAE has moved up to seventh place in the list of the fastest-growing sources for attracting direct foreign investment to the United States.

The terminal was developed at Port Canaveral on 20 acres with two berths and two gantry cranes to serve large vessels, has operations with a capacity of 200,000 TEUs. GT USA’s hiring includes over 45 employees involved in administration, stevedoring, logistics, safety, security and IT, who work with dozens of third party workers who provide a multitude of services.

Two international companies announced expansions in the United States during the 2017 Investment Summit. French software company Klaxoon and multinational financial services provider Genpact both announced new US business projects.

Secretary Ross announced the 2018 SelectUSA Investment Summit is planned for June 20 to 22, 2018.

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