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The Big Picture San Diego Blog


DC

June 21, 2016

This week, World Trade Center San Diego traveled to Washington, D.C. to attend the SelectUSA Summit.

For the first time ever, San Diego had an organized and coordinated effort for the nation’s foreign investment summit. In partnership with the City of San Diego and the City of Chula Vista, San Diego hosted a booth that attracted nearly 40 international companies and investors that communicated interest in the San Diego region. Their interests ranged from learning about the city’s concentration of innovation-based industries, San Diego’s climate action plan and additional details on the local talent pool. While quantifiable value is still be determined, the overall experience by the San Diego delegation was incredibly positive and we’re all in agreement that SelectUSA did a top notch job.

The summit hosted more than 2,400 visitors from 70 international markets, including some of San Diego’s priority markets – Japan, China, Germany, Canada and more. Foreign direct investment (FDI) is a key tenant of the work WTC San Diego undertakes, especially as it tends to increase the research & development funding of a region (great when your region’s R&D efforts contribute more than $14 billion), pay employees better wages/salaries (great when your region’s pay is already competitive for its employed citizens) and can fill key capital gaps of a region (which enhances the fact that  San Diego receives the 4th highest amount per capita of venture capital in the software industry).

Staying on the topic of foreign investment, WTC San Diego’s executive director Nikia Clarke attended the inaugural meeting of the Investment Advisory Council (IAC). The IAC is a group of key foreign and domestic business leaders that will advise Secretary of Commerce Penny Pritzker and the U.S. Department of Commerce on policies that will enable the government to ensure foreign investment flows into the U.S. economy. In an ever increasing global economy, where FDI is shifting from  advanced economies to emerging and from big business to small- and medium-sized enterprises, it has become apparent that the U.S. – both from a national and a local level – needs to proactively market and attract foreign investment. The IAC will meet over the next two years in order to advise the current administration and help streamline the transition into the new one.

Finally, we couldn’t have had the presence we did at SelectUSA without the help and success of our key local companies. To that effect, we want to thank Stone Brewing Co. for its incredible work in promoting the San Diego craft beer industry. Using their beer at the private reception WTCSD and the City of San Diego hosted on Monday night, we attracted more than 50 investors and educated them on the San Diego region’s offerings by allowing attendees to experience a little of our quality of life – craft beer (IPA’s of course) and sliders.