For­eign in­vest­ments ben­e­fit Vir­gini­ans

Richmond Times-Dispatch - - EDITORIAL PAGE -

EDITOR, TIMES-DIS­PATCH:

Gov. Terry McAuliffe re­cently com­pleted a two-week trade mis­sion to Ja­pan, China and South Korea to pro­mote the com­mon­wealth and open the doors for trade with key Asian part­ners. Dur­ing his trip the governor and his del­e­ga­tion sent a strong and per­sonal mes­sage to his Asian hosts that “Vir­ginia is open for busi­ness,” and would be an ideal lo­ca­tion for their U.S. busi­ness op­er­a­tions.

The governor’s visit to Asia di­rectly sup­ports the work of the Greater Richmond Part­ner­ship, where I serve as pres­i­dent and CEO. Ev­ery day my team works to at­tract global com­pa­nies look­ing to es­tab­lish or ex­pand their busi­ness op­er­a­tions in the Richmond re­gion. We do this be­cause in­ter­na­tional in­vest­ment plays an es­sen­tial role in en­sur­ing the growth and pros­per­ity of Richmond’s econ­omy — cre­at­ing high-pay­ing Amer­i­can jobs, spurring in­no­va­tion and driv­ing ex­ports.

In 2015 in­ter­na­tional in­vest­ment in the U.S. reached an all-time high, with to­tal for­eign di­rect in­vest­ment in the United States in­creas­ing from $2.9 tril­lion to $3.1 tril­lion. Global firms em­ploy nearly 6.4 mil­lion Amer­i­cans, or 5 per­cent of the pri­vate sec­tor. They also pay av­er­age an­nual wages of $80,041, which are 33 per­cent higher than the econ­omy-wide av­er­age. The ben­e­fits of for­eign in­vest­ment in­clude an an­nual $201 bil­lion spent on fa­cil­i­ties con­struc­tion and new equip­ment. Also, it is very im­por­tant to note that the prof­its re­al­ized by these firms don’t all go back overseas; ev­ery year these com­pa­nies rein­vest about $100 bil­lion into their U.S. op­er­a­tions, which sup­port ad­di­tional jobs. BARRY MATHERLY.

RICHMOND.

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