US Commerce Secretary Selects Indiana Commerce Secretary Brad Chambers to Serve on Investment Advisory Council

This past Monday, U.S. Secretary of Commerce Gina Raimondo announced the appointment of Indiana Secretary of Commerce Brad B. Chambers, to the U.S. Investment Advisory Council (IAC). Secretary Chambers will join a group of 34 international business and economic leaders who will advise Secretary Raimondo on how government policies and programs affect the United States’ ability to attract and facilitate foreign business investment.

“For the last decade, the United States has held the position as the number one destination for foreign direct investment (FDI) thanks to our incredible customer base, innovative culture, and world-class workforce,” said Secretary Raimondo. “The U.S. Investment Advisory Council will play a vital role in providing recommendations on programs and policies to continue to attract and retain foreign investment in the United States. Representation from business and economic leaders on the Council is critical to our global success, and I am excited to welcome our new members and look forward to working with them.”

The United States Investment Advisory Council, which was first chartered in April 2016, serves as the principal advisory body to the Secretary of Commerce on the promotion and retention of FDI to the United States. Since inception, the IAC has put forth actionable initiatives to attract and retain FDI. Past recommendations include programs and policies related to infrastructure investment priorities, improving U.S. workforce development initiatives, and improving digital tools to support economic development.

“I’m honored to serve alongside Secretary Raimondo and the distinguished group of global leaders,” said Secretary Chambers. “Collaboration is critical to continuing U.S. global leadership in direct foreign investment. I look forward to working with national partners and thought leaders to continue the current momentum and solidify the U.S. and Indiana as premier investment destinations.”

The United States is home to more FDI than any other country in the world, with a total stock of FDI valued at approximately $5 trillion at the end of 2021, according to the latest data from the Bureau of Economic Analysis. FDI supports nearly 8 million American jobs and was responsible for $397 billion in U.S. goods exports in 2019. Specific to Indiana’s efforts to attraction foreign investment, the state set a record with $4.4 billion in new FDI year to date 2022 with a robust pipeline of potential investments.

The IAC acts as a liaison among the stakeholders represented by the membership and provides a forum for them to discuss and develop recommendations on current and emerging issues regarding FDI. The IAC surveys and evaluates the investment and investment-facilitating activities of stakeholders, identifies and examines specific problems facing potential foreign investors, and assesses the needs of stakeholders to inform the IAC’s efforts. Ultimately the IAC recommends specific solutions to the problems and needs that it identifies throughout the process.

The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Brad Chambers, and governed by a 15-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts.

For more information about the IEDC, visit iedc.in.gov.

The United States Investment Advisory Council advises the Secretary of Commerce on the development and implementation of strategies and programs to attract and retain foreign direct investment (FDI) in the United States. The IAC can have up to 40 members who serve a two-year term. Members are business or economic development leaders representing various industries, companies, associations, regional, state and local economic development organizations, and other organizations.

The IAC is responsible for: advising the Secretary of Commerce on U.S. government policies and programs that affect FDI; identifying and recommending programs and policies to help the United States attract and retain FDI; and recommending ways to support the United States remaining the world’s preeminent destination for FDI.

For more information, visit www.trade.gov/selectusa-investment-advisory-council.