When many Americans hear the word "globalization," they think: "jobs going overseas."
And sometimes it does mean just that.
But as globalization knits nations closer together, foreign companies increasingly are creating jobs in the United States, not luring them away. Despite the Great Recession, slow recovery and political dysfunction in Washington, the United States remains a top destination for the world's wealth.
Overseas investors have U.S. assets totaling nearly $4 trillion, including auto plants, banks, mines and more. U.S. affiliates of foreign companies employ about 5.6 million people in this country.
On Thursday, President Obama highlighted those investments, and urged foreign business leaders — packed into a Washington, D.C., hotel ballroom — to build more plants and offices in this country.
"There is no better place in the world to do business," Obama said.
The administration welcomed 1,200 participants from roughly 60 countries, and urged them to learn more about an initiative called SelectUSA. Under the program, the U.S. State Department works closely with the Commerce Department to help foreign companies set up shop here.
U.S. ambassadors in 32 countries will now add "economic development" to their list of chores, according to the Commerce Department. The goal is to have local, state and federal officials in all departments working together to smooth the way for foreign direct investments.
Obama told the foreign guests "when you bet on America, that bet pays off," thanks to this country's many economic advantages, including cheap energy, an educated workforce, intellectual-property protections, a sophisticated financial system and much more.
"There are a whole lot of reasons you ought to come here," he said. "We are the land of opportunity. That is not a myth; it's a proven fact. "
U.S. business leaders who spoke at the gathering raised concerns about this country's ability to continue to be attractive to investors. For example, Larry Fink, CEO of BlackRock, a global investment management firm based in New York City, said he has become "alarmed" by Washington's political dysfunction, which he says unnerved many foreign investors.
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