U.S. Global Leadership Benefits American Workers, Drives Growth in Kentucky
‘We all know that trade is important for American workers and American jobs. But the benefits of trade run far deeper than exports of American-made goods, services, ideas, and values. “Trade is a two-way street. When we engage in the global market, we open our doors to new sources of economic strength… To lower prices and more choices... And to good-paying jobs from foreign companies that set up shop on our shores.’
WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding foreign investments in American companies:
“I've noted frequently that America’s resolve and willingness to lead are being tested by a dangerous world. How we respond has everything to do with preserving the peace, prosperity, and security America and our allies have enjoyed for decades.
“Today, I want to talk about how the free and uninterrupted flow of goods, people, and ideas has fueled American prosperity.
“We all know that trade is important for American workers and American jobs. But the benefits of trade run far deeper than exports of American-made goods, services, ideas, and values.
“Trade is a two-way street. When we engage in the global market, we open our doors to new sources of economic strength… To lower prices and more choices... And to good-paying jobs from foreign companies that set up shop here at home.
“For 12 years straight, America has been the top destination for foreign businesses to invest their capital – investments that do a lot of good in big and small towns alike.
“Let’s take a look at Kentucky for example, the Toyota plant in Georgetown. The Japanese automaker has invested billions in our economy. Today, it supports nearly 10,000 jobs in Central Kentucky.
“In Carroll County – Northern Kentucky – a Spanish-owned steel manufacturer supports nearly 1,600 more manufacturing jobs. And it's getting even bigger. Just this year, the company announced a new quarter-of-a-billion-dollar investment.
“Head west to Owensboro, where close to 500 jobs are on the way, thanks to a Swedish manufacturer that invested hundreds of millions into their Kentucky-based production plant.
“In Kentucky alone, businesses from 33 foreign nations support over 116,000 jobs.
“These jobs aren't just benefiting the biggest cities either. Roughly 60 percent of all counties in Kentucky are home to at least one international business.
“Now, I've highlighted just a few examples in my home state. These aren’t anomalies. They speak to a situation true across the country: foreign investment benefits American workers and American communities.
“But it doesn’t happen on its own. Foreign businesses invest in America because they know they can count on our commitment to free markets and free enterprise… And on our rule of law.
“Turning our backs on the world means signaling that we're closed for business. It means dulling the magnet of foreign direct investment that draws capital from all over the world to our shores.
“When our leaders throw up barriers to foreign investment from friends and allies, they risk hurting the very communities they intend to protect.
“Unfortunately, that's precisely what some loud voices are urging our leaders to do. And if they succeed, our economy will be worse for it.
“To be absolutely clear, this isn’t an appeal to the naïve globalism of the 1990s. Trade is not a cure-all for the serious challenges of global competition with China and Russia.
“But if our adversaries’ predatory trading practices and exploitation of institutions tell us anything, it’s that leaving a vacuum in global markets is an invitation for further misbehavior. Working closer with like-minded friends and allies to preserve free and fair trade – and to protect critical supply chains – is essential to both our security and prosperity.
“When friends and allies invest in the U.S. economy and likewise, when American companies invest in theirs, we drive growth, boost paychecks, and increase American-made exports.
“That’s good news for Kentucky, and for workers and job-creators across America.”
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