Wise advice.

"Foreign investment in all its forms--including foreign direct investment and portfolio investment--is a growth engine that must run smoothly for the U.S. and European economies to continue to prosper. We must tackle the growing perception that the United States and Europe are becoming less open to investment. In the United States, over five million Americans work for companies headquartered overseas. Although these jobs comprise only 4 percent of our workforce, they account for 10 percent of our capital investment, 15 percent of annual research and development, and 20 percent of our exports. And over 30 percent of these foreign direct investment jobs are in manufacturing, while only 10 percent of our overall workforce is in this sector.

"In spite of these statistics, the past year has seen headlines on both sides of the Atlantic about restrictions on foreign investment. In Europe, some countries have attempted to thwart takeovers of perceived "national champions," while other countries have continued to raise concerns about the free movement of labor and capital within the European Union. In the United States, critical attention has been focused on the review process undertaken by the Treasury-chaired Committee on Foreign Investment in the United States, or CFIUS. These developments have raised questions in the minds of global investors about whether the doors to foreign investment remain open both in Europe and in the United States. We must come together to act and make clear on both sides of the Atlantic that we are open to investment and trade, and actively reject the rise of protectionism across the Atlantic or elsewhere in the world."

--Robert M. Kimmitt in a February 2007 speech

U.S. Deputy Treasury Secretary Robert Kimmitt: The case for cross-border investment.