At the same moment the United States and China are hashing out new trade agreements, a delegation from the state of Alabama is heading off in search of more foreign investment.
A team from the state’s Department of Commerce will be at this week’s SelectUSA Investment Summit in National Harbor, Md., the nation’s highest-profile event dedicated to promoting foreign direct investment.
That’s good, as foreign money represented one half of last year’s $7 billion in new capital investment announced for Alabama.
“Foreign direct investment has become a major catalyst for economic growth in Alabama, fueling job creation and strengthening our position in global markets,” Alabama Commerce Secretary Ellen McNair said. “FDI into Alabama reflects the confidence that international companies have in our workforce, infrastructure and business climate.”
The stock market surged Monday after the U.S. and China announced they were suspending for 90 days most of the sharp tariff hikes each has imposed since U.S. President Donald Trump began escalating his trade war.
A joint statement said that for a 90-day period, the U.S. will cut tariffs on Chinese goods to 30% from as high as 145%. China said its tariffs on U.S. goods will fall to 10% from 125%.
The announcement comes a week after the U.S. announced a trade deal with the United Kingdom.
Alabama last year saw $3.5 billion in foreign direct investment, or FDI. There were 50 such projects during 2024, with more than 3,700 job commitments in automotive manufacturing plants, shipyards, sawmills and other workplaces, according to a report from the Alabama Department of Commerce.
“This track record stands as a powerful testament to Alabama’s strategic focus on cultivating global partnerships,” McNair said.
Accompanying McNair on the trip will be Christina Stimpson, chief officer of global business; Gary Walton, foreign affairs officer in global business; Angela Smith, senior project manager and Nick Shaver, business development specialist.
Foreign companies have announced nearly $30 billion in new capital investment in the state since the beginning of 2015, with almost 40,000 new jobs, according to Commerce Department data.
Over the last decade, Germany was the top foreign investor in Alabama, accounting for 17% of projects. Japan and Canada were next, both with 13%, followed by South Korea with 12% and France with 9%, according to SelectUSA.
“Alabama is deeply committed to fostering strong international business relationships and creating an environment where global companies can thrive,” Stimpson said. “We actively work to attract and support foreign investment through targeted outreach, responsive service and collaboration with our local partners.”
Auto-related projects led the way, with 61 announced projects during that time frame. Other top categories were industrial machinery, metals, plastics and chemicals.
