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McCarthy Discusses the Economy in Davos

Friday's roundtable (Photo courtesy of the Organization for International Investment).

House Majority Leader Kevin McCarthy spent his Friday morning in snowy Davos, Switzerland, meeting with global chief executives of foreign companies that do considerable business in the United States.  

At the World Economic Forum, the Organization for International Investment hosted the second annual policy roundtable, which included McCarthy, Govs. Greg Abbott, R-Texas, and John W. Hickenlooper, D-Colo., and Commerce Secretary Penny Pritzker.  

The goal was to improve U.S. competitiveness by recognizing the vital role foreign direct investment plays in the economy, according to the OFII.  

The  companies, including Airbus and Nestlé, were chosen because of their significance in operations in the United States. These companies employ U.S. workers but pay them wages that are 33 percent higher than the national average for similar jobs, the OFII said.  

“The House has led successful efforts to modernize America’s infrastructure, having just passed a five-year reauthorization bill that provides necessary resources," McCarthy, a California Republican, said in a release. "It was clear from this morning’s discussion that in-sourcing employers have a strong interest in ensuring that America’s economy remains highly competitive in the global marketplace.  

“It was also clear that a quality infrastructure is a driving force in attracting global businesses — and the jobs they create — to the United States.”  

The governors emphasized opportunities for education and job training with foreign companies.  

"Colorado has made education for our workforce a priority,” Hickenlooper said in a statement. “We are exploring apprenticeships and other programs to ensure we meet the needs of employers and workers. It was beneficial to hear from global executives who have expertise in this area.”  

Likewise, Abbott said, “We had a good conversation about how innovative workforce training is happening at the state level. Education is the key to developing a highly skilled workforce, especially the next generation of workers, and we discussed how the private sector and the state can effectively partner on education needs.”  

Several other Cabinet members were also in Davos for the World Economic Forum, including Attorney General Loretta Lynch, Treasury Secretary Jacob J. Lew and Health and Human Services Secretary Sylvia Mathews Burwell.  

The OFII is a D.C.-based business association representing companies based outside the United States but doing business here. The participating companies were Airbus Group SE, Arup Group, Bayer AG,  Ericsson, Evonik Industries AG, HSBC Holdings plc, Iberdrola S.A., LafargeHolcim, Lenovo, Nestle S.A., Novartis International AG, Siemens AG, WPP Group plc, and Zurich Insurance Group AG.  

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