Wicked Bitch of the West

Diplomats need to promote U.S. business overseas, Clinton says

The U.S. needs more economists working in the diplomatic corps to help companies win business overseas and add jobs at home, Secretary of State Hillary Clinton said Tuesday.

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As part of that strategy, Clinton is appointing the State Department’s first chief economist as the Obama administration tries to fully integrate the agency into its attempts to promote domestic job growth.

Heidi Crebo-Rediker, a top aide to Senate Foreign Relations Committee chairman John Kerry, is being named to the post.

The State Department is training diplomats in economics, finance and markets to ensure they are focused on job creation in the U.S. and overseas, Clinton said at the Global Business Conference, which the department hosted in Washington. Diplomats are being told to conduct “business outreach and advocacy” when overseas, she said.

“We’re changing the way we do business to better advance and support the way you do business,” Clinton told corporate leaders attending a luncheon. “We need to see the world like you do, crisscrossed not just by national borders but by global supply chains.”

The conference brought together representatives from more than 100 nations, leaders from major U.S. companies and the U.S. Chamber of Commerce.

Countries such as India, China and Brazil are already focused on economic goals, and the U.S. needs to catch up, Clinton said.

Increasing diplomacy also will help level the playing field with nations that may use non-competitive practices, she said.

Focusing on trade is part of President Barack Obama’s initiative to double U.S. exports to $3.14 trillion by 2015, from $1.57 trillion in 2009.

“We had fallen behind some other countries – some of them our friends and allies – when it came to using diplomacy to promote economic interests,” Clinton said. “American companies haven’t always seen the federal government as an ally, and I know the State Department hasn’t always been the first call when they’re looking for help. We can and will do better.”

Boeing Co. chairman and CEO Jim McNerney called on Congress to reauthorize the Export-Import Bank, which he said has helped create 290,000 direct and indirect jobs at more than 3,600 U.S. companies. Renewing the bank’s lending powers has been “shamefully episodic and short term,” he said.

U.S. exporters led by Boeing, the world’s biggest aerospace company, and Caterpillar Inc., the world’s largest maker of construction and mining equipment, are pushing to increase the bank’s lending limit, which is nearing its ceiling. The companies lobbied more than 100 lawmakers this month to push for a 40 percent increase in lending, to $140 billion. They said failure to act will cost jobs.

“Ex-Im reauthorization is vital for keeping competitive with foreign rivals,” McNerney said at the conference. “It’s certainly more than a Boeing issue.”

26 Comments

  1. Ms. Crebo-Rediker was named one of the “Top 25 Women in Business” by The Wall Street Journal Europe and is a member of the Council on Foreign Relations and Royal Institute of International Affairs (Chatham House). A graduate of Dartmouth College and the London School of Economics, her views on financial and economic matters have been carried in many forums, including CNN, The Wall Street Journal, The National Interest, Forbes and The Financial News, and elsewhere.

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