The gamecock. (Columbia, S.C.) 1908-2006, December 10, 1979, Page Page 4, Image 4
Foreign i
comm
By Ron da Tempteton
Owrwcoch Staff Writ?f
Americans are "leery" of
foreign investment because they
want to be sure the United States is
being run by Americans, an expert
from the Department of Commerce
said in a speech at the
Business Administration building
Thursday.
Milton S. Berger, director of the
Office of Foreign Investment in the
United States, said the rate of
foreign investment in this country
is increasing at a slower pace than
most Americans believe. In 1978,
there were $40.8 billion of foreign
moneys invested in the United
States, Berger said.
Only two percent of the United
States' gross national product is
derived thrugh foreign investment,
Berger said. Forty percent of this
income comes from manufacturing,
20 percent from petroleum
1 a? - a. r
ana anoiner zu perceni irom
financial investments, Berger
added.
THERE WAS A SURGE of
foreign investment activities in the
early 1970's, according to Berger.
This surge vyas caused by the
depreciation of the American
dollar and the success of European
countries, he said. At that time,
there was little monitoring of
foreign investments by the
Department of Commerce, Berger
said, but now foreign companies
are asked to submit a report on
their financial activities everv four
months.
The United States currently has |
a "stable economic and political
economic system," Berger said.
There is a positive policy toward
foreign investment in the United
States, he said, and there are few
restrictions on foreign investment.
Most of the restrictions are in the
areas of shipping, aviation,
nuclear energy and hydro-electric
power, he added.
Foreign investment is most
significant to the United States'
economy in the foreign trade area,
Berger said. Approximately 25
percent of the United States':
foreign trade comes from the
importation and exportation of
antnmnhitoc onH tho drain (pdHo
uuiumuui.Lj U"U "?v. ft1"'" ?uuv,,
he said. Foreign investors also
concentrate on chemicals, metals,
machinery and food industries, he
added.
Nine countries account for 90
m' r { ' ' ' ' ' '
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nvestmen
erce expe:
percent of all foreign investment in
the United States, Berger said. The
principal investor is the
Netherlands, followed by the
United Kingdom and Canada, he
added.
IN AN INTERVIEW FRIDAY,
Berger said most Americans don't
realize many of the most popular
items in our stores are made bv
foreign firms. Bryl Cream, Tetley
tea, Lipton products, Good Humor
ice cream, Valium and Zig Zag
papers are all manufactured by
firms with foreign investments of
more than 10 percent, he said.
The most profitable company
founded by foreign money in the
United State is Royal Dutch Shell,
according to Berger. Shell is an
American company in terms of its
operation, Berger said. In addition
to providing two percent of the jobs
in the United States, foreign
companies provide competition
and income, Berger said.
The depreciation of the dollar
makes it more expensive for
foreign companies to use
A mnri r*nn nrnWiir>tc in thnir homo
countries, and this impels them to
establish production facilities
here, Berger said. The most active
companies in the United States
now are the British, Canadian,
German and Japanese facilities,
he added.
American investment in foreign
countries is four times the amount
of foreign investment here, Berger
said. Most of our investments are
in industrialized countries, with
the bulk of the investments in
kin
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it slowed,
rtsays
Canada. "We invest mostly in
extraction industries like
petroleum and mining," Berger
said.
THERE IS SOME hostility and
mixed feelings about American
investment on the part of other
countries, Berger said. "There is
an antagonistic feeling if people
think there is an overwhelming
American influence in their nation.
44 We now have control of all the
Iranian assets in this country and
are entitled to use them in any way
to boost our economy," according
to Berger. "We have to make a
dispostion with the money or use it
against our debts," he added.
Many Americans are concerned
about the amount of farm land
being purchased by foreigners,
Berger said. "There is a common
misconception that (foreign)
purchases of farm land are
overwhelming," he said. Of all
farm land in the United States, 25
percent is owned by Americans'
and foreigners buy only about onehalf
million acres a year. "It would
take 19 years for foreigners to buy
one percent of the farm land in the
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unii^u uunto, LICI 5CI oaiu.
Berger was a lawyer when he
was drafted and sent to Yale to
study Chinese during World War
II. He served with the Officer's
Strategic Services during the war
and his knowledge of the Chinese
language led him to become a
China specialist and eventually
head of the Department of Commerce
Office of Foreign Investments.
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