WH: Foreign investment in US up 49 percent in 2010

WASHINGTON — President Barack Obama's Council of Economic Advisers says foreign investment in the United States has increased by 49 percent from last year, but still not enough to rise to the 2008 level.

Council chairman Austan Goolsbee said Monday that investment in both capital expenditures and research and development by foreign companies increased to $228.5 billion in 2010, compared to $153 billion in 2009. Direct investment in the United States by foreign companies totaled $319.7 billion in 2008.

The U.S. ranks tops in the world in foreign direct investment.

In a statement, Obama said "promoting foreign direct investment is an important opportunity to accelerate our economic recovery." He warned that in a global economy, the U.S. faces increasing competition for overseas investments.