The Foreign Service Journal, February 2011

F E B R U A R Y 2 0 1 1 / F O R E I G N S E R V I C E J O U R N A L 37 F OCUS ON THE E CONOMIC /C OMMERCI AL F UNCT ION D OING W ELL BY D OING G OOD : S TATE ’ S E CONOMIC P OLICY E FFORTS he Obama administration recognizes that robust international economic engagement is a critical contributor to our nation’s prosperity and se- curity. Led by Under Secretary of State for Economic, Energy and Agricultural Affairs Robert D. Hormats and myself, the Department of State economic team is pursu- ing the following initiatives to boost global economic growth and development — an approach we call “doing well by doing good.” Promoting Business Advocacy and Entrepreneurship The Bureau of Economic, Energy and Business Affairs advocates for U.S. companies large and small, all over the world, in order to boost exports and create jobs for Amer- icans. Many overseas missions have established special teams to help U.S. firms successfully enter or expand in foreign markets. Recent beneficiaries of these efforts range from Tennessee-based Jarden Zinc Products Inc., which was awarded a $21 million deal to supply the Philip- pine Central Bank with 4,600 metric tons of coin metal, to multinational enterprises like Boeing and Engine Alliance (a General Electric/Pratt &Whitney joint venture) which, respectively, won bids to supply Emirates Airlines with 30 aircraft valued at $9.1 billion, and engines and associated services valued at $4.8 billion. EEB’s Global Entrepreneurship Program promotes a business “ecosystem” that nurtures and rewards innovative businesspersons and establishes links with U.S. counter- parts. This not only gives U.S. companies new opportuni- ties but also uses existing programs to spread the benefits of economic development and globalization to our trading partners. A key component of this effort is women’s economic empowerment through ongoing programs such as the Global Women’s Business Initiative, the African Women’s Entrepreneurship Program and the Asia-Pacific Economic CooperationWomen’s Leadership Network. Last July the 34 AWEP participants signed a memorandum of under- standing with the African Growth and Opportunity Act/AfricanWomen Entrepreneurs’ Platform, and are also pursuing bilateral trade opportunities. In addition, State has established a community Web site for program partic- ipants (https://alumni.state.gov), tra iners and U.S. officials, EEB SEEKS TO BE A FORCE MULTIPLIER FOR THE INTEGRATED APPLICATION OF THE DIPLOMATIC AND ECONOMIC INSTRUMENTS OF A MERICAN POWER . B Y J OSE W. F ERNANDEZ T Jose W. Fernandez has been assistant secretary of State for economic, energy and business affairs since Dec. 1, 2009. Before assuming those duties, he served as a partner in the New York office of Latham & Watkins and global chair of the firm’s Latin America practice.