Tags: economic | stimulus

Foreign Companies Try For Stimulus Cash

By    |   Friday, 27 Mar 2009 02:02 PM

American firms are not the only companies cashing in on the $787 billion stimulus program. Foreign firms are also ramping up their lobbying efforts in Washington D.C. to get a share of the money.

Hundreds of foreign-owned companies, many of them with significant operations in the United States, are selling their expertise in clean energy, high-speed transit and other technologies that undergird key aspects of President Barack Obama's stimulus efforts.

Telecom companies like Alcatel-Lucent of France, for example, and its New Jersey-based research arm, Bell Labs, are trolling for part of $7.2 billion in stimulus money set aside for upgrading broadband networks, according to The Washington Post.

Most foreign firms specializing in the transit and high-speed rail projects envisioned under the stimulus act are based in other countries — Canada's Bombardier and France's Alstom, for example.

Transurban Group of Australia, which is helping develop high-speed toll lanes along the Capital Beltway, is well-known for developing toll roads.

Sanyo North America, a branch of the Japanese technology giant, has broken ground on a solar-panel plant in Oregon and is readying plans to grab stimulus-related business. The firm recently registered as a lobbying organization in Washington for the first time since 2001, Senate records demonstrate.

With the stimulus package that the federal government has passed, it appears that the American market will be a prime location to focus more effort on environmental and energy-related technology and products, said Sanyo spokesman Aaron S. Fowles.

Ironically, while foreign firms are poised to benefit from Obama's spending plans, American firms are worried about increasing tax rates here, and are moving overseas to escape the tax burden.

"U.S. companies are being forced to move elsewhere to remain internationally competitive because we have one of the world’s highest corporate tax rates," writes Cato executive vice president David Boaz, in a blog posting online, commenting on the stimulus program.

"And many economists, including Nobel Laureate Robert Lucas, have argued that the single best thing we can do to improve economic performance and job creation is to eliminate multiple taxes on capital gains, interest and dividends."

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American firms are not the only companies cashing in on the $787 billion stimulus program. Foreign firms are also ramping up their lobbying efforts in Washington D.C. to get a share of the money.Hundreds of foreign-owned companies, many of them with significant operations...
economic,stimulus
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2009-02-27
Friday, 27 Mar 2009 02:02 PM
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