Treasury Secretary Steven Mnuchin said the success of President Donald Trump’s $1 trillion infrastructure package will likely depend on help from foreign investors, according to The Hill.
Foreign investments may be the key to infrastructure upgrades, Treasury Secretary Steven Mnuchin said Tuesday.
“Working with foreign investors is going to be a critical part of any plan we put forward,” Mnuchin said at the SelectUSA Investment Summit in Washington. “Public-private partnerships are crucial to ensuring that the American taxpayer does not bear the full cost of any proposed program.”
Foreign investors such as Australia, Canada, Europe and the Middle East already invest in U.S. infrastructure, but Trump’s proposal will need even more private-sector involvement. The administration hopes to spend $200 billion to leverage $1 trillion worth of overall investment, according to The Hill.
One investment method proposed by the White House is assets recycling, which entails selling off public assets to the private sector and using the proceeds to pay for other transportation projects, The Hill said.
Japan has voiced plans to invest in U.S. infrastructure by buying debt issued by American companies – roughly $150 billion in public and private funds over 10 years – which could reportedly create several hundred thousand U.S. jobs in projects related to artificial intelligence and robotics, The Hill reported.
“The United States is one of the world’s most open investment environments and will remain a leading destination for international investment,” Mnuchin said. “The reform program we have put forward is going to make the U.S. an even more attractive place to do business. Those investing here should have no doubt that their investments will be safe and secure.”
Trump’s infrastructure plan will need foreign investment, Mnuchin says
