American business leaders these days have a lot to worry about given the fragile state of the US and global economies. It may therefore be surprising to discover that they would be willing to take the time to reach out to Congressional leaders about something that seemingly has little to do with them: the international affairs budget, from which international aid funding is secured. But that is precisely what a group of over 50 business leaders did last summer, writing a letter to members of Congress to explain why business leaders support foreign aid and advocate for international assistance. The letter explains why it is in the interest of the United States to continue supporting the less fortunate in other countries. They make a very convincing case for foreign assistance, which accounts for just 1% of US spending but pays dividends by helping to further economic and strategic interests. They particularly focus on stressing the role of international markets in supporting US businesses, citing some very important and striking statistics:
- Overseas markets represent 95% of the world’s consumers
- Overseas markets represent 80% of global purchasing power
- One in three US manufacturing jobs are supported by trade
- 10 of the US’s top 15 trade partners were once recipients of assistance
- These countries purchase over half of US exports and are the fastest-growing markets for US products
US programs that promote trade and exports are supported by the international affairs budget and are of particular interest to the business leaders, who emphasize that in light of the difficult economic conditions in the US, it is more important than ever to help improve the economic conditions of people in emerging markets to create demand for American goods and services abroad. These efforts will help build and expand the global consumer base for US companies and create reliable trading partners around the world, helping to create American jobs and ensure the future economic prosperity of the US. Given these facts, it is hardly surprising why business leaders support foreign aid. – Caroline Poterio Martinez Source: US Global Leadership Coalition Photo: Elevation Networks