Los Angeles Daily News–

Direct foreign investments in California supported more than 730,000 jobs last year, according to a new report from World Trade Center Los Angeles.

Foreign direct investments represent the form of a controlling ownership in a business in one country by an entity based in another country.

The World Trade Center study shows that last year 13.5% of all manufacturing jobs in the state (84,451 jobs) were attributed to foreign-owned enterprises (FOEs), with significant employment in other industries as well.

Michael Smith, the trade center’s director of international trade, said COVID-19 has had a definite impact on foreign investment in California. But it has also opened some doors.

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