European investment in the U.S. plummeted by nearly 1/3 last year compared to the same period in 2019, and the National Chamber of Commerce has called on the Biden administration to lift the ban on European travelers entering the country as soon as possible to help restart an economy hit hard by the epidemic.
AFP reports that while EU countries have allowed entry of U.S. people who have been vaccinated or can present negative proof of screening for new crowns, the U.S. has not taken the same reciprocal measures, much to the disappointment of the business community.
For this reason, the U.S. National Chamber of Commerce (US Chamber of Commerce) 25 urged the United States “as soon as possible” to allow European travelers to enter. The Chamber’s senior vice president of European affairs, Marjorie Chorlins, said: “Restoring safe transatlantic travel is critical to the nation’s economic recovery, and face-to-face business activities and cross-border travel can help promote economic growth and job creation across the country.
According to statistics, in the first three quarters of 2020, approximately more than 60% of U.S. foreign direct investment came from Europe. However, compared to the same period in 2019, European investment fell 32.5 percent from $120 billion to $81 billion.
The U.S. has banned travelers from Schengen countries, the U.K. and Ireland since last March. In addition, South Africa, Brazil, China, India, and Iran are also on the U.S. entry blacklist.