The Financial Times published an article on their website written by Hal Weitzman.
Hal wrote about 3M’s issues with Obama in regards to Obama’s regulations on businesses within the U.S. George Buckley, chief executive and chairman of 3m, was quoted stating that “he is anti-business” in regards to President Obama. Mr. Buckley added how it is difficult to run a business in the U.S. with the regulations present and emphasized 3m’s need to run operations in other countries that are more business friendly such as Canada and Mexico.
Buckley was very critical of the U.S. Immigration policy which placed unnecessary obstacles in front of 3M in the process of obtaining work visas for their R&D employees from abroad.
I understand Buckley’s issue with this policy. It prevents 3m from establishing a competitive advantage through their R&D in the U.S. Now they must develop operations in other countries in order to work with these PhD candidates.
I agree and disagree with Buckley here. I understand that their specific projects require the knowledge from citizens of other nations. However, I hope that 3M attempted to find bright minds within the U.S. and there inability to find someone suitable here led them abroad.
I’m sure there are benefits from running 3M in the U.S., however in times like these companies are looking to cut costs and gain a competitive advantage any which way that they can.
Maybe Obama is simply trying to promote the hiring of U.S. citizens, even so the U.S. should consider offering some incentives in the process. Either way, we cannot have business like 3M feel uncomfortable operating in the U.S. We need as many businesses to prosper within the U.S. and support the struggling economy.