Oversight and Intelligence Subcommittee Chairman Mills Delivers Opening Remarks at Subcommittee Hearing on U.S. Economic Security and Investment Abroad
WASHINGTON, D.C. – Today, House Foreign Affairs Oversight and Intelligence Subcommittee Chairman Cory Mills delivered opening remarks at a subcommittee hearing titled “U.S. Economic Security and Investment Abroad: Assessing Economic Security Zones.”
-Remarks-
Good afternoon, and welcome to today's hearing titled U.S. Economic Security and Investment Abroad: Assessing Economic Security Zones. On behalf of the House Committee on Foreign Affairs and the Subcommittee on Oversight and Intelligence, I welcome our witnesses and I look forward to your testimonies. We are grateful for having you here today and thank you for your time.
Today, we know that national security and economic prosperity go hand in hand. Economic security is national security, particularly when it comes to emerging technologies such as AI and the raw material and critical minerals that support them. The nation that controls advanced manufacturing, critical minerals, semiconductors, artificial intelligence and resilient supply chains will shape the global economy and the balance of power for decades to come.
While the People's Republic of China hopes to dominate critical industries and make countries around the world economically dependent upon Beijing, it is the Trump administration that is working with trusted allies and partners to build secure supply chains, strengthen private sector investment, and create an economic architecture that advances both American prosperity and American security.
At the heart of this effort is the Trump administration's Pax Silica initiative, a new vision for American economic leadership based on a simple but powerful principle: Economic security is national security. Pax Silica seeks to build a trusted network of allies and partners that work together to secure the industries and supply chains essential to development of artificial intelligence, critical minerals, energy, semiconductors, advanced manufacturing logistics and digital infrastructure.
Economic security zones are an important part of that strategy. Economic security zones represent an effort to build a trusted network of industrial hubs among America's allies, places where investment, manufacturing logistics and innovation operate under transparent rules, reliable contract enforcement and high regulatory standards.
Together, these zones can help secure the industries and technologies that America cannot afford to lose. The announcement earlier this year of the first security economic zone in the Philippines marks an important step towards turning that vision into a reality. It demonstrates how the United States can partner with allies to strengthen supply chains while reducing dependence on authoritarian regimes that use economic coercion as a geopolitical weapon. Pax Silica recognizes that peace and prosperity in the 21st century will increasingly depend on technological leadership, secure digital infrastructure, resilient manufacturing, and trusted economic partnerships.
Economic achievement should not be measured by how much money Washington spends overseas, but whether the investment strengthens our national security, American businesses, and American innovation.
As the United States considers this emerging framework, we also have a responsibility to ensure that economic security zones operate with a strong transparency, accountability, and under the rule of law.
We must encourage private investment, protect intellectual property, prevent illicit trade, and ensure that partnerships reflect the high standards expected by the United States and our partners, including both nation state and private investors.
Ultimately, President Trump's economic agenda has made clear that America will no longer accept dependence on our adversaries for critical supply chains. Instead, we will lead by building stronger alliances, securing critical industries, and ensuring that the next generation of global economic growth is anchored by freedom, security and American leadership.
I look forward to hearing from our witnesses about the successes of the economic security zones and the broader Pax Silica, and how we and President Trump's administration can help advance American economic security.
That is why we are having this important conversation today.
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