March 15, 2006	Wednesday	Safar 14, 1427

WASHINGTON, March 14: Treasury Secretary John Snow warned on Tuesday that the United States risks “having the doors of the world closed to us” for investment unless it resists the appeal of protectionism.

His comments came after an Arab company was forced to bow to a ferocious clamour in Congress and cede control of six US ports, assuaging lawmakers who claimed national security was endangered by the deal.

Snow said the controversy surrounding the acquisition of the facilities by Dubai Ports World risked scaring off foreign investors and blocking outlets for US companies overseas.

“It is vital that we avoid taking steps in the name of national security that instead are isolationist, having the effect of choking off vital investments in America,” he said in a speech here to regional bankers.

“For example, some have called for automatic investigation of any investment that could affect ‘economic security’ — that’s a very vague concept and would create uncertainty, which could chill investment.”

Snow noted that 5.3 million US workers are employed by foreign companies, while 95 per cent of the global market lies outside US shores.

“We need to keep our doors open or risk having the doors of the world closed to us,” he warned.—AFP