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Tax havens have traditionally had an important role to play in inbound investment to territories with high withholding tax rates.
The key moment in this southerly migration may have come last month, when the Portuguese prime minister, Pedro Passos Coelho, made a humbling visit to Angola, begging for inbound investment.
In my time with you today I've talked about three areas - supporting advanced manufacturing, increasing U.S. exports, and boosting inbound investment - that will all help our businesses build it here, and sell it everywhere.
This causes issues for firms of the affected nation who have received the inbound investments and loans, as the revenue of those firms is typically mostly derived domestically but their debts are often denominated in a reserve currency.