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Canon answer: because no matter where you base your factory you are a U.S. Citizen so they are you main governing agency. You can't renounce your citizenship because then you couldn't get licencing from the U.S. or from the other countries who won't grant it to non-native born citizens.
Personal Opinion: I hope it's the former. I think that'd make for more fun gameplay.
At least that is my best explanation, there are some things that still don't make sense in the game in terms of global arms and ammunition trade. But it's a game, it should't have to make complete sense, it just has to be engaging and fun.
For example, "7.62" is a producible cartridge in game, but 7.62 is just a diameter which equates to .30 caliber, there are countless rounds that are 7.62mm diameter. (7.62x51, 7.62x54R, 7.62x39, 7.62x53, 30-30, .300 WM, etc etc). I could go on all day naming rounds that are 7.62 but the game only gives one "7.62" cartridge. In the end these details don't really matter because I simply don't have the space for more than one 7.62 production line and selling 7.62x51 exclusively to NATO markets and 7.62x39 exclusively to Chinese and Russian markets adds needless complexity to the game.
But I agree that it does make more sense that the reputation required for your production license for ammo or explosives should probably be the country in which your factory is located, that does make the most sense.