President Barack Obama played the role of business pitchman today, saluting executives whose companies have chosen to gain or expand their footprint in the United States.
Obama, at the White House, welcomed leaders of 11 foreign and US-based firms that have opened new plants in the United States or brought back overseas operations.
Obama cited low energy costs, a productive workforce and a "dynamic economy" as major US attractions for corporate investment.
"We want folks to know this is a great place to do business," he told the executives, including Ericsson North America chief executive Angel Ruiz and Lufthansa chairman and chief executive Carsten Spohr.
The roundtable discussion by the executives and top White House officials was part of a week devoted to promoting foreign investments in the United States.
Obama is showcasing the effect of an improving economy on job growth during a congressional election year that finds the public still anxious about employment and financial wellbeing.
"The rest of the world is seeing the benefits of 'Made in America,' and for good reason," said Jeff Zients, a top Obama adviser and director of the National Economic Council. "Our competitive advantage is very clear."
Obama's attention to the influx of foreign business coincided with new concern in Congress with a trend of US companies seeking to set up overseas headquarters in part to avoid US tax rates.
A group of 14 senators today introduce legislation that would set a two-year moratorium on the ability of corporations to acquire offshore companies in order to shift their addresses to low-tax foreign countries.
The practice, which drew recent prominence when Pfizer Inc sought to take over British drugmaker AstraZeneca, can cost the US government billions of dollars in lost tax revenue.
The administration, in its 2015 budget, also proposed legislation to dissuade companies from making such transactions.
Seeking to attract business, White House advisers said an effort by Obama to streamline US outreach to foreign companies has resulted in USD 18 billion in new business investments in the United States in 17 different states and territories. They said the programme, called SelectUSA, has helped nearly 500 businesses since October.
Obama announced he will hold a SelectUSA summit next March, with a goal of attracting more than 2,500 people from around the world to discuss job creation and the appeal of investing in the United States.
