Obama to host business executives Tuesday

This post has been corrected. 

President Obama will hold a round-table discussion with business executives Tuesday whose companies have recently chosen to invest in the United States or have redoubled their commitment to do business in the country.

Obama will host high-level executives from companies including Lufthansa, Ericsson and Ford, which plans to add 5,000 additional jobs in the United States this year.

"Taken together these companies are investing billions of dollars that will help build our economy and support thousands of new U.S. jobs,” said National Economic Council Director Jeff Zients.

"The rest of the world is seeing the benefits of made in America and for good reason," Zients said. "Our competitive advantages are clear. We have the most skilled and productive workforce in the world."

The administration also announced that it will hold a second SelectUSA summit in Washington next year. SelectUSA is based in various U.S. embassies around the world and encourages businesses in those countries to invest in the United States. According to the White House SelectUSA has facilitated $18 billion in U.S. investment in two years.


Chairman of the White House Council of Economic Advisers Jason Furman speaks about the Congressional Budget Office (CBO) report and the Affordable Care Act at the White House in Washington February 4, 2014.  REUTERS/Kevin Lamarque

 On a conference call, Zients and Jason Furman, chairman of the White House Counsel on Economic Advisers, touted a report released Tuesday that shows the importance of getting companies from abroad to invest in the United States and the progress that has been made.

The report, "Winning Business Investment in The United States," was released by the White House and Department of Commerce. Fixed investments accounted for 20 percent of the rebound in real GDP since 2009, the report said, and the U.S. manufacturing sector jobs are growing at their fastest pace since the 1990s.

The report also cited surveys, including one by AT Kearney which said that in a 2013 survey of 300 global executives the United States ranked as the top destination for business investment, and a Boston Consulting Group survey showing that the number of U.S. executives considering bringing manufacturing back to the United States from China rose to 54 percent, compared to 37 percent surveyed 18 months earlier.

Zients also said that the tax code is "broken," and even though it's "ridden with loopholes" the United States has some of the highest business tax rates in the world.

"A big part of the answer has to be reforming our tax code to make America a more competitive and attractive place," he said.

Katie Zezima covers the White House for Post Politics and The Fix.

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