Jan. 11 (Bloomberg) -- President Barack Obama has invited representatives from more than a dozen companies including Ford Motor Co. and Intel Corp. to the White House for a forum today on bringing jobs back to the U.S.
The companies are those that have decided to return jobs from overseas or increase their investments in the U.S., according to an administration statement. As part of his fiscal 2013 budget, Obama plans to propose adding $12 million for a program to promote foreign direct investment in the U.S. and work with state and local governments to attract businesses.
In addition, Obama will propose “in coming weeks” new tax incentives to reward companies that choose to invest or bring back jobs to the U.S., and he’ll urge elimination of tax breaks to companies that moves jobs overseas, the White House said in the statement.
“I’m calling on those businesses that haven’t brought jobs back to take this opportunity to get the American people back to work,” Obama said in the text of remarks he’ll deliver at the forum on “insourcing.”
Economic growth and job creation will be the main issues in the presidential campaign this year. Mitt Romney, a former Massachusetts governor and the front-runner for the Republican nomination, is making criticism of Obama’s stewardship of the economy a prime focus of his stump speeches.
The unemployment rate has declined for four straight months to 8.5 percent in December and the Labor Department has reported six consecutive months of jobs gains of 100,000 or more. Still, the rate has been above 8 percent for almost two years and little headway has been made in recovering the 8.75 million jobs lost as a result of the recession that ended in June 2009.
Only one U.S. president, Ronald Reagan, has been re-elected since World War II with a jobless rate above 6 percent. Reagan won a second term with the rate on Election Day 1984 at 7.2 percent, having dropped almost three percentage points in the previous 18 months.
Ford plans to add 12,000 jobs in the U.S. by 2015 and has brought additional production back to the U.S. from China, Japan and Mexico, according to the administration. The statement highlighted Intel’s participation in a $4.4 billion investment to build a semiconductor research and development facility in New York.
Along with Dearborn, Michigan-based Ford and Santa Clara, California-based Intel, companies taking part in the forum include DuPont Co., the largest U.S. chemicals company by market value, and Otis Elevator Co., a unit of United Technologies Corp.
--With assistance from Kate Andersen Brower in Washington. Editors: Joe Sobczyk, Bob Drummond
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