Obama sees manufacturing jobs returning to US

The new economic policies initiated by the US government in the aftermath of the financial market collapse in 2008 have helped businesses create over eight million new jobs in America, President Barack Obama  said yesterday.

Speaking at a White House event to announce the nomination of Maria Contreras-Sweet as head of Small Business Administration, Obama said the US economy has now become more competitive on all fronts.

He said manufacturing jobs that have abandoned the US are now starting to come back, because "we put ourselves in a much more competitive position".

"Now what we're seeing is businesses having created more than 8 million new jobs since we hit bottom. Manufacturing is growing, led by a booming auto industry," Obama said.

"Our investments have helped bring about new technologies, more affordable energy, and our slowing health care costs, all of which are making America even more attractive for investors," he said.

He said, all these will help the administration and the business community to bring back even more new jobs to the country this year.

"But it's not going to happen by itself. This has to be a year of action. We got to keep our economy growing. We got to make sure that our working families are sharing in growth and increasing success," he said.

"We've got to make sure that we're creating more good jobs that pay good wages and provide families with some measure of security. We've got to make sure that the recovery doesn't leave anybody behind," he added.

He said the United States is built on the spirit of enterprise and small businesses are the lifeblood of the US economy, as they create most of the country's jobs.

"They're cornerstones of our communities. And they're part of the pact that America makes - the idea that if you work hard, if you take responsibility, then you can build something new," he said.

"You can make something of yourself. You can leave something behind for your children. And that's the dream that brought generations of hardworking immigrants to our shores, and that's the idea that drives small business owners to create new products and expand their businesses every single day," he said.

The Small Business Administrator now takes the rank of a cabinet minister, Obama said, pointing to the role of the role that small businesses have in the country's economic agenda.

Speaking at another event of the National Network for Manufacturing Innovation in North Carolina, Obama said the country was on "path to regain its top place as the manufacturing hub".

"We have always been about research, innovation, and then commercialising that research and innovation so that everybody can benefit. And then we start selling our stuff all around the world, we start exporting it," he said.

He said the country should put all its resources together, manpower, factories and institutions, so that no one is left out of the economic cycle and the fruits of innovation reaches the consumer. 

But, Obama said, it is not going to be an easy proposition.

"We're not going to turn things around overnight. A lot of jobs were lost in the textile industry and furniture-making. But the great news is, is that ultimately, because our people are good and smart and hardworking and willing to take risks, we are going to be able to start bringing those jobs back to America," he said.

Obama also announced the launch of America's newest high-tech manufacturing hub, to be based in Raleigh, capital of North Carolina state, which will focus on the next generation of power electronics.

Obama had, over a year ago, launched America's first manufacturing innovation institute in Youngstown, Ohio.

The innovation centre, set up as a partnership between companies and colleges, were focusing on developing 3D printing technology and training workers with the skills required to master that technology, he said.