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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap Obama vows to shift economy into overdrive AFP - Saturday, January 22 Send IM Story Print Obama vows to shift economy into overdrive SCHENECTADY, New York (AFP) - – President Barack Obama claimed the role of champion of US businesses Friday, vowing to slip the economy into "overdrive" and enlisting corporate America in his crusade to create jobs. Obama named General Electric CEO and Chairman Jeffrey Immelt to head a new Council on Jobs and Competitiveness in his latest conciliatory gesture to the business sector following a Republican mid-term election rout. "The past two years were about pulling our economy back from the brink," Obama said after touring a GE plant in upstate New York, which manufactures hardware for solar, steam and wind power energy industries. "The next two years, our job now, is putting our economy into overdrive," Obama said, in a thematic shift for his presidency ahead of next week's State of the Union address. "For America to compete around the world, we need to export more goods around the world," he said, in a city where Thomas Edison, the inventor of the light bulb, founded the precursor to GE. "We're going back to Thomas Edison's principles. We're going to build stuff and invent stuff," Obama said, arguing that specific administration policies had helped to spur small businesses and job growth. Obama critics frequently complained during his first two years in office that the president disdained the business community, as he pursued historic health care reforms and regulatory changes that alienated the corporate sector. But in recent weeks, as part of an apparent effort to track towards the political center, Obama has repeatedly reached out to business leaders, as he strives to bring down an unemployment rate of 9.4 percent. On Friday, he styled his major recent foreign policy initiatives as a bid to expand US business opportunities to spur jobs growth at home, including his trips to India and South Korea last year, and his White House state visit this week with Chinese President Hu Jintao. "In an ever-shrinking world, our success ... will be determined not only by what we build in Schenectady, but also what we can sell in Shanghai," said Obama, who has vowed to double US exports in five years. Though his political approval ratings have suddenly improved in recent weeks, partly due to his new tone of bipartisan compromise following the Republican election win, Obama knows his 2012 reelection hopes may hinge on a speeded-up economic recovery and a fall in unemployment. Obama said that his new jobs and competitiveness panel would find new ways to encourage the private sector to hire and invest and to train workers to compete globally. He said Immelt, who has headed GE since 2001, "understands what it takes for America to compete in the global economy." Immelt is no stranger to the impact of severe financial crises, having had to steer GE through tough times, which caused heavy losses at GE Capital. He has however made foreign markets the underpinning of the vast firm's strategy, to the point where international activities now make up more than half its revenue. The firm is especially aggressive in China and Russia, two major focal points of Obama's foreign policy. Recommend Send IM Story Print News Search Top Stories Obama vows to shift economy into overdrive Haiti to probe Duvalier excesses: rights group BA-Iberia hit turbulence as merger takes off US expert panel gives nod to Alzheimer's scan Bank of America posts heavy losses More Top Stories » ADVERTISEMENT Most Popular Most Viewed Bank of America posts heavy losses Migraines don't damage brain: study Toshiba to build 'huge solar plant' in Bulgaria Bedbugs resistant to pesticide, study finds Boeing to cut 1,100 jobs in C-17 program More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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