US announces $40-m project to accelerate economic growth

PTI Washington | Updated on March 12, 2018 Published on September 26, 2012

A file photo of US President Barack Obama.   -  Business Line

In an effort to accelerate the trend of insourcing, the Obama Administration has announced a $40-million initiative “challenging” the US businesses to make products in the country.

Aptly called “Make it in America Challenge’’, the $40-million project would be supporting business’ efforts to expand their manufacturing base at home.

“More and more businesses are choosing to invest, create jobs, and make things here in America, and this new initiative represents the latest effort by the Obama Administration to build on that trend,” said Acting Secretary of Commerce Rebecca Blank yesterday.

By making competitive investments, the Challenge will help communities across the US accelerate economic growth, attract business investment, and create jobs, the official added.

“The modern global manufacturing landscape has changed the way companies do business, but it has also changed the way companies do training,” said US Secretary of Labor Hilda L Solis.

“This initiative will provide comprehensive assistance to those companies and those communities committed to make it in America through innovative training programmes that lead to industry recognised credentials and arm our workforce with the skills employers want to see from day one,” Solis said.

The announcement is part of Administration’s efforts to encourage companies — large and small, foreign and domestic, manufacturers and services firms — to increase investment in the US.

Obama’s plan includes eliminating tax incentives for companies that ship jobs overseas and providing tax credits for companies that bring jobs back, investing in American workers to ensure they have the skills they need, modernising the infrastructure, and taking action to ensure that American businesses and workers are competing on a level playing field.

The $40 million in competitive grants made available by the ‘Make It In America Challenge’ will help increase the trend of insourcing — US companies bringing back jobs and investing here in the US, said House Democratic Whip Steny H. Hoyer.

These grants will also assist businesses looking to expand and train American workers for jobs on the country’s shores, he added.

“With the President’s ‘Make It in America Challenge,’ we will continue our efforts to partner with business and workers to strengthen the economy here at home,” said Nancy Pelosi, Democrats leader.

“While we have put our economic growth plans on the table — to invest in manufacturers, small businesses, tax cuts for working families, and America’s infrastructure, Republicans have offered only obstruction and delay.

That’s why we continue to call on Republicans to return to Congress and join us to get the job done for the American people,” Pelosi alleged.

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Published on September 26, 2012
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