Obama seeks more foreign investment in U.S.

WASHINGTON — Declaring that the United States remains "proudly open for business," President Obama on Monday trumpeted federal and local efforts to bring more global investment to the United States.

"Even though the United States is already home to more foreign direct investment than any other country in the world, we've worked hard to address some of the challenges that held us back for too long," Obama told delegates to a SelectUSA Investment Summit at National Harbor, Md.

The United States now has a better educated work force, increased energy production, and better coordination among the federal, state, and local governments, among other improvements, Obama said.

The president noted that he and Republicans have offered very different budgets, but expressed confidence the parties would find ways to move forward. He also pledged progress with pending trade deals involving Europe and Asia.

Obama also promised to change the visa system so that corporations can "temporarily move workers from a foreign office to a U.S. office in a faster, simpler way."

The purpose of the summit is to make it "as simple and as attractive for you to set up shop here as is possible," Obama told business leaders.

"There are a lot of deals to be done right here under this roof," he said. "And I hope that everybody is going to take full advantage of it."