US ramps up efforts to lure foreign investment

The remarks were made at the inaugural SelectUSA Investment Summit, a two-day conference designed to promote direct investment and job creation in the United States.

The conference drew more than 1,200 business leaders from nearly 60 countries, and top US executives, including Wal-Mart Inc's Bill Simon, Deloitte's Joe Echevarria and Samsung Electronics North America's David Steel.

Obama said he was making it a formal part of the portfolios of embassies around the world to woo investors. The administration said it will focus diplomatic outreach efforts on 32 countries it believes are potentially particularly attractive sources of investment.

It is also going to increase the amount of information that is available to states and localities to prepare them better to attract investors, Obama said.

Since much of foreign direct investment in the United States reflects firms buying up US companies, there at times has been public resistance.

White House National Economic Council Director Gene Sperling sought to combat any such concerns.

"We want to make clear, this is not a xenophobic nation," he said at the conference. "If you want to come here and make your fortune playing by the rules, investing in the United States, creating jobs, we don't just tolerate it, we welcome you with open arms."