Barack Obama asks foreign companies to invest in US

The US President was speaking at the SelectUSA Investment Summit, an annual event aimed at attracting foreign investment into the US

Citing the example of an Indian agricultural tech company, President Barack Obama today extended an open invitation to foreign companies to choose America and establish their manufacturing bases, while urging them to invest in the US.

"At that same (2015) summit, an agricultural tech company from Surat met economic development representatives from Missouri and within a year, it established its US headquarters in St Louis. We want more success stories like these," he said in his address to the SelectUSA Investment Summit, an annual event aimed at attracting foreign investment into the US.

"We want more of you to invest in America. We are ready to welcome more of the jobs you help create, just as you are ready for American workers and customers to help you succeed globally. I believe investing in the US is the best business decision you can make," he said.

Several Indian companies are attending the annual SelectUSA Investment summit.

"Today, I am proud to announce a ninth hub based in Los Angeles that will design smart sensors to make all types of manufacturing more efficient. We have got more hubs on the way," Obama said.

The US President said SelectUSA has proven to be a pretty good innovation and investment in itself.

"When your companies come together, you help bring countries and cultures together. You generate greater understanding among people from different parts of the world. That's one of the most important things that you produce, and you should never underestimate its value," he said.

Created in 2011, this is the third-annual SelectUSA Investment Summit and is the first-ever federal effort to bring job-creating investment to the US.