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IN THE NEWS: GE Co-CEO Immelt Says Try Harder

Posted on October 18th, 2011 | Author: Robert C. Gabrielski

Reuters reports: Jeff Immelt, co-CEO of the largest U.S. conglomerate GE and a top adviser to the Obama administration on jobs and the economy, says the U.S. is not trying hard enough to boost exports, which is contributing to the poor economy and high unemployment. He thinks if U.S. companies focus on exporting more goods, making the effort “to compete, educate and sell our products around the world,” the U.S. economy would improve. Immelt notes the vigor with which German manufacturers support Chancellor Merkel in promoting German products around the world and believes that American business should support Obama’s drive to double exports over the next five years in the same way. He believes that the U.S. can compete with China and sees Russia and resource-rich African countries as significant investment opportunities. Ultimately, Immelt notes that stronger growth is the only real answer to the rising disillusionment and unemployment. “The only way to solve this specific problem is growth,” Immelt said. “If unemployment comes down, people will feel better. If unemployment goes up, people will feel worse, no matter what goes on Wall Street.”

U.S. not “trying that hard” on exports: GE’s Immelt