Washington: Growing demand for products in emerging economies like India, China and Brazil provides great opportunities for the US, and American companies need to make full use of this, Treasury Secretary Timothy Geithner said.
He also said the US needs to carry out tax reforms and invest in education, innovation and infrastructure to attract investments and spur the economy.
“As countries like China, India, Brazil, and other emerging economies grow and expand, we want to see a substantial part of that growing demand outside of the United States met by goods and services that are created and produced in the United States and fuelled by investment in the United States,” Geithner said at Commonwealth Club of California.
He added, “If we are successful in doing that, we will be stronger as a nation. But to be successful in meeting that challenge, there are things we must do. Investments in education, to help Americans compete in the global economy.”
Besides, Geithner said that US needs investments in innovation, so that the country’s economy can offer the best jobs possible.
He also said that America needs to make investments in infrastructure to reduce costs and increase productivity, in addition to reforms to improve incentives for investing in the US – including reform of business tax system.
Geithner added, “These investments and reforms have to come as part of a carefully designed, balanced package of long-term reforms to restore fiscal sustainability.
“Our strength as a nation depends on the ability of our political system to move quickly enough to put in place solutions to our long-term problems.”