President Obama on Thursday launched a new federal initiative to increase foreign investment in the United States, declaring America “open for business.”

Obama is attempting to bolster communication between foreign and domestic businesses and economic development groups in the U.S, a goal he laid out during remarks before the SelectUSA 2013 Investment Summit on Thursday.

“You should find out why there’s no substitute for those proud words, ‘Made in America,’ ” Obama told foreign investors.

“We are open for business and we’re looking forward to partnering with you in the months and weeks ahead,” he added.

Obama on Thursday turned back to the issue of jobs, as much of Washington remains fixated on the botched rollout of Obamacare's online marketplaces.

White House press secretary Jay Carney in the daily briefing with reporters argued that leaders should stop obsessing over the politics of Obamacare and get back to improving a fragile economy.

SelectUSA was launched in 2011, with the backing of the White House, Commerce Department and State Department.

Obama also said that U.S. embassies abroad would start new outreach efforts, in addition to those being conducted in Washington.