President Obama on Thursday will pitch a new federal effort to help American businesses attract foreign investment and bolster the nation's economic recovery, according to the White House.

“President Obama is announcing the first-ever comprehensive, all hands on deck effort led by the federal government to bring jobs and investment from around the world to the U.S. through aggressive expansion and enhancement of SelectUSA,” said the White House in a statement.

Obama will address SelectUSA’s 2013 Investment Summit in Washington, D.C. where he will discuss the plans. The two-day summit brings together 1,200 business leaders and investors from 58 countries.

The administration will ramp-up SelectUSA, an effort launched in June 2011, to help states and municipalities which previously competed with each other and foreign locations for international investors to better coordinate their efforts, with the help of the Commerce Department, State Department and White House.

“Unlike export promotion, the U.S. has historically left states and cities to compete directly with foreign countries,” said the White House. “A coordinated federal effort would help our governors and mayors compete for job-creating foreign investment on a level playing field.”

“Dedicated investment teams led by Ambassadors” will help recruit investors in markets responsible for most of the nation’s direct foreign investment. The White House also said that “SelectUSA will create single points of contact for businesses looking to bring jobs and production to the U.S.”

Obama will also press lawmakers to provide the “necessary resources required” for the project.

This story was first published at 7 a.m.