i turn over the microphone to jim mcnerney. [applause] turn over the microphone to jim mcnerney. [applause] >> it is a pleasure to be here to kick off what i hope will be a continuing dialogue about how they business community, the newly elected congress, and the obama administration can work together to keep our nation strong an increasingly competitive on a global scale. arthur, thank you for the invitation and again for the warm introduction. i appreciate it, and most importantly for your leadership at aie. from its beginnings in new york back in 1938, this organization has been a critically important voice for the value of free enterprise. you're helping carry that mantle into the 21st century. today's for monterey and the national export initiative is a prime example. -- prime example of the important role that aie plays in national issues. it is difficult to find a more timely and relevant public policy body to spotlight. we also thank -- let me also thank the panelists, who we will hear from shirley. you really are part of the solution. so thank you very much for participa

i am particularly delighted to have gotten to know jim mcnerney over the past year and to have him here at aie. it is a great honor for us to hear his remarks. boeing is a $68 billion aerospace corporation. jim has been running boeing as ceo since 2005. he has a senate career as executive and a number of fortune 50 firms, including procter and gamble, general electric, and 3m. he has been recently appointed to the president's export council. this is a very important position that helped the united states craft policy around expanding exports in the united states and identifying challenges around the world. he has a unique perspective, both as chief executive of one of america's most important companies and as serving the president united states in trade and export policy and such that we can figure out the policies that will move our country forward and protect our system of globalized free trade and democratic capitalism. i turn over the microphone to jim mcnerney. [applause] >> it is a pleasure to be here to kick off what i hope will be a continuing dialogue about how they business co

i am particularly delighted to have gotten to know jim mcnerney over the past year and to have him here at aie. it is a great honor for us to hear his remarks. boeing is a $68 billion aerospace corporation. jim has been running boeing as ceo since 2005. he has a senate career as executive and a number of fortune 50 firms, including procter and gamble, general electric, and 3m. he has been recently appointed to the president's export council. this is a very important position that helped the united states craft policy around expanding exports in the united states and identifying challenges around the world. he has a unique perspective, both as chief executive of one of america's most important companies and as serving the president united states in trade and export policy and such that we can figure out the policies that will move our country forward and protect our system of globalized free trade and democratic capitalism. i turn over the microphone to jim mcnerney. [applause] >> it is a pleasure to be here to kick off what i hope will be a continuing dialogue about how they business co

that includes jim mcnerney of boeing who also heads up my export council and several members of my economic recovery advisory board. it's one of many discussions we'll be having in the months ahead to find new ways to spur hiring, put americans back to work and move our economy forward. as i said when i was running for president, and as i've said since, i believe that the primary engine of america's economic success is not government. the ingenuity of entrepreneurs. it's the dine mim of our markets, and for me the most important question about an economic idea is not whether it's good short term politics or meets somebody's litmus test, it's whether it will help spur businesses, jobs, and growth, that's why i set a goal of doubling u.s. exports in the next five years, to create more jobs selling more products abroad. that's why i'm so pleased that early they are month after intensive negotiations we finalized a trade agreement with our ally south korea. it will boost the annual exports of american goods by $11 billion. a deal that all told will support at least 70,000 american jobs. it's an

that includes jim mcnerney of boeing heading up the export counsel and several members of my economicery advisory board. as one of many discussions we'll be having in the months ahead to find new ways to spur hiring, put americans support from business and labor because it's good for the economy. this morning, i hope to elicit ideas that will help us not only climb out of recession, but seize the promise of this moment. ideas about tax reform, ideas about a balanced approach to regulation that will promote rather than undermine growth. ideas that will help encourage businesses to invest in america and american jobs at a time when they're holding nearly $2 trillion on their books. i want to discuss our shared mission of building a strong economy for the long run. we know some of what we need to do to outcome pete other countries in the 21st century. we need to offer our children the best education in the world. we need to spur innovation and new industries like clean energy for the jobs of tomorrow. we need to upgrade america's crumbling infrastructure, its roads and bridges, update hi

thinking about policy, i certainly didn't find anything to disagree with jim mcnerney. the ability of our exporters to shape the growth abroad. also, frankly, in a world where the competition is as much about capital talent and ideas rather than pure market share, the ability to be the system's integrator of the supply chain. we try find a niche in a globally competitive market, trying to find capital rather than forcing capital offshore seems to be the thing to do. the sad thing is for anybody who is a c.f.o. or tax manage, if you asked them, they would not incorporate the united states if they were launching a business, they would incorporate elsewhere and take advantage of the fact that only their i can in the united states would be taxed at a corporate rate rather than worldwide income. the whole system is designed in a way that is a very powerful lever like barry was describing. the financial grounding of that particular transaction means that the -- acquirer is likely to be foreign rather than the united states. trade policy, i really applaud the president for mov