Business leaders at Chicago summit say US must fight to maintain global competitive edge.
As the nation's economy flirts with a recession, corporate executives, politicians and academics meeting in Chicago on Thursday said America's businesses must be prepared for a fight if they're to retain their global competitive edge.
"We're very competitive today in most industries," said Jim McNerney, chairman and chief executive of Chicago-based Boeing Co. "But there is a huge threat to that position in the next five to 10 years. And we better respond."
The U.S. Department of Commerce sponsored Thursday's meeting, which is part of a series of summits sponsored by the Bush Administration being held around the country. Commerce Secretary Carlos Gutierrez said he hopes business owners at the meeting get a better understanding of free trade agreements -- which have grown in number under Bush's tenure -- that may allow companies to enter overseas markets.
And he said U.S. companies need to become more agile so they can quickly respond to economic shifts. "We know today that every major country in the world is getting in the game," he said. "It's harder to compete ... and we are no longer on our own."
A report released last week in Switzerland shows the U.S. topped a global competitiveness ranking for the 15th consecutive year. But some officials worry the faltering economy means America could soon lose its top spot to other nations. "I think we should be very worried," said Louis Gerstner, the retired chairman and chief executive of IBM Corp.
Panel members said a focus on education -- particularly in skilled technical areas as well as math and science instruction -- will be vital to competitive growth growing forward, especially as the U.S. tries to expand its track record of fostering entrepreneurialism.
"The competition needs to be looked at as something to be embraced," said Jim Owens, the chairman and chief executive of Peoria-based Caterpillar Inc. "Competition can be fun. It doesn't mean it's easy, but we need to take it on."
As the nation's economy flirts with a recession, corporate executives, politicians and academics meeting in Chicago on Thursday said America's businesses must be prepared for a fight if they're to retain their global competitive edge.
"We're very competitive today in most industries," said Jim McNerney, chairman and chief executive of Chicago-based Boeing Co. "But there is a huge threat to that position in the next five to 10 years. And we better respond."
The U.S. Department of Commerce sponsored Thursday's meeting, which is part of a series of summits sponsored by the Bush Administration being held around the country. Commerce Secretary Carlos Gutierrez said he hopes business owners at the meeting get a better understanding of free trade agreements -- which have grown in number under Bush's tenure -- that may allow companies to enter overseas markets.
And he said U.S. companies need to become more agile so they can quickly respond to economic shifts. "We know today that every major country in the world is getting in the game," he said. "It's harder to compete ... and we are no longer on our own."
A report released last week in Switzerland shows the U.S. topped a global competitiveness ranking for the 15th consecutive year. But some officials worry the faltering economy means America could soon lose its top spot to other nations. "I think we should be very worried," said Louis Gerstner, the retired chairman and chief executive of IBM Corp.
Panel members said a focus on education -- particularly in skilled technical areas as well as math and science instruction -- will be vital to competitive growth growing forward, especially as the U.S. tries to expand its track record of fostering entrepreneurialism.
"The competition needs to be looked at as something to be embraced," said Jim Owens, the chairman and chief executive of Peoria-based Caterpillar Inc. "Competition can be fun. It doesn't mean it's easy, but we need to take it on."
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