President Barack Obama is making the government team up with universities and companies for the investment of at least $500 million in advanced technologies as part of an initiative that will develop new manufacturing jobs in the U.S.
The President will launch the Advanced Manufacturing Partnership at the Carnegie Mellon University in Pittsburgh that aims to hasten development of a new generation of U.S.-made high-technology products.
The White House has noted that in the past, the major new technologies were commercialized into vast industries with the aid of partnerships among government, companies and universities.
These technologies include jet engines, telephones and the Internet. The White House hopes for similar results when it attempts to speed up development of new technologies like advanced composite materials, next-generation robotics, bio-manufacturing and small high-powered batteries.
This program will leverage current federal funds as well as future federal departmental budgets to invest with industry around $300 million to start domestic manufacturing capabilities, which are seen as vital to U.S. national security.
Among the initial public-private investment areas are alternative energy, composites, biotechnology, batteries and metal fabrication. In a statement, Obama said that he is calling the government, universities and private sector industry to come together and "spark a renaissance" in the manufacturing industry in America and to help manufacturers produce cutting-edge tools needed to compete with anyone in the world.
He also said that these core investments can ensure that the United States will remain a nation that "invents it here and manufactures it here" and that provides American workers with high quality jobs with good pays.