Biden team urges more investment in US

The administration of US President Joe Biden is urging companies to invest more in America. It wants to boost domestic production and counter China's efforts to nurture key industries, such as advanced batteries and semiconductors.

The administration has been holding an online investment summit since Monday.

Attendees include leading US companies and those from abroad, such as Japanese and South Korean firms with operations in the US.

Commerce Secretary Gina Raimondo said "the United States is back," and "open for business."

Raimondo said "The United States will make critical investments that will breathe new life into our manufacturing and advanced industries, develop new and more resilient supply chains, revitalize our infrastructure, ranging from roads and bridges to broadband and fiber optic cables upskilling our workforce."

Treasury Secretary Janet Yellen spoke about the administration's plans for reform. They include eliminating tax advantages for companies to move assets offshore, and expanding support for research and development and clean energy.

She also said " The reforms will encourage companies to invest, produce and innovate on American soil."

One of the business leaders attending the summit was Microsoft Chief Executive Satya Nadella. He said a key way to spur competitiveness would be for the government and companies to infuse digital tech across the US economy.