WASHINGTON (AP) — President Barack Obama wants to step up government efforts to draw foreign companies to the U.S.

Obama argues the American workforce, cheaper energy costs and an improving economy make the U.S. an attractive home for investment.

He's proposing to coordinate business promotion efforts that have been left mostly to states and cities, which have to compete against foreign countries to attract foreign investors.

Obama says, quote, "America is becoming more competitive from a business standpoint."

Obama spoke Thursday at the SelectUSA 2013 Investment Summit, a project of the Commerce Department aimed at foreign businesses.

A new White House economic report says direct foreign investments in the U.S. totaled $166 billion last year. The report says most of that comes from a small number of industrialized countries.