"Now what we're seeing is businesses having created more than 8 million new jobs since we hit bottom. Manufacturing is growing, led by a booming auto industry," Obama said at a White House event.

"Our investments have helped bring about new technologies, more affordable energy, and our slowing health care costs, all of which are making America even more attractive for investors," he said.

The announcement of the nomination of Maria Contreras-Sweet as Administrator of Small Business Administration was also made at the event.

Obama said that the country was starting to see a lot of jobs that had left the shores in manufacturing, for example, now starting to come back, because ‘we put ourselves in a much more competitive position’.

He further said that there are a number of aspects to bring back even more new jobs to America this year.

"But it's not going to happen by itself. This has to be a year of action. We got to keep our economy growing. We got to make sure that our working families are sharing in growth and increasing success," he said.

"We've got to make sure that we're creating more good jobs that pay good wages and provide families with some measure of security. We've got to make sure that the recovery doesn't leave anybody behind," he added.

Describing small businesses as the lifeblood of US economy, the President said, they create most of the country's new jobs.

"They're cornerstones of our communities. And they're part of the pact that America makes, the idea that if you work hard, if you take responsibility, then you can build something new," he said.

"You can make something of yourself. You can leave something behind for your children. And that's the dream that brought generations of hardworking immigrants to our shores, and that's the idea that drives small business owners to create new products and expand their businesses every single day," he said.

Obama said that he has elevated the role of the Small Business Administrator to Cabinet level to give small businesses a seat at the table when they are talking about the economic agenda.


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