Washington: US President Barack Obama on Wednesday said his administration will soon come out with policies to reward companies that bring back jobs from overseas and invest in America.

At the same time, he vowed to eliminate tax breaks for companies that move jobs overseas.

The policies in this regard are expected to be announced in the next few weeks and when he submits his Annual Budget proposals to Congress.

"In the next few weeks, we're going to put forward new tax proposals that reward companies that choose to bring jobs home and invest in America. And we are going to eliminate tax breaks for companies that are moving jobs overseas," Obama said, addressing leaders of the corporate world at an event on insourcing convened at the White House.

Obama said he does not want America to be a nation that's primarily known for financial speculation and racking up debt on account of buying stuff from other nations.

"I want us to be known for making and selling products all over the world stamped with three proud words: 'Made in America'. And we can make that happen," he said amidst applause.

"I don't want the next generation of manufacturing jobs taking root in countries like China or Germany. I want them taking root in places like Michigan and Ohio and Virginia and North Carolina. And that's a race that America can win. That's the race businesses like these will help us win," he asserted.

Referring to his meeting with the CEOs of US companies that have started bringing jobs back to the US, Obama said: "You've heard of outsourcing. Well, these companies are insourcing."

"These companies are choosing to invest in the one country with the most productive workers, the best universities and the most creative and innovative entrepreneurs in the world and that is the United States of America," he said.

"That's exactly the kind of commitment to the country that we need -- especially right now, when we're in a make-or-break moment for the middle class and those aspiring to get in the middle class here in the United States," Obama said.

"All across this country, I meet folks who grew up with a faith that in America, hard work paid off and responsibility was rewarded, and anybody could make it if they tried – no matter where you came from, no matter what you looked like, no matter how you started out.

"Those are the values that my grandparents and my mother taught me. Those are the values that built the best products and the strongest economy and the largest middle class that the world has ever known," he said.

(Agencies)