LatCham has been closely following the economic events around the globe and the world. President-elect Barack Obama spoke today about his plan to accelerate the United States and the world out of the current economic recession that we jointly face. His plan envisions to create or save three to four million jobs. This would be a net gain of nearly .5 to 1.5 million jobs against the 2.6 million jobs that were lost last year.

The President-elect in his weekly radio and YouTube address, provided details regarding a report his transition team released. The released report details the types of jobs that would be created or saved by President-elect Obama's proposed stimulus package, which he calls the "American Recovery and Reinvestment Plan."

President-elect Obama states that "The report confirms that our plan will likely save or create three to four million jobs. Ninety percent of these jobs will be created in the private sector - the remaining 10 percent are mainly public sector jobs we save, like the teachers, police officers, firefighters and others who provide vital services in our communities,".

The United States is taking aggressive actions against the economic downturn being faced in all sectors of the economy. Significant investments will be made in a number of economic sectors. Of course, a stimulus package, will not achieve economic recovery on its own.

The Plan will focus on a number of stimulus items including "Substantial investments in infrastructure, education, health, and energy" and "business incentives". Details regarding the plan can be found at Change.Gov.

LatCham encourages American, Latvian and Baltic businesses and entrepreneurs to carefully read the plans being put forward by the incoming administration and to be involved in those sectors that will drive global economic rebirth.

Getting involved early will ensure that you are working in the right sectors and that the initiatives are coordinated through public private partnerships. Government, industry, academia, and associations working together will accomplish more than any of us can achieve individually.