Intel CEO Paul Otellini addressed the controversial Council on Foreign Relations on Tuesday and called for policy makers to create a new culture of investment in the US. Otellini believes that the state should offer tax breaks and additional incentives in order to promote high-tech investments in the land of the free.
Otellini said that that the US was in the best position to create new innovations necessary for economic growth and that the opportunity had to be seized in order to maintain technological and economic competitiveness.
He pointed out that the construction of a single semi-conductor fab usually costs about $1 billion more in the US than in other countries that offer generous incentives for investors. The total cost of such plants is around $4 billion. Despite this, Otellini said that Intel plans to keep building new plants in the US, although one fifth of its plants were already overseas.
Although he said he would not talk about politics, Otellini also used the address to criticize the Obama administration. He believes that the current administration lacks enough business experts and he pointed out that there were no CEOs in the cabinet.
Otellini has made similar bleak predictions in the past, mainly at gatherings where secret handshakes are the norm.