Jeffery Immelt, the chief executive of General Electric (NYSE: GR) will head a new advisory panel formed by President Barack Obama designed to promote economic growth in the country.

The President's Council on Jobs and Competitiveness will replace the former Economic Recovery Advisory Board which had been led by Paul Volcker, former Federal Reserve chairman Paul Volcker, who is stepping down.

In an opinion piece for the Washington Post, Immelt wrote that I look forward to leading the next phase of this effort as we transition from recovery to long-term growth.

Specifically, Immelt said he plans to focus on expanding America’s manufacturing base; increasing exports; the expansion of free-trade agreements and encouragement of technological innovation.
Immelt had also served under the Volcker panel.

I will always be grateful to Paul Volcker for his service as the head of my Economic Recovery Advisory Board, the president said. Jeff Immelt's experience at GE and his understanding of the vital role the private sector plays in creating jobs and making America competitive makes him up to the challenge of leading this new council.”