Published: Jun 24, 2011 4:24 PM EDT
Updated: Jun 24, 2011 4:25 PM EDT

PITTSBURGH (AP) - President Barack Obama says the U.S. must invest in new high-tech manufacturing ventures to replace lost jobs and stay competitive with the rest of the world.

The president said Friday the manufacturing sector needs to be reinvigorated so it makes products that haven't even been dreamed of yet and leads the world once again. The goal is a renaissance of American manufacturing, Obama said.

Obama spoke at Carnegie Mellon University in Pittsburgh, a city where shuttered steel mills stand as a reminder of jobs that may never come back.

He announced a $500 million project to spur high-tech manufacturing, a sector of U.S. industry that Obama fears is losing ground to other countries.

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