In his annual shareholder letter, Jeffrey Immelt — the CEO of US engineering giant General Electric (www.ge.com) — said that he sees “substantial opportunities to grow around the world by investing, operating and building relationships in the countries where we do business.”

However, he added: “There is deep scepticism toward the ideas that powered economic expansion for a generation, with concepts like innovation, productivity and globalisation being challenged and protectionism on the rise.”

Mr Immelt acknowledged in the 32-page letter that GE is trying to “walk a fine line”, making a case for globalisation while also positioning itself as “a proud American company” that is creating jobs in the USA.

While the Boston-based group’s sales have shifted from about 70% in the USA in 2000 to less than 50%, Mr Immelt pointed out that its exports are worth more than $20 billion a year, “keeping domestic factories in business”.

He added: “GE is a global company, today and in the future. We see many giving up on globalisation, but that just means more business for us. Are we witnessing the end of globalisation? I don’t think so.”

Last month, GE joined a number of large exporters, including Boeing and Dow Chemical Co, in a coalition supporting a congressional proposal to tax imports to the USA.

In his letter, Mr Immelt said that current US policy “favours imports, not exports, creating an uneven playing field that benefits companies out-sourcing work overseas”.

Opponents of the proposal — including most car makers — say it would generate a disproportionate burden and force them to pass costs on to consumers.