Bush Urges Business Aim at E. Europe : Economy: President sees ‘growth dividend’ in world changes. He urges manufacturers to use ‘long-term thinking’ for new markets.

WASHINGTON —  President Bush called on U.S. manufacturers today to take changes in Eastern Europe and elsewhere as opportunities to capture new world markets and cash in on a “growth dividend.”

And the President, apparently concerned that American business is too oriented toward short-term profits, urged corporate executives to return to old-fashioned values and take a long-term view of business prospects.

“This is a marathon, it isn’t a sprint,” he told the National Assn. of Manufacturers.

Although conceding “our economy is not perfect and I don’t want to paint an unrealistic picture,” Bush said: “We can’t produce the products needed to capture world markets by focusing on results one quarter at a time.

“We need to return not only to yesterday’s values but also yesterday’s thinking--the ‘long-term thinking’ and ‘investment-in-the-future’ way of doing business,” he added.

Citing recent improvements in the U.S. trade deficit, Bush told the manufacturers that the United States “is once again the world’s No. 1 exporter.”

But, he said, “We must move aggressively to open markets, not just in Japan but around the world, and expand our share of global trade.”

Noting recent pro-democracy upheavals in Eastern Europe and Central America, Bush said the “Revolution of ’89 marks the triumph not only of free ideas--but also of free markets. And, when it comes to free markets, America continues to lead the way.”

Bush referred to the “peace dividend”--the savings on defense spending from the relaxation of East-West tensions--when he told his audience that U.S. industry’s resolve will be tested “as the dramatic new changes in the world produce new challenges in the world market.”

“We must prepare now to meet these challenges. My Administration is committed to an agenda for growth. It is founded upon investing in our future--and every sound investment has its yield. America’s yield is the growth dividend.

“The growth dividend will provide Americans with jobs and opportunity, higher living standards and a legacy of prosperity,” Bush said.

Even though he told a news conference earlier this week that he was not feuding with Federal Reserve Board Chairman Alan Greenspan over interest-rate policy, he said, “We need to keep interest rates down.”