U.S. President Barack Obama is requesting $80 million in new funds for an effort to boost science, technology, engineering and math education in U.S. schools.

The White House announced the initiative Tuesday as President Obama hosted the second White House Science Fair. He credited the young participants in the fair with “getting America in shape to win the future.”

“You're making sure we have the best, smartest, most skilled workers in the world, so that the jobs and industries of tomorrow take root right here. You're making sure we'll always be home to the most creative entrepreneurs, the most advanced science labs and universities. You're making sure America will win the race to the future.”

Mr. Obama has touted science and math education as key to the nation's economic strength and competitiveness.

His initiative aims to prepare 100,000 new teachers to train one million more American graduates in science, technology, engineering and math during the next decade.

The $80 million investment is being included in the president's proposed budget for fiscal year 2013 that he will submit to Congress on February 13.

In addition to the government's efforts, President Obama said a group of businesses and foundations is announcing a $22 million fund to help train new science and math teachers.