Governor Kaine Unveils Virginia's Economic Development Strategic Plan
– Includes measurable goals, focus on regional approach, emphasis on technology, research and development –
ROANOKE – Governor Timothy M. Kaine released his Economic Development Strategic Plan today at the annual conference of the Virginia Economic Developers Association. The plan focuses on strengthening and maintaining Virginia’s award-winning business climate, while expanding opportunities for all Virginia’s regions and citizens. The plan also lays out an aggressive strategy for maximizing the impact of Virginia’s federal assets and research and developmentinstitutions on the economy.
“Virginia has received top rankings in business friendliness and tax structure. We must view these accolades as a challenge to continue leading the way,” said Governor Kaine. “Creating innovative, regional business development and retention strategies is crucial if we are to successfully compete in the global economy.”
Each of Virginia’s governors is required to establish an Economic Development Strategic Plan during the first year in office, pursuant to §2.2-205. Governor Kaine’s plan is the result of a highly collaborative process between the Governor’s Cabinet, key economic development and business leaders throughout the Commonwealth, and Virginians who attended public meetings over the summer. It is built around nine broad goals, each of which contains a series of distinct, measurable strategies that track progress in achieving the goals by 2010, including:
- Increasing the total amount of Defense Department related contracts for Virginia firms by 5%, or $1.15 billion.
- Increasing the economic impact of tourism in Virginia from $16.5 billion to $18.5 billion annually.
- Increasing exports of goods from the Commonwealth by 7% ($855 million).
- Increasing foreign direct investment in Virginia from an annual average of 2300 jobs and $270 million to 3000 jobs and $300 million.
- Ensuring broadband access for every Virginia business.
- Increasing procurement for small businesses to 40% of state purchases.
- Increasing the proportion of 18-24 year-olds with a high school diploma or equivalent from 87% to 92% (an additional 34,000 students).
- Increasing the proportion of 18-24 year olds enrolled in college from 34% to 39% (an additional 34,000 students).
- Increasing the percentage of Virginia’s population (25-65) with a college degree from 35% to 37% (an additional 78,500 persons).
- Decreasing government transaction time for businesses by 30%.
- And, by January 2008, formulating specific regional economic growth goals based on the Council on Virginia’s Future’s regional data.
“Governor Kaine’s commitment to economic development issues throughout Virginia is remarkable,” said Virginia Secretary of Commerce and Trade Pat Gottschalk. “In this plan, he has clearly outlined the key issues facing Virginia’s economy, and has shown a real willingness to devote his time and energy to exploring those issues.”
To obtain an electronic copy of the Governor’s Economic Development Strategic Plan, please visit the Secretary of Commerce Web site.
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