GULF COAST BRIEFING

Press Availability

Commerce Secretary Carlos M. Gutierrez
Federal Coordinator for Gulf Coast Rebuilding
Donald Powell
Washington, DC
June 27, 2006

(Transcript)

SECRETARY GUTIERREZ: About a month and a half ago we had a trade mission to the Gulf Coast. We took 32 businesses there with the purpose of showing them the opportunities. As you recall, when the President said when he spoke from New Orleans, the Gulf Coast will be rebuilt stronger and better than before. That's going to take public sector money, but very importantly, it's going to take private sector investment. We've had a number of investments take place since the trade mission and it's great to see that we have three hundred people here who are interested and looking at the Gulf Coast as a business opportunity. And we believe that right now, it's probably the best place there is to invest regardless of where you look at, regardless of what part of the world you look at. So, we'd like to get that word out, and we're very appreciative, very grateful for the leadership that Chairman Powell is showing in the area, and for everything he's doing for the people of those communities and again, to rebuild it better and stronger than before. Chairman Powell?

COORDINATOR POWELL: I would just add to what the Secretary said. This is a unique opportunity for the business community to take advantage of a wonderful opportunity, not only to make money for the shareholders, but also to feel good about what they're doing. This is a part of the country that is in need, and so, when business can satisfy the return to their shareholders and also help people, that's a win-win for everybody. So, I'm delighted to be here with the Secretary. I appreciate his leadership, his cooperation, his encouragement, for what the President has said is a commanding challenge. And it's very important that the private sector to engage in the rebuilding.

Q: Secretary Gutierrez, this is a little off the subject, but how are the talks to get Russia to join the WTO going, and do you think there will be a resolution before the G-8?

SECRETARY GUTIERREZ: Well, the talks have continued to move ahead and we've always said that this is about results. And it's about getting certain things done, and so those talks continue. I'm not going to speculate on timing. We continue to stay very close to that.

Q: Mr. Secretary, can you talk about to what degree Commerce can make direct invest investment in businesses in the Gulf, aside from bringing in other private money?

SECRETARY GUTIERREZ: Well, we have the EDA, the Economic Development Administration, where we make grants to certain communities. But, you know, it's not to the point where you can rebuild a Gulf Coast region. As the President has said very often, in Washington we don't invest private capital, we don't allocate capital, we don't do business. What we do is create an environment so that others can invest and that the private sector can do business and they can invest the capital. And what we've done here, as the Chairman mentioned, we've got the Gulf Opportunity Zone incentives, and there is very much an environment created there, so that private enterprise, private sector businesses, can go in and invest the capital and grow. And as the Chairman mentioned, not only is there business opportunity to do good for shareholders, but also to do good for those communities who need the growth and need the jobs.

Q: Mr. Secretary, what concrete developments can people in South Mississippi and Louisiana expect toward the first anniversary of the hurricanes at the end of the summer?

SECRETARY GUTIERREZ: Well, I'll just mention a couple of things, and Chairman Powell, who's on the ground, and who understands very much the progress that's being made, I'll have him help on this-but, as you know, I mentioned inside at the conference, we had about seven different companies that have made important investments. Shell has just committed to making a one hundred-fifty million dollar investment. Home Depot, fifty-seven million dollars. We just had a company, KB Homes, announce that they're going to build five thousand new homes. And there are plenty of examples of businesses, either coming back in or deciding to invest for the first time. So, from the standpoint of private-sector investment, we had Seaboard Marine Company--a shipping company--who just told us that last week, they had the highest shipping week since the hurricanes. So business is coming back. And we believe that is a very telling accomplishment. Chairman Powell. . . .

COORDINATOR POWELL: I would just say one thing. . . the most telling evidence that business is alive and well is sales tax revenues. Sales tax revenues are exploding in the Gulf Coast area. That means there's lots of liquidity in the hands of consumers and businesses there to support that. So, sales tax revenue is something we can all point to as being very productive.

Q: Thank you.

SECRETARY GUTIERREZ, COORDINATOR POWELL: Thank you.


Gulf Coast Briefing Transcript