The Governor said the state is taking aggressive steps to build on its strengths and, at the same time, making sure that businesses have the assistance they need to export products around the world. Pennsylvania is the world's 17th largest economy and exports now total $18 billion annually.
'We are focused on growing our economy, improving our competitiveness and increasing our share of trade in foreign markets,' Governor Rendell said.
The Governor added that his proposed 2006-07 budget contains a combination of business tax cuts, as well as $15 million in additional support to advance his job-creation and economic-growth strategies by helping businesses expand their markets globally.
The proposed budget also recognizes the vital role transportation infrastructure plays in economic development by including $130 million of new investment for roads and bridges and builds upon the Governor's Economic Stimulus package that is spearheading Pennsylvania's economic revival. Total highway spending in the Governor's proposed budget, including safety, maintenance and construction, is nearly $5.2 billion.
'I am committed to breathing new life into our communities and helping our businesses grow,' Governor Rendell said. Our investments and aggressive initiatives have already helped Pennsylvania climb in national ranking for short-term job growth from 46th in 2003 to 15th in 2004.
'At the same time, there are more jobs now in Pennsylvania than at any time in our history. But there is more that we must do to ensure the economic future of our young people, businesses and communities.
'We are working proactively to make sure Pennsylvania and Pennsylvanians can compete in global markets. These targeted investments are critical to Pennsylvania's ability to support business growth and to help create new opportunities for our working men and women. In the face of more than $1 billion in federal cuts and fierce national and global competition, we must provide the tools and resources that will foster a business-friendly environment and make our communities attractive to new and expanding companies,' the Governor added.
The Governor said his proposed 2006-07 budget will include additional business tax cuts of more than $221 million, meaning that, if the Legislature approves his proposal, the Governor will have eliminated nearly $1 billion worth of business taxes since taking office three years ago.
Governor Rendell is steadfast in his commitment to invest in business growth, job creation, and increasing our state's global competitiveness. The 2006-07 budget includes $15 million in new funding to accelerate and expand the commonwealth's current trade and investment activities.
In order to continue to advance the commonwealth's competitiveness abroad, the Governor proposed the World Trade PA initiative designed to:
- Increase Pennsylvania's share of trade in foreign markets;
- Attract new foreign direct investment to secure jobs and capital; and
- Leverage Pennsylvania's extensive network of overseas university graduates to promote new business opportunities for the state.
'In today's increasingly competitive international economy, Pennsylvania companies compete against firms around the globe, and the state faces tough competition from other states and nations to attract job-producing, cross- border investment projects,' the Governor said. 'This initiative will help companies of all sizes to thrive in today's global market and become a driving and competitive force in international trade and investment.'
World Trade PA will make key investments that are designed to help Pennsylvania companies expand their export potential. These investments include:
- Developing a Virtual World Trade PA Operations
