REMARKS AS PREPARED FOR DELIVERY SANDY K. BARUAH ASSISTANT SECRETARY OF COMMERCE FOR ECONOMIC DEVELOPMENT - EDA INVESTMENT CHECK PRESENTATION - MILL CREEK INDUSTRIAL PARK - SALEM, OREGON

THURSDAY, AUGUST 14, 2008

AS PREPARED FOR DELIVERY

Introduced by Janet Taylor, Mayor of Salem, Oregon

Thank you. There is perhaps no greater pleasure then to come back to your home town representing the President of the United States, and it’s my great pleasure to be doing exactly that this morning.

Mayor Taylor, thank you for that kind introduction. We’ve met in my office in Washington and your office in Salem – and I’ve been very impressed with your efforts to focus on Salem’s future – all while maintaining its wonderful livability. The City is in great hands and I thank you for your leadership.

I am honored to be with U.S. Senator Gordon Smith today. Gordon Smith is one of those rare individuals in the Congress that has found a way to stay true to his principals and get things done in a bi-partisan manner. I could not be more proud that Gordon Smith is my U.S. Senator and I thank you for your service to -- and leadership for -- the nation.

I would like to thank Nancy Hamilton of the Governor’s office for being here and for the Governor’s support of this project.

Also joining us today is David Porter, EDA’s Economic Development Representative for Oregon. David was instrumental in making the project we are celebrating today a reality. David, thank you for hard work.

Of course, an event in my hometown would not be complete without my mother – and I’m pleased to introduce my mother, Ranee Baruah. I got in a little trouble earlier because my mom found out about this event from Mayor Taylor – not from me. This is one of the problems you have when your mom knows the Mayor.

Well, today is a great day for Salem and I so glad that Senator Smith and I are able to be together to share some good news and help you celebrate an important economic development milestone for Salem’s future.

Economic development is a process that works best when it is locally-driven – local people coming together for the common good to take control of their economic destiny. That’s what we’re celebrating this morning.

As we celebrate your efforts to strengthen the mid-Willamette Valley’s economy, it is important to understand what’s happening at the national level. After all, it is difficult for a region to grow without a strong national economy, and our national economy can’t be strong without growing regional economies. It’s a symbiotic relationship.

We meet at a time when many Americans are facing challenges. They are concerned about the economy. While gas prices seem to be dropping, they are still high by U.S. standards, and this is slowing our economic growth. After six years of record economic growth, our economy is indeed growing at a slower pace than the President, me, and you, would like.

Despite our economic headwinds, our economy continues to grow – something that might not be readily apparent by listening to the talking heads on cable television. Our GDP is still in positive territory -- growth in the second quarter of this year was twice the rate of the first quarter, which followed 2.2% growth in 2007. While this is not set your hair on fire growth rates; it is positive growth and demonstrates that the fundamentals of our economy are sound.

A key reason for our economic resiliency is our success in exporting to the worldwide marketplace.

At a time when our economic growth has slowed, U.S. exports are booming. In 2007, America’s exports were up 13% from 2006 – and 2006 itself was a record-setting year.

Exports account for 12% of our GDP – compared with only 5% forty years ago. This is great news, especially since businesses that export pay more than average wages and are more successful than non-exporting companies.

Here in Oregon, we are leaders in international trade. Exports in 2007 totaled over $16 billion, a 60% increase from 2003 – 60% increase just since 2003! Oregon companies are selling goods and services in 200 countries across the globe.

It is clear that our economy grows as exports grow – the more successful we are at exporting, the more successful our economy will be.

Think of this: 95% of our potential customers as American businesses and workers live outside the United States.

One of the jobs that economic development and government officials have as we work to retain and expand businesses is to educate companies on how to tap into the worldwide marketplace, to access these 95% of our potential customers who don’t call America home.

Today we are celebrating a milestone in the development of Mill Creek Industrial Park – and what this Park will do, by attracting major companies like FedEx, and other smaller, more entrepreneurial companies, is generate about 500 higher-skill, higher-wage jobs and leverage about $49 million in private sector investment. This will help form the base of Salem’s economic future and put Salem companies in a position to be competitive in the global world-wide marketplace.

This morning, I have the distinct pleasure to announce that the Department of Commerce Economic Development Administration will invest $1.9 million in the Salem to help develop the Mill Creek Industrial Park.

On behalf of President Bush, and along with Senator Gordon Smith, I am pleased to present this $1.9 million EDA investment check to Mayor Taylor and Nancy Hamilton of the Office of the Governor to support Salem’s Mill Creek Industrial Park.

On behalf of President George Bush, it is my pleasure to present you with this check for $1.9 million. Congratulations….

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