REMARKS AS PREPARED FOR DELIVERY - SANDY K. BARUAH, ASSISTANT SECRETARY OF COMMERCE FOR ECONOMIC DEVELOPMENT - CHECK PRESENTATION TO THE CITY OF MINOT, NORTH DAKOTA AND THE MINOT AREA DEVELOPMENT CORPORATION

TUESDAY, MAY 9, 2006

AS PREPARED FOR DELIVERY

Thank you, Governor, for that kind introduction.

On behalf of President Bush and Commerce Secretary Carlos Gutierrez, it is a privilege to be here today, and I would like to thank Governor Hoeven (HO – vuhn) for the invitation.

I want to thank Governor Hoeven for his hospitality and the invitation. Governor Hoeven is one of America’s best Governors. Governor Hoeven is working hard to bring higher-skill, higher-wage jobs to North Dakota and this commitment is evident by the up tic in population here in North Dakota since the Governor took office.

Let me also thank Mayor Curt Zimbelman and Jerry Chavez, President, Minot Area Corporation, for their hospitality and the other community leaders here today to celebrate this milestone.

Economic development works best when it is a locally-driven process – local people coming together for the common good to take control of their economic destiny.

I’d also like to acknowledge Shane Goettle and his team at the North Dakota Department of Commerce. Shane was part of the Bush Administration, and was granted early release. It’s good to be here in Shane’s hometown.

One of the things that the Federal Government can do to help you in your efforts is to help build a strong national economy to provide the context in which you work to tackle your local economic development challenges.

In this regard, there is good news at the national level. Our economy is strong, and it is gaining steam.

• 138,000 jobs created in April;

• 2 million new jobs in the last year and over 5 million since August 2003;

• Unemployment remains low at 4.7%, a level that many economists consider full employment.

• Homeownership is at record highs.

• And, thanks to President Bush’s tax cuts, we have returned $880 billion to the citizens and small businesses across the nation for investment, savings and additional purchasing power.

And we’ve had…

• 18 straight quarters of solid economic growth, with 1st Quarter growth in 2006 of almost 5%.

But even with a strong national economy, not all areas of America are fully participating in the American Dream, and, as a nation, we face challenges like high gas prices.

Helping rural economies is a priority for President Bush and the Department of Commerce. And what I have learned is that areas like Minot that have seen their fair share of economic challenges need several things in order to make their economic development plans a reality:

• A strong strategic plan;

• An understanding that all priorities can’t be accomplished at once, and need to be prioritized;

• Close collaboration and commitment from the private sector; and

• A willingness to make strategic investment decisions and tough choices.

Of course a little help from the Federal Government can’t hurt. And today, I have the distinct pleasure to formally announce that the Department of Commerce’s Economic Development Administration will invest $1.5 million in the city of Minot and the Minot Area Development Corporation to support the development of a new regional, value-added agricultural park and intermodal complex.

Commerce Secretary Gutierrez and I share high hopes for this project and its economic impact on the city of Minot, Ward County, and the Souris (Sor is) Basin Region. We look forward to the anticipated 55 higher-skill, higher-wage jobs that this project will help retain or create, and the $62 million of private capital investment that will flow to the regional economy as a result of this investment.

This investment is part of the Bush Administration’s ongoing commitment to work with North Dakota to help grow the state’s economy. Over the past 5 years, EDA has invested over $17 million in North Dakota’s economic future, helping to create and retain over 3,700 jobs and generate over $127 million in private capital investment.

Let me again thank Governor Hoeven. In the 5 years I’ve served President Bush, I think this is the first time I’ve had the pleasure to spend time with Governor. I know his commitment to economic development and to this project in particular. In fact, the Governor was in my office just a few weeks ago to check on its status and stress upon EDA the importance of this project.

It is now my pleasure to join Governor Hoeven in presenting this check for $1.5 million for EDA’s investment in the construction of this important new project.

# # # #