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Gov. Perry Encourages Investment in Texas Tourism and Business at Economic Development and Tourism Summit

Press Release

Location: Austin, TX

Gov. Perry Encourages Investment in Texas Tourism and Business at Economic Development and Tourism Summit

Gov. Rick Perry today addressed the Texas Economic Development and Tourism Summit where he praised Texas' economic success and encouraged business and government leaders to continue in their pursuit of global competitiveness.

The summit, sponsored by the Governor's Texas One Program, provides an opportunity for state and local officials, business and civic leaders, chamber officials and economic development professionals to learn about tools and resources available to help their businesses achieve and maintain competitiveness on an international level.

"Our rich heritage draws tourists from across the world while our economic development incentives and fair regulatory environment encourage businesses to relocate and expand in Texas,"Gov. Perry said. "When business is good, the positive effect radiates outward across our communities and benefits all Texans."Perry encouraged summit attendees to take advantage of two key businesses development tools the state provides to maintain a competitive edge in a global marketplace: the Texas Enterprise Fund (TEF) and the Texas Emerging Technology Fund (TETF).

The legislature, at Gov. Perry's request, created the TEF in 2003 and re-appropriated funding in 2005 and 2007 to help ensure the growth of Texas businesses and create more jobs in the state. The fund has since become one of the state's most competitive tools to recruit and bolster business. To date, the TEF has closed the deal on projects that will generate more than 49,000 new jobs and $15.5 billion in capital investment in the state.

In 2005, also at the request of the governor, the legislature created the TETF, a $200 million initiative that provides funding for the development and commercialization of new technologies, and recruiting the best research talent in the world. Matching and commercialization funds coupled with additional federal and outside investments mean new technology is emerging in Texas.

"As we look forward to the new year, 2008 will offer us countless opportunities to tell the story of our state, encourage business growth and welcome visitors from around the world,"said Gov. Perry.

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