COMMERCE'S EVANS:
MINORITY ENTERPRISE IS KEY TO ECONOMIC SECURITY
Expresses Optimism on Economic Outlook

U.S. Secretary of Commerce Don Evans today asserted that the success and vitality of minority-owned businesses are key to the United States' economic security, and that the economic fundamentals are in place for future growth.

In remarks to the Minority Enterprise Development (MED) Week conference here, Evans expressed his confidence in the fundamentals of the economy and discussed the steps the administration has taken to create the proper economic conditions to help minority businesses prosper.

"According to the latest data, minorities owned over three million firms. That's almost 15 percent of all U.S. businesses," said Evans. "Minority-owned companies had more than $591 billion in revenues. They produced about $96 billion in annual payroll. And they created over four-and-a-half-million jobs."

At the conference, the Commerce Department announced that applications to operate Minority Business Opportunity Committees (MBOC's) have been posted at www.mbda.gov. These Committees help facilitate millions of dollars in contracts for minority entrepreneurs. The department currently has five MBOC's and expects to have seven or ten nationwide by January 2003.

This year's MED Week Conference is focused on Strategies for Growth in the American Economy, Part II: The Entrepreneurial Economy." A Business Expo brings together minority businesses from throughout the country to market their services to government procurement officials and other potential customers. The conference also spotlights opportunities for minority entrepreneurs to discuss strategies for economic growth with key government officials and leading venture capital experts.

"The fundamentals of our economy are strong," added Evans. "We have virtually all the fundamentals that any economist or entrepreneur would hope for. We have low inflation, low interest rates, rising incomes, increasing productivity, a highly innovative culture and a ready labor force."