Press Release

Commerce Secretary Gutierrez, Federal Coordinator Powell to Host Briefing For Businesses on Gulf Coast Investment Opportunities

WASHINGTON—U.S. Commerce Secretary Carlos M. Gutierrez and Federal Coordinator for Gulf Coast Rebuilding Donald Powell will host a briefing for business on investment opportunities in the Gulf Coast at the Department of Commerce on Tuesday, June 27, 2006. The Departments of Commerce and Treasury, the Federal Office of Gulf Coast Reconstruction, and state officials from the Gulf Coast will inform business leaders of the opportunities and incentives for investment in the Gulf Coast region, including federal GO Zone legislation and New Markets Tax Credits. They will also discuss the economic and business landscape in the Gulf States, including the significant federal and state incentives for investment in the region following Hurricanes Katrina and Rita.

"The Gulf Coast can be a very attractive market for investors," said Gutierrez. "Commercial investment in the region will give the local economies a much needed boost that will help create jobs and give local workers new opportunities and hope. Businesses will be key in rebuilding the Gulf Region's economy."

"Rebuilding an entire region of the United States won't happen without the private sector. Government can't do it all, and the private sector will play a critical role in the rebuilding effort," Chairman Powell said. "Already we're seeing them step up to help as a result of last month's successful trade mission. But the region needs more private investment to continue making progress and we want the entire country to know that the Gulf Coast is open for business."

Background
In May, Gutierrez and Powell led the Gulf Coast Business Investment Mission to Louisiana and Mississippi. The business participants consisted of a diverse mix of industry sectors and sizes ranging from major Fortune 500 companies to small and medium-sized enterprises.

The mission was part of the Bush Administration's broad efforts to rebuild the Gulf Coast by attracting business investment and urging companies to consider the commercial opportunities in the region. During the mission, the delegation met with local, state and federal officials involved in Gulf Coast reconstruction to discuss opportunities for investment in the region. Participants learned about the incentives available through President Bush's Gulf Opportunity Zone Act of 2005. The act created a Gulf Opportunity Zone with tax relief for businesses and entrepreneurs in Louisiana, Mississippi and Alabama.

Businesses interested in attending the briefing on Tuesday, June 27, should contact the Department of Commerce, Office of Business Liaison at 202-482-1360. For more information and instructions on how to register, please see http://gulfcoastopportunity.gov/.