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January 7, 2003
PR- 007-03


Mayor Michael R. Bloomberg today hosted a summit on economic development for almost one hundred of New York City's business, government, culture, academia, and labor leaders. The summit, the first of its kind in the Bloomberg administration, was co-sponsored by the New York City Partnership and the New York City Economic Development Corporation (EDC). Mayor Bloomberg kicked off the summit with an overview of the City's current fiscal condition and the economic challenges facing the public and private sectors. Mayor Bloomberg also discussed New York's greatest competitive advantages and the need for a public/private coalition to invest in and promote a long-term economic growth strategy. City Council Speaker Gifford Miller, Chairman of the Executive Committee of Citigroup Inc. and former U.S. Treasury Secretary Robert E. Rubin, and New York City Partnership President and CEO Kathryn S. Wylde also attended the event at The Rockefeller University in Manhattan.

"In the wake of the tragedy of September 11th and in the midst of the weak economic climate, the need for strong public-private cooperation is greater than ever," said Mayor Bloomberg. "We need to harness the endless amount of talent and resources of this great City to overcome the challenges facing us. The solutions involve growing and diversifying the economy, and this summit will serve as a platform for the formation of public-private task forces that will address issues critical to the revival of our economy."

"We must find creative ways to build on and improve the City's unique competitive advantages to attract companies and spur private investment," said Deputy Mayor for Economic Development and Rebuilding Daniel L. Doctoroff. "We also need to develop areas outside the traditional central business districts of Midtown and Lower Manhattan so that companies that need to diversify or need lower cost alternatives can be accommodated within the five boroughs."

The Mayor participated in three roundtable discussions on key economic topics, moderated by Citigroup Chairman Robert E. Rubin. The first roundtable centered on identifying ways the public and private sector can strengthen New York City's fundamental competitive advantages and strategies to retain and attract private sector investment and jobs. William B. Harrison, Chairman and CEO of J.P. Morgan Chase, and Anne S. Moore, Chairman and CEO of Time Inc., led the discussion, which focused on risk management and security issues in the wake of 9/11, the need for viable commercial office development alternatives in the boroughs outside of Manhattan, and increasing the City's first-class talent pool.

"The right long-term solution to the City's fiscal problems is economic growth," Mr. Rubin said. "It is critical that the City have a solid economic development and marketing strategy, and that economic policy affecting the City furthers job creation and a healthy economy."

The second discussion focused on marketing New York City domestically and abroad to encourage investment, job attraction and expanded tourism. Rochelle Lazarus, Chairman and CEO of Ogilvy & Mather Worldwide, and Harold Varmus, President and CEO of Memorial Sloan-Kettering Cancer Center, led this debate by describing opportunities to collaborate in branding and presenting the City's attributes to non-resident companies to stimulate economic growth and diversification.

"We are requesting the help of our business leaders to hone our marketing strategy for the City," said EDC President Andrew M. Alper. "To remain the business capital of the world, we must reach out to the international community and convince global companies that New York's value proposition makes us the world's premier place to do business."

The third roundtable focused on strategies by which the public and private sectors can pursue a common agenda in Washington, D.C., including achieving a more favorable balance of payments with the federal government. Sy Sternberg, Chairman and CEO of New York Life Insurance Company, discussed their private and public sector experience with the White House and Capitol Hill. Top priorities included federal support for the city in the areas of health, transportation, security and taxation.

"The realities of the 21st century and post-9/11 economy create new challenges for the city that require an unprecedented public-private partnership to create and retain jobs, diversify our economic base and make better use of assets in education, culture and tourism," said Ms. Wylde.

"This leadership summit was constructed to help develop a network from the business, labor and the nonprofit sectors which will work with the Mayor to tackle the challenges facing our City's economy," said Jerry I. Speyer, President and CEO of Tishman Speyer Properties and incoming co-chairman of the New York City Partnership.

Contact: Ed Skyler/ Jennifer Falk 
(212) 788-2958
  Michael Sherman   ( EDC )
(212) 312-3804
  Brad Hoylman (NYCP) 
(212) 493-7484