Wise touts progress of state: Governor kicking off Business Summit; talks of economic growth

DAILY MAIL BUSINESS EDITOR

Gov. Bob Wise was expected to kick off the 2004 Business Summit atThe Greenbrier resort today by promoting the state's progress overthe last four years.

"We have many assets; it is now time to promote them," Wise saidin prepared remarks. "In today's competitive environment, if we don'tpromote the positives, no one else will. To do this, we all must makea concerted effort to tell others what we've done - and where we aregoing."

"The positive image we will promote is one of a state that getsthings done, leads the way, makes positive changes and constantlyseeks ways to improve. In West Virginia, we live well, work hard andraise strong families. Together, we will tell the world how wonderfulit is."

He was expected to point out that tourist visits are up and WestVirginia is the sixth fastest-growing state in vacation homeownership.

"West Virginians have a quality of life that is second to none,and more people are discovering it," Wise was expected to say.

The governor was planning to mention that the state's per capitaincome and Gross State Product are increasing; state exports exceeded$2.3 billion in 2003; and Business Facilities Magazine ranked WestVirginia as the best location among five Mid-Atlantic states in termsof the overall cost of doing business.

"West Virginia also is leading the way for others," Wise said inprepared remarks, pointing out that Toyota's plant at Buffalo, PutnamCounty, ranked first in the nation in productivity among plants thatmake six-cylinder engines for the third year in a row.

He was expected to highlight expansion plans previously announcedby Toyota, Diamond Electric and American Woodmark and to say, "whilewe're focusing on new businesses, we certainly aren't forgetting ouroldest industries."

"As part of Pechiney's proposed merger with Alcan, the PechineyRolled Products plant in Ravenswood was to be sold. After myintervention, the U.S. Department of Justice ruled that thedivestiture, which would have affected 1,000 workers, may not berequired."

Also, "Wheeling-Pittsburgh Steel Corp. was ready to close itsdoors," Wise said. "Hundreds, if not thousands of men and women andtheir families, faced an end to life as they knew it. Thanks to anunprecedented loan from the state of West Virginia, the companyturned tragedy into success because we took a risk that no othergovernor would have considered doing. The company emerged frombankruptcy and broke ground this fiscal year on a new electric arcfurnace."

Wise also was expected to highlight the state assistance given toBombardier Aerospace in Harrison County and Homer Laughlin China Co.in Hancock County.

"The likelihood of these companies surviving in the fashion theyare now without intervention from the state was zero," he said.

The state has new tools to help business, including tax incrementfinancing approved by voters in 2002; revised tax incentives; and aventure capital fund, Wise said.

The governor said the state Economic Development Grant Committee,which is funding 48 projects with $225 million, is "the largesteconomic stimulus package the state has ever seen."

He said West Virginia "is becoming the Silicon Valley of thenation in the biometrics industry."

Meanwhile, the workers' compensation system, which was "lurchingfrom crisis to crisis" four years ago and "expected to be flat brokeby July 1, 2006," now expects to have $757 million in the bank in twoyears, he said.

"While we still must find a way to address a $3.3 billion long-term liability, this improved cash flow position gives us reason foroptimism," the governor said.

In addition, Wise was expected to note that four years ago thestate had no coal truck safety legislation, and now it does.

He said that four years ago, mining permits were slow to beissued.

"We have sped up the permitting process without detracting fromour environmental protection efforts or hurting the economy bykeeping coal at a stalemate," he said.

Wise also was expected to highlight his education initiatives,including the Promise Scholarship program.

"This is the best investment we can make for the future of ourstate - keeping students in the Mountain State where they willhopefully stay to start their careers. The best problem we can haveis that so many of our hardworking students want to stay in WestVirginia."

Wise was scheduled to speak today during the West Virginia Chamberof Commerce's 68th annual business meeting, which kicks off thebusiness summit. The summit is expected to draw about 600 business,government and education leaders. It continues through Friday.

Contact writer George Hohmann at business@dailymail.com or 348-4836.