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Senate committee releases report on Massachusetts’s position in the global economy
Report finds Commonwealth is falling behind other states in various economic sectors October 24, 2007... Sen. Richard T. Moore, D-Uxbridge, and members of the Senate Committee on Post Audit and Oversight released a report that finds Massachusetts is losing ground in the race to be competitive in the global economy. As a key leader on the Senate Committee on Post Audit and Oversight, Sen. Moore expressed the importance for the Commonwealth to adapt to the changing global economy. “In order for Massachusetts to compete in the international market, we must support a well-defined strategic plan to make Massachusetts businesses and universities attractive to investors and students around the world,” said Moore. The report titled, Getting in the Game: Increasing Massachusetts’s Presence in a Globalized World, cited that from 1999 to 2006 Massachusetts dropped in rank from ninth to 11th in terms of the total dollar value of its exports. According to the report, the Commonwealth also has lost its competitive edge in the realm of higher education, indicating an estimated $63 million loss in tuition, fees, and living expenses from foreign students and their families. In the report the Committee recommends that the Patrick/Murray Administration create a Global Competitiveness Advisory Board composed of business leaders, representatives of academic institutions and policymakers who would develop a plan for increasing the Commonwealth’s competitiveness. The Board would be comprised of subcommittees for export promotion, manufacturing, and higher education. Secretary of Housing and Economic Development, Daniel O’Connell who attended the press conference with Sen. Marc R. Pacheco, D-Taunton, Chairman of the Senate Committee on Post Audit and Oversight, endorsed the report and said he would work with members of the Committee to establish the Global Competitiveness Advisory Board and its subcommittees. Secretary O’Connell also said the report was “in complete alignment with the priorities of the Patrick/Murray administration.” “I will be working with Sen. Pacheco and other members of the Committee to set up that Board and the subcommittees it calls for,” said Secretary O’Connell. “I commend the work of Sen. Pacheco and the Committee on this report. A strong global presence is key to the economic strength of the Commonwealth and I look forward to working with the Senator to ensure that this state has a strong competitive edge.” Other recommendations in the report include increasing the number of governor-led trade missions and increasing the number of reverse trade missions, in which foreign businesses and political leaders are invited to Massachusetts to meet with the Commonwealth’s business and political leaders; in essence, matching up buyers and sellers, in particular, focusing on higher education, the financial services sector, exports, the “green” economy and life sciences. “Enhancing the Commonwealth’s competitiveness cannot be done without aggressively assisting our private sector where real jobs are created here at home,” said Sen. Pacheco. “Our public sector has a role to play in this, however, by creating and implementing a strategy that can provide the best opportunities for the private sector to compete and win in this 21st century economy. The Commonwealth can no longer afford to stand on the sidelines. It is time to get back in the game.” For more information on Senator Moore’s legislation and his work in the Senate, log onto www.senatormoore.com. |
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