Initiative To Open San Diego To Global Investment Unveiled

TODAY SAN DIEGO, TOMORROW THE WORLD'S. A GROUP OF CIVIC LEADERS GATHERED IN LA JOLLA YESTERDAY TO DISCUSS A NEW INITIATIVE TO ATTRACTED GLOBAL INVESTMENT TO SAN DIEGO. IS A MULTIFACETED APPROACH INVOLVING MARKETING, INFRASTRUCTURE AND FINANCIAL STRATEGIES. THE GOAL OF THE GO GLOBAL SAN DIEGO INITIATIVE IS FUELED BY SOME FACTS COMPILED BY THE BROOKINGS INSTITUTION THINK TANK. SAN DIEGO HAS THE 17th LARGEST ECONOMY IN THE US BUT RANKS ONLY 61st IN EXPORT INTENSITY. JOINING ME TO TALK MORE ABOUT THE GO GLOBAL INITIATIVE IS BRUCE KATZ, VICE PRESIDENT OF THE BROOKINGS INSTITUTION AND FOUNDING DIRECTOR OF THE BROOKINGS METROPOLITAN POLICY PROGRAM. RUTH THANKS FOR COMING IN. -- RUTH THANKS FOR COMING IN. ALSO HERE IS SEAN MARKEY IS THE VICE PRESIDENT THE SAN DIEGO REGIONAL ECONOMIC DEVELOPED CORPORATION. BRUCE THE SAN DIEGO INITIATIVE IS PART OF A GLOBAL CITY INITIATIVE BY BROOKINGS AND J.P. MORGAN CHASE. WHY THIS FOCUS ON BOOSTING INTERNATIONAL TRADE IN THE US CITIES? 50 YEARS AGO JANE JACOBS WROTE THE FOUNDATION OF CITIES IS TRAINED AND THAT IS TRUE EVEN MORE TODAY THAN IT WAS 50 YEARS AGO BECAUSE THE BULK OF THE GROWTH IN THE WORLD IS HAPPENING OUTSIDE THE UNITED STATES BORDERS. PARTICULARLY THE GROWTH OF LARGE MIDDLE-CLASS POPULATIONS IN COUNTRIES LIKE CHINA AND INDIA AND BRAZIL. AMERICAN COMPANIES NEED TO MAKE THE QUALITY PRODUCTS AND PROVIDE THE QUALITY SERVICES THAT THESE GROWING POPULATIONS NEED. SAN DIEGO HAS A GREAT BASE SOUTH OF WHICH TO EXPORT QUALITY PRODUCTS AND SERVICES AND THEN ATTRACT FOREIGN DIRECT INVESTMENT AND IF YOU DO THAT, YOU WILL GROW MORE JOBS, YOU WILL GROW BETTER JOBS THAT PAY BETTER WAGES AND BRING MORE PEOPLE IN YOUR REGION ALONG FOR THE RIDE. USUALLY WHEN WE HEAR ABOUT GLOBAL INITIATIVE CITY IS A GOVERNMENT THAT IS TRYING TO INCREASE TRADE OR IT IS A MULTINATIONAL CORPORATION THAT IS TRYING TO INCREASE ITS REACH THROUGHOUT THE GLOBE. WHY CITIES? CITIES AND METROPOLITAN AREAS OF THE ENGINES OF THE US ECONOMY. YOU MENTIONED SAN DIEGO BEING THE 17th LARGEST METRO ECONOMY IN THE UNITED STATES THE TOP 100 METROPOLITAN AREAS ALONE WE HAVE ABOUT 400 OF THEM IN THE US, IT ONLY WHEN IT DEVOUR LANDMASS OR TWO THIRDS OF OUR POPULATION AND THREE QUARTERS OF OUR GDP AND DOMINANT -- HAVE VERY DISTINCTIVE ECONOMIES. SAN DIEGO DOESN'T LOOK LIKE SACRAMENTO WHICH DOESN'T LOOK LIKE SYRACUSE SUPPORTED THE TRICK HERE IS FOR INDIVIDUAL CITIES AND METROPOLITAN AREAS TO UNDERSTAND WHO THEY ARE IN THE GLOBAL ECONOMY IN THE TO LEVERAGE THOSE DISTINCT ADVANTAGES AND ASSETS. WHO IS SAN DIEGO IN THE GLOBAL ECONOMY? YOU ARE REALLY A HOTBED OF ADVANCED INDUSTRIES BECAUSE WE WERE OUT ON THE TWO ARE MASON SOME INCREDIBLE GLOBAL RESEARCH INSTITUTIONS AND COMPANIES YESTERDAY. YOU HAVE A GOOD PORTION OF YOUR ECONOMY THAT IS FUELED BY RESEARCH AND DEVELOPMENT AND BY STEM WORKERS, SCIENCE, TECHNOLOGY, ENGINEERING AND MATH SKILLS. WHEN YOU HAVE THAT YOU HAVE THE ABILITY TO MAKE THOSE QUALITY PRODUCTS AND PROVIDE THOSE QUALITY SERVICES WHETHER IT IS IN LIFE SCIENCES, LOOK AT DEVICES, TELECOMMUNICATIONS, SHIPS AND BOATS THAT YOU CAN PROJECT TO THE WORLD. YOU HAVE GOT A GREAT BASE HERE. IN SOME RESPECTS I THINK MANY PEOPLE IN THE UNITED STATES AND AROUND THE WORLD DO NOT REALLY KNOW WHAT SAN DIEGO IS THE QUIZ THEY THINK OF YOU MAY BE GOING BACK A GENERATION TO SAILOR SHAMU AND SON. YOU ARE A VERY DIFFERENT PLACE IN YOUR ALSO PART OF THIS AS I AM SURE SEAN WILL TALK ABOUT THIS BINATIONAL REGION THAT HAS THE ABILITY TO BOTH GROW INTEGRATED COMPANIES ACROSS THE US AND MEXICO BORDER AND ATTRACT CAPITAL TO DO THE SAME. BEFORE WE GO TO THAT, ONE MORE POSITION IN QUESTION BRUCE AND WHAT ARE THE CHALLENGES AT UC SAN DIEGO FACES IN TRYING TO MAKE THAT LEAP TO GO GLOBAL? THE FIRST CHALLENGE I THINK IS ALMOST PARAMEDIC TO THINK OF YOURSELF AS A TRADING CITY, AS A COMPETITIVE MIDDLEWEIGHT CITY IN THE NETWORK OF GLOBAL CITIES AND TO THINK ABOUT NOT JUST INTERNAL GROWTH OR CONSUMPTION GROWTH WEATHERS IN THE DOWNTOWN OR OTHER PARTS OF YOUR CITY BUT QUOTE THAT REALLY ENGAGES THE REST OF THE WORLD. MANY AMERICAN CITIES AND METROPOLITAN AREAS ARE VERY PAROCHIAL IN THEIR THOUGHT PROCESS AROUND ECONOMIC DEVELOPMENT. THEY'RE NOT REALLY THINKING ABOUT TRADE. TRAIT IS SOMETHING, ISN'T THAT SOMETHING THE NATIONAL GOVERNMENT DOES WITH A TRADE DEAL OR SOMETHING THE GOVERNOR DOES? SUMS THESE ARE THE ENGINE OF THE ECONOMY AND SOME CITIES AND MATURE AREAS NEED TO DO. WHEN SHE GET THE ISLAND THAT KIND OF PARAMEDIC LEVEL YOU ARE REALLY TALKING ABOUT THE NUTS AND BOLTS, THE BLOCK AND TACKLE OF HOW YOU CONNECT SMALL AND MEDIUM ENTERPRISES TO GLOBAL MARKETS AND HOW YOU UPGRADE THE SKILLS OF YOUR WORKERS SO THEY CAN COMPETE AT THE GLOBAL LEVEL. LET ME BRING SEAN BARR INTO THE POSITION IS A SET VICE PRESIDENT OF THE SAN DIEGO REGIONAL ECONOMIC DEVELOPED CORPORATION. RIGHT NOW WHERE ARE SAN DIEGO'S BIGGEST TRADE PARTNERS? WILL WE TALK ABOUT TRADE IN IT IS IMPORTANT TO DEFINE THIS AS ESSENTIALLY THE FLOW OUT OF PRODUCTS AND SERVICES OUT OF SAN DIEGO AS DEFINED AS EXPORTS AND THE FLOW END OF FOREIGN INVESTMENT. WE'RE TALKING ABOUT EXPERT ESSENTIALLY WHO ARE OUR BIGGEST CUSTOMERS, WHO ARE BUYING THOSE PRODUCTS AND SERVICES THAT AS BRUCE A TALKED ABOUT WE CREATE, INNOVATE AND CREATE THE HIGH PEAK -- IP HERE LOCALLY IN OUR COMMUNITY. THOSE THAT BY THE VAST MAJORITY OF PRODUCTS AND SERVICES FRANKLY OFTEN TIMES SURPRISE A LOT OF PEOPLE BECAUSE FIRST AND FOREMOST IT IS CANADA AND MEXICO, NUMBER ONE AND NUMBER TWO. WHAT WE ARE SEEING THERE IS ESSENTIALLY THE NAFTA AFFECT THEM BROOKINGS HAS DONE A LOT OF RESEARCH ON THE BACK THAT WE TRADE BACK AND FORTH ACROSS THE BORDER MULTIPLE TIMES BEFORE AN END PRODUCT IS CREATED AND THEN WE SHIPPED THAT TO THE REST OF THE WORLD TO CONSUME. ESSENTIALLY WE ARE COLLABORATING AS THE THREE UNITS TO COMPETE WITH THE REST OF THE WORLD. CANADA, MEXICO ONE AND TWO AND THEN WHEN WE LOOK FURTHER ABROAD WE SEE CHINA AND WE SEE JAPAN AND WE SEE THE UNITED KINGDOM ESSENTIALLY ROUNDING OUT THE TOP FIVE. WILL TALK ABOUT EXPERTS, AS WE STAND RIGHT NOW, WHAT ARE WE EXPORTING IN SAN DIEGO? WHAT ARE THE BIGGEST EXPORTS THAT WE HAVE? WE HAVE TAKEN A LOOK AT THIS AND WHAT WE SEE, WE REALLY DO LEAD THE COUNTRY IN TERMS OF THIS INNOVATION ECONOMY FOOTPRINT THAT BRUCE ALLUDED TO, SO TELECOMMUNICATIONS EQUIPMENT, BIOTECHNOLOGY, PHARMACEUTICAL, DRUG DEVELOPMENT, MIDI DEVICES, THAT IS TRULY WHAT DEFINES A SAN DIEGO IN TERMS OF THE PRODUCTS THAT WE SHIP ABROAD THAT MUCH OF OUR STORY IS ALSO ABOUT THE SERVICES ASPECT BERKOWITZ THINK ABOUT SUNSHINE INTO BEACHES THAT IS IN FACT AN EXPORT WHEN CONSUMED BY SOMEONE WHO IS VISITING SOMEONE, FROM A FOREIGN LOCATION FOR EXAMPLE. TOUR IS AN ABSOLUTELY MAJOR DRIVER OF OUR EXPORT BASE FOR THE MILITARY AND WHAT WAS PRODUCED HERE IN OUR COMMUNITY SOME OF THAT IS INHERENTLY NOT EXPORTABLE GOOD BUT WE SEE SUCH AN AMOUNT OF INNOVATION IN MILITARY AND DEFENSE COMMUNITY THAT IT IS REALLY THE NEXUS OF THE INNOVATION ECONOMY CREATING THOSE PRODUCTS AND WE SEE COMPANIES LIKE QUALCOMM AS AN EXAMPLE THAT AREN'T SHIPPING NECESSARILY PRODUCTS AROUND THE WORLD BUT THEY ARE SHIPPING IP. AS WE KNOW THE STORY OF QUALCOMM SAN DIEGO'S MOST GLOBAL COMPANY IN RESPECT IS QUALCOMM AND THEY DO DEFINE US IN SO MANY ASPECTS. AS WE HAVE SEEN IN THE NUMBERS OF THE BROOKINGS INSTITUTION, THE 17th LARGEST ECONOMY IN THE US AND YET WE ARE IN THE 60s WHEN IT COMES TO EXPORTS. WHY DO YOU THINK THERE IS THAT DISCONNECT SEAN? I THINK PART OF IT GOES BACK TO HISTORY THAT SAN DIEGO IS ESSENTIALLY HAS BEEN A MILITARY TOWN AND SOME OF THOSE PRODUCTS DEVELOPED BY THE DEFENSE ECONOMY ARE RESTRICTED UNDER -- COMPLIANCE ISSUES THOSE ARE THE EXPORT RESTRICTIONS THAT WOULD BE ONE ASPECT. I THINK TWO, WE LIVE ULTIMATELY IN ONE OF THE WORLD'S LARGEST ECONOMIES HERE IN CALIFORNIA. WHEN COMPANIES ARE THINKING ABOUT GROWING THEIR BUSINESSES THEY ARE THINKING CALIFORNIA FIRST. NOT NECESSARILY SAN DIEGO. THEIR THINKING SAN DIEGO BUT THEY ARE THINKING ABOUT THE BAY AREA, LOS ANGELES, THEY ARE THINKING OF THE DOMESTIC MARKET BECAUSE IT IS SUCH A BIG MARKET IN TERMS OF CONSUMPTION IN REDUCTION. WHEN WE THINK ABOUT THE WORLD, OFTEN TIMES WERE NOT THINKING OUTSIDE OUR BORDERS HERE IN SAN DIEGO. OF COURSE WE DO THINK ABOUT THE BINATIONAL ASPECT IN TIJUANA AND MEXICO BUT FOR US THAT IS ONE REACH AND PRICKED THAT IS NOT ANOTHER COUNTRY AND WE HAVE TALKED ABOUT THIS THE LAST COUPLE OF DAYS AND JUST YESTERDAY AT OUR SUMMIT THAT SAN DIEGO TRULY IS ONE BINATIONAL REGION. IT IS NOT TOO CITIES PRECLUDE ULTIMATELY I THINK AS A COMMUNITY HAVE LOOKED INWARD FOR A NUMBER OF YEARS FOR A VARIETY OF REASONS: FEDERAL GOVERNMENT HAS PLAYED A SIGNIFICANT ROLE HERE IN TERMS OF THE FUNDING WE SEE IN THE DEPARTMENT OF DEFENSE, NIH, NIS, THE MONEY THAT COMES INTO OUR RESEARCH INSTITUTIONS. THERE IS A FUNDAMENTALLY A WHAT YOU SEE SOME RELIANCE ON FEDERAL SPENDING HERE IN OUR COMMUNITY. IT IS CHANGING RAPIDLY. BRUCE I KNOW DURING THE SUMMIT YESTERDAY PART OF THIS INITIATIVE, PART OF THIS WHOLE GAMUT OF TALK ABOUT HOW TO INCREASE SAN DIEGO'S GLOBAL POSITION IS INFRASTRUCTURE. I AM THINKING ABOUT THE. FILLED WITH ITS ONE RUNWAY IN AND THINK IT OF THE PORT WHICH MANY PEOPLE FEEL IS UNDERUTILIZED. DID THAT COME UP? IT ABSOLUTELY DID COME UP AND THE OTHER PART OF THE INFRASTRUCTURE THAT CAME UP WAS THE DELAYS AT THE BORDER. AGAIN IT IS ONE INTEGRATED ECONOMY FROM ECONOMIC PERSPECTIVE THERE REALLY ISN'T A BORDER BUT OBVIOUSLY FOR A WHOLE BUNCH OF DIFFERENT REASONS, THERE ARE SIGNIFICANT DELAYS IN THAT AFFECTS BUSINESS PRODUCT TO THE T AND CLEARLY NEEDS TO BE DEALT WITH. WHEN WE THINK ABOUT THE EXPORT ECONOMY WE TEND TO THINK ABOUT THE THINGS THAT COMPANIES NEED TO COMPETE LOCALLY. THE NEW CONSTANT CONTINUOUS INNOVATION P PART OF THAT IS R&D, PART OF THE DISPLAY AND RESEARCH. THEY NEED SKILLED WORKERS AND THEY NEED IN INFRASTRUCTURE TO MOVE GOODS BUT ALSO IDEAS EFFECTIVELY AND EFFICIENTLY. REALLY ALL KINDS OF INFRASTRUCTURE ARE AFFECTED BY THE EXPORT ECONOMY OR NEEDED BY THE EXPORT ECONOMY INCLUDING FRANKLY BROADBAND, HIGH-SPEED INTERNET CONNECTIVITY. THERE ARE SOME ISSUES HERE BUT MY GUT SENSE IS YOU DO HAVE SOMETHING OF A SAN DIEGO MOMENT RIGHT NOW BECAUSE THE BASE OF YOUR ECONOMY IS QUITE STRONG AND WE SEE AN ENORMOUS AMOUNT OF INNOVATION HAPPENING HERE. NOT JUST WITHIN CLUSTERS WITHIN COMPANIES BUT ACROSS COMPANIES AND CLUSTERS. IT IS THE CONVERGENCE ECONOMY THAT FRANKLY IS HAPPENING IN THE UNITED STATES RIGHT NOW THAT MAKES US SO STRONG GLOBALLY. MAKE THE POINT IS SOME INFORMATION THAT I HAVE READ ABOUT THIS INITIATIVE THAT IN SAN DIEGO IT IS NOT SO MUCH BUSINESS AGAINST UNIVERSITIES OR UNIVERSITIES AGAINST GOVERNMENT IT SEEMS THERE IS A REALLY GOOD COLLABORATION BETWEEN THESE VERY POWERFUL INSTITUTIONS WITHIN THE CIVIC DOMAIN TO TRY TO MOVE THE ENTIRE PROCESS FORWARD. IS THAT RIGHT? METROPOLITAN ECONOMIES ARE REALLY ECOSYSTEMS OF UNIVERSITIES, PUBLIC SECTOR INTO STORES PUBLIC SECTOR INSTITUTIONS AND BUSINESS MEDIA AREAS. WHEN THAT ECOSYSTEM IS WORKING TO GATHER IN A SEAMLESS WAY PARTICULARLY IN FAIRLY SMALL SPATIAL GEOGRAPHIES, WHETHER HIS DOWNTOWN COME YOU REALLY BEGIN TO GET THE 2+2 = 5 EFFECT PRICKED THE NOTION THAT WE ARE WAITING FOR THE NEXT ENTREPRENEUR WILL TO INVENT SOMETHING IN THEIR GARAGES REALLY NOT HOW THE ECONOMY WORKS. IT REALLY IS BECAUSE OF THIS COLLABORATIVE ECOSYSTEM THAT GROWS UP AROUND CERTAIN CLASSES AND FRANKLY RUN CERTAIN COMPANIES. THAT IS WHAT YOU HAVE HERE AND YOU HAVE HAD IT FOR A PERIOD TIME AND NOW IT SEEMS FRANKLY TO BE ACCELERATING. SEAN IS YOU PERCEIVE THIS, WHAT DO YOU THINK SAN DIEGO NEEDS TO MAKE IT A MORE ATTRACTIVE PLACE FOR FOREIGN INVESTMENT AND FOREIGN TRADE? AS WE HAVE DEFINED IN THIS INITIATIVE THERE ARE REALLY THREE OBJECTIVES, FUNDAMENTALLY FIRST AND FOREMOST IT IS ABOUT JOBS. WE INCREASE JOBS TO EXPORTS AND FOREIGN DIRECT INVESTMENT. NUMBER TWO IS ABOUT DEFINING OUR GLOBAL IDENTITY WE FOR SOME TIME HAVE BEEN DEFINED BY WHAT OTHER PEOPLE THINK ABOUT THIS AND WE HAVE NOT TAKEN IT UPON OURSELVES ESSENTIALLY TO DEFINE WHAT WE WANT TO PROJECT TO THE WORLD AS OUR GLOBAL IDENTITY. THIRD IT IS ABOUT CONNECTING TO THOSE METROS THAT MATTER TO OUR ECONOMIC GROWTH. WITH YOU THAT IS TO TRADER FOREIGN DIRECT INVESTMENT, THROUGH THE INFRASTRUCTURE INVESTMENTS THAT NEED TO BE HIDING THE COMMUNITY OR THROUGH THE RELATIONSHIPS THAT METRO TO METRO REGION TO REGION WE NEED TO ESTABLISH WITH THOSE FIVE KEY CUSTOMERS, WITH THOSE FIVE OR FOREIGN INVESTORS THAT INVEST HERE IN SAN DIEGO WE NEED TO BUILD THE INFRASTRUCTURE AND THE NETWORKS BOTH INTRA-, METRO AS WELL AS INTRA-METRO THAT FRANKLY HAVEN'T BEEN THERE IN THE PAST FOR THE SMALL MEDIUM-SIZE ENTERPRISES THAT DRIVE THE VAST MAJORITY OF EXPORTS AND ATTRACT FRANKLY AND ARE THE ENGINE OF ATTRACTING A LOT OF THAT FOREIGN INVESTMENT. TO THINK EVEN WITH SAN DIEGO'S IDENTITY AS A TOURIST DESTINATION THAT WE HAVE MAXIMIZED OUR POTENTIAL AS A TOURIST DESTINATION AROUND THE GLOBE? WE HAVE A A LOT OF ROOM TO GROW. REALITY IS, OUR GLOBAL IDENTITY, WE'VE GOT A FAIRLY POSITIVE BRAND HERE, SUNSHINE, BEACHES, PEOPLE WANT TO MOVE TO SAN DIEGO. WHEN YOU SAY SAN DIEGO, THEY SAY 11 SAN DIEGO IS OFTEN TIMES THE RESPONSE. WE NEED TO SOMEHOW SHIFT THE CONVERSATION AROUND, THE INNOVATION ECONOMY. THE COMPETITIVE NATURE OF OUR BUSINESSES, THE INVESTMENT OPPORTUNITIES, THE INVESTMENT POTENTIAL THAT RESIDES HERE IN SAN DIEGO IS SOMETHING THAT WE SEE A BIT OF MISALIGNMENT FRANKLY AROUND THE WORLD. WE IN SAN DIEGO IDENTIFY OURSELVES WITH THE INNOVATION ECONOMY THE BIOTECHNOLOGY, THE TELECOMMUNICATION INDUSTRY, WE KNOW ABOUT COMPANIES LIKE QUALCOMM AND ALUMINA AND WE KNOW THE LEADERSHIP OF ORGANIZATIONS LIKE BIO CALM HERE IN OUR COMMUNITY. TO BE HONEST THE REST OF THE WORLD DOES NOT IDENTIFY SAN DIEGO IN MOST RESPECTS AS THAT ADVANCED INDUSTRY INNOVATION DRIVEN ECONOMY AND WE NEED TO CHANGE THAT AND WE ARE STARTING TODAY. WERE TO REMARKET ALL OF THIS GREAT STUFF? WHERE ARE THE HEIRS OF THE WORLD THAT ARE THE FASTEST GROWING THAT WOULD BECOME TRADE PARTNERS TO SAN DIEGO? A THINK AS SEAN SAID YOU START WITH YOUR CURRENT PARTNERS BECAUSE YOU'VE GOT A VERY STRONG BASE IN CANADA, MEXICO BUT OBVIOUSLY IN CHINA, JAPAN AND THE UNITED KINGDOM. IN A WAY, ONCE YOU BEGIN TO IDENTIFY YOURSELF TO THESE ADVANCED INDUSTRY COMPANIES AND ADVANCED INDUSTRY CLUSTERS, YOU THEN BEGIN TO GO OUT TO OTHER COUNTRIES AND FRANKLY OTHER CITIES BECAUSE CITIES ARE DRIVING OTHER COUNTRIES AND BEGAN TO MATCH THEM UP TO YOUR ECOSYSTEM. WE WERE MEETING WITH SOME ENTREPRENEURS EARLIER TALKING ABOUT THE ROBOTICS INDUSTRY. YOU HAVE AN AMAZING OPPORTUNITY TO BE A GLOBAL HUB OF ROBOTICS PARTLY BECAUSE YOU HAVE GOT THE INNOVATION HERE PARTICULARLY IN LIFE SCIENCES BUT PARTLY BECAUSE YOU ARE A BINATIONAL PLACE WHERE MEXICO AND TIJUANA COULD BE PART OF THE PROTOTYPING AND SOME OF THE MANUFACTURING. MY SENSE IS, ONCE YOU OPEN UP THE WORLD, YOU LITERALLY THINK ABOUT YOUR ABILITY TO CONNECT TO THE WORLD. YOU ARE GOING TO FIND A LOT OF PLACES THAT ARE GOING TO WANT TO BE HERE WITH EITHER REAL JOBS, FOREIGN-OWNED COMPANIES OR CAPITAL TO INVEST IN YOUR OWN COMPANIES. SEAN SAN DIEGO HAS AN ENDEMIC PROBLEM, YEARS STANDING, BEING A HIGH COST PLACE TO LIVE WITH LOTS OF LOW-WAGE JOBS. IT IS EASY TO SEE HOW MORE TRADE AND INVESTMENT WOULD MAKE CERTAIN SECTORS OF THE ECONOMY THRIVE BUT WHAT WILL THIS DO TO SOLVE OUR INGRAINED ECONOMIC BALANCE IN THE CITY? MAC AS BRUCE -- AS BRUCE HAS TALKED ABOUT INCREASING OUR EXPORTS AND INCREASING THE FLOW OF FOREIGN INVESTMENT INTO THE COMMUNITY WILL ULTIMATELY SUSTAIN AN ECONOMIC BASE HERE IN SAN DIEGO THAT ALL WILL BE ABLE TO PARTICIPATE IN. WHEN WE LOOK AT THOSE THAT EXPORT AND WE LOOK AT COMPANIES WHO ARE MAKING INVESTMENTS TO SAN DIEGO WE SEE 11% PREMIUM ON THE WAGES THAT EXPORTING COMPANIES PAY AND WE SEE A 20% PLUS PREMIUM ON THE WAGES PAID BY FOREIGN-OWNED ENTERPRISES HERE IN OUR COMMUNITY. THE VAST MAJORITY OF OUR EXPORTS AND FOREIGN INVESTMENT IS IN THE ADVANCED INDUSTRIES THAT WE TALKED ABOUT AND HAS PROOFS TALKED YESTERDAY, NEARLY -- BRUCE TALKED YESTERDAY NEARLY 50% OF THE JOBS IN THE ADVANCED INDUSTRIES, THOSE BIOTECHNOLOGY COMPANIES, TOTE MEDICATION FIRMS, THE 2% OF THOSE JOBS ONLY REQUIRE A TWO-YEAR DIPLOMA OR TWO YEARS CERTIFICATES. THERE ARE COUNTLESS OPPORTUNITIES HERE REALLY TO FUEL THE GROWTH OF OUR ADVANCED INDUSTRIES THROUGH EXPERTS, TO FOREIGN INVESTMENTS, TRACKED THE TYPE OF WAGES AND MIDDLE-CLASS ECONOMY THAT REALLY CAN SUSTAIN A PLACE LIKE SAN DIEGO. INITIATIVE IS CALLED GO GLOBAL SAN DIEGO HAVE BEEN SPEAKING WITH BRUCE KATZ VICE PRINCIPAL -- BY SPENDS OF THE BROOKING INSTITUTION AND SEAN BARR THE VICE PRESIDENT THE SANDY GO REGIONAL ECONOMIC TO LIMIT CORPORATION. THANK YOU BOTH VERY MUCH. THANK YOU.