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U.S. Commerce Deputy Secretary David A. Sampson Announces $2.25 Million in Investments in

source: author: time:2007-08-22  

Philadelphia, Penn. -- U.S. Commerce Deputy Secretary David A. Sampson today in Philadelphia announced $2.25 million in federal funds to the University City Science Center (UCSC) of Philadelphia, Penn., creating 150 new jobs.

The investments will support project "soft landing," an initiative to create a unique international environment at UCSC for Japanese and other foreign companies that are looking to establish an operational base and/or develop new technologies for the U.S. market.

"President Bush, Commerce Secretary Gutierrez, and I are committed to partnering with communities to promote innovation and competitiveness. Through economic development grants like these, the Commerce Department will continue to encourage investments in local areas, grow the economy and create jobs," said Sampson.

The investments to UCSC include:

• $1 million to help build a pilot production laboratory and clean room for start-up companies and technology development. The investment is expected to help create more than 150 new jobs and generate more than $75 million in private investment.

• $1.25 million to provide Japanese and other foreign early-stage pharmaceutical, medical and chemical businesses with the technical, cultural, and regulatory assistance needed to attract them to UCSC.

"I'm pleased that the Department of Commerce chose to support the University City Science Center with this funding," said Senator Santorum. "UCSC's Project Soft Landing will allow foreign companies to transition to working in Pennsylvania with greater ease as they commit themselves to Philadelphia 's future by bringing promising new jobs and continued economic development to the region."

The investments are funded by the U.S. Commerce Department's Economic Development Administration (EDA). EDA serves as a venture capital resource to meet the economic development needs of distressed communities throughout the United States. EDA's mission is to lead the federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy.

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