LED targeting high-growth industries for state

Although the national recession is expected to continue well into 2009, Louisiana Economic Development Secretary Stephen Moret says his department will aggressively focus on expansion strategies that include retaining and assisting existing high-growth companies through tougher economic times. Moret told the Baton Rouge Press Club today that LED will identify and target high-growth industries that Louisiana could realistically lure into the state. Computer system designs and services, scientific research and design services, pharmaceuticals and software publishers are among the industries that may possibly be pursued. “LED will work with the state’s higher education community and economic development leaders to develop an innovation agenda for the next few years,” Moret says. LED will look into potential opportunities related to the upcoming expansion of the Panama Canal, as well as establish a multi-year plan to make the Louisiana one of the best states to start and grow a small business. To counter a sharp state budget shortfall, Moret says programs will be designed to achieve more with less funding. Plans are under way to launch a national marketing campaign to improve the state’s image. By January, LED will launch a new magazine, Louisiana Economic Quarterly, as well as launch its Web site for site selection consultants and Louisiana businesses. “Although the national recession has dramatically reduced the pipeline of new business prospects nationally, LED will begin 2009 in the finals for several exciting business development opportunities,” Moret says. “Thanks to Louisiana’s recent policy reforms and economic performance, our state’s position will improve on several major national rankings in 2009.” For a recent Business Report story about LED’s achievements in 2008, click here.—Anna Thibodeaux