State Secretary of Commerce and Trade Jim Cheng said Wednesday in Lynchburg that small business innovation is one of the state’s biggest issues.
Cheng said small businesses are responsible for 65 to 75 percent of job growth.
“We need to innovate,” he said.
Cheng also highlighted Gov. Bob McDonnell’s efforts to create “a pro-business environment” and stressed that the state needs a more educated workforce to bring innovators to the state.
Cheng met with about 20 economic development and business leaders in the area Wednesday morning at an event organized by Del. Scott Garrett, R-Lynchburg, and the Lynchburg Regional Chamber of Commerce.
“One of our challenges is retrofitting Virginians for tomorrow’s jobs,” Garrett said.
Cheng said the low-cost model of manufacturing no longer works in the state or across the nation and that Virginia needs to build on its strengths: energy, advanced manufacturing, life sciences and information technology.
“The number one priority of the governor and the administration is jobs,” Cheng said.
Cheng also said they are working to increase the state’s profile internationally. Ten years ago, he said, 15 percent of businesses coming into Virginia were foreign-owned. Now that number is close to 50 percent.
He said the state has opened extra offices in Europe and China and plans to open offices in Israel and India to help the marketing effort abroad.
Cheng also praised Virginia’s Region 2000 Partnership in his remarks for successfully marketing the region nationally to bring in more businesses.
Lynchburg City Council member Turner Perrow asked Cheng what cities can do to help grow businesses. He said the city’s revenues are not increasing, but expenses are up, a dynamic that could result in cutting programs or raising taxes, both of which affect quality of life.
Cheng said the state is reviewing what mandates are passed down to cities, but there is no easy solution.
“It’s still a very difficult time,” he said.
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