Governor gives boost to Silicon Valley

October 2, 2008 10:43:11 PM PDT
Governor Schwarzenegger delivered an economic boost to Silicon Valley on Thursday as California partnered with one of the largest trade fairs in the world. At the same time, he's worried about the national bailout plan and how it will affect this new partnership and the state's economy.

The governor came to Silicon Valley with some good news. The world's largest information and communications technology expo held in Germany has selected California as its partner. It's the first time the annual event called CeBIT has partnered with a state and not a country.

"What an incredible honor for us, for our high tech industry, and green tech industry," said Governor Arnold Schwarzenegger.

California's high tech industry leads the nation with $50 billion a year in exports and Bay Area companies say the March 2009 conference gives them a powerful international stage.

"It is a great opportunity for Intel and other companies to showcase their solutions on a massive global scale," said Deborah Conrad, an Intel spokesperson.

Of course the excitement over this prestigious tech partnership comes as the U.S. and California face unprecedented economic turmoil.

The State Controller says California needs to borrow $7 billion to meet its obligations this year. The governor says only congressional action that unlocks the credit crunch will keep a crumbling economy from getting even more painful.

"Because in the end when you can't get a loan and you're in business then you have to start laying off people and I think that will happen also with the state," said Governor Schwarzenegger.

German dignitaries say they are watching with interest what happens in Washington on Friday.

"There are affects. They are very different in different countries, but at the end we have a world economy," said Walter Hirche, the deputy prime minister of Germany.

The governor says that global economy makes partnerships like the one announced today even more critical to California's future success.


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