PHILADELPHIA—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: 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.
Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.
Source: U.S. Department of Commerce
