Deputy Secretary of Commerce Don Graves participated in a "listening session" with members of the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE), the DOC has announced.
Graves told those gathered that the DOC's "one overarching goal" is to increase the nation's competitiveness in the global economy to ensure the success of U.S. companies and workers, according to a transcript of his remarks released by the DOC Aug. 8.
"And equity underpins every aspect of what we do," Graves said in the transcript. "This pursuit of equity is not just the right thing to do – it’s the right thing to do for our economy."
More than $6 trillion could be added to the economy by closing the opportunity gap between minority-owned and non-minority-owned businesses, Graves said, per the transcript. Closing the gap would boost the number of minority-owned firms to more than 12 million, he said, and the number of paid employees at minority-owned businesses to 31 million.
“As a descendant of one of America’s first minority patent-holders," Graves said, "I understand the importance of supporting minority entrepreneurs, innovators, and businesses.”
Graves praised the DOC's Minority Business Development Agency (MBDA) being made a permanent part of federal government, as well as the appointment of Don Cravins to be MBDA’s Under Secretary, the transcript records.
He cited several MBDA achievements, including grant funding to National ACE; dispersing $4 million in funding to establish projects that promote Tribal and native businesses; and MBDA’s Enterprising Women of Color initiative in support of minority women entrepreneurs, among others.
After highlighting other measures taken by the DOC to bolster minority and small business owners, Graves thanked ACE members for their work advocating for Asian American and Native Hawaiian/Pacific Islander (AANHPI) businesses across the U.S., the transcript reports.
We want to know about the challenges you’re facing," Graves said to the gathering, "and how Commerce can better serve the businesses and the communities you represent."
"Together, we can continue supporting AANHPI innovators and entrepreneurs, and secure an equitable and prosperous future for all Americans."
