State official seeks increased diversification of economy

Daniela Mohor

Monday, Oct. 29, 2001 | 10:52 a.m.

Diversifying the local economy is critical importance, particularly in light of the terrorist attacks, Lt. Gov. Lorraine Hunt said Sunday.

"We realize more than ever that we need to diversify our economy," Hunt said. "We need to diversify ... so that when tourism takes a hit like it did after the events of Sept. 11, we won't be so devastated in our economy."

Hunt's speech marked the end of the 2001 Michelin Challenge Bibendum, an event showcasing environmentally friendly vehicles, as well as the beginning of the Specialty Equipment Market Association's annual trade show.

The address also afforded Hunt the opportunity to talk about the state's efforts to attract business to the Las Vegas Valley, including car makers.

Hunt said the state has taken a number of measures to turn Las Vegas into a "global hub of business."

Nevada, for example, has created the Nevada Technology Partnership, which includes representatives of government, education and business with goals of strengthening science and technology programs at the state's universities and keeping graduates in the state.

On the legislative side, the recently passed Assembly Bill 657 provides tax breaks to professional racing teams that base their operations in Nevada.

"Just like Apple and Microsoft grew in the computer business, Nevada is creating a fertile climate with significant economic advantages to grow startup, next generation automotive aftermarket companies in the state," she said.

Companies such as V21C also are attempting help attract new business to the region. V21C, which co-sponsored Sunday's event, recently launched a new service designed to help smaller auto technology firms establish themselves in the valley.

V21C will provide companies -- too small to meet the requirements to benefit from the state tax incentives -- with technical, financial and strategic support.