New York mayor unveiles plan to spur Wall Street

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(Xinhua)
Updated: 2009-02-19 13:55

NEW YORK -- New York Mayor Michael Bloomberg on Wednesday unveiled a plan designed to support the growth of new businesses in the city while keeping current ones afloat.

New York Mayor Michael Bloomberg discusses his initiative to support the city's financial services sector and encourage entrepreneurship at a news conference in lower Manhattan, Wednesday, February 18, 2009 in New York. [Agencies]

The initiative include efforts to create incubator spaces for startup businesses, develop an investment fund to help startup companies in their earliest stages, offer business development programs and train laid-off financial sector workers for positions in new firms.

When it comes to the financial services sector, the city plans to use 30 million dollars in federal incentives to get firms to move to Lower Manhattan. Trips to Beijing and the Middle East are also in the works to encourage companies to put their regional base in New York.

"I couldn't be more optimistic about the time to start a company and the place to start a company, meaning now and here," Bloomberg was quoted by a report available on www.ny1.com.

The mayor was also cited as saying that when the financial sector recovers, New York will be competing against international cities for jobs.

By encouraging the development of new businesses, the city hopes to keep smart, talented residents in the city, says the report.

Wall Street has experienced a grim period over the past few months with former banking giants falling, and the city is projecting 65,000 financial sector jobs could be lost.