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U.S. Department of State

Diplomacy in Action

New York City Economic Development Strategies

December 5, 2011

Date: 12/05/2011 Location: New York, New York Description: New York City's Economic Development Corp. President Seth Pinsky briefing foreign journalists participating in a Foreign Press Center tour on NYC economic development strategies. - State Dept Image

December 5, 2011; New York City
Contact: NY Foreign Press Center Media Relations Officer Karen Newman
Telephone: 646-282-2836; email:

The New York Foreign Press Center arranged a site visit to a job incubator site and a briefing by New York City’s Economic Development Corp. President Seth Pinsky.  Journalists from Japan, China, Australia, France, Spain and Israel participated. Pinsky talked about the Bloomberg administration’s efforts to diversify New York City’s economy since the 2008 financial crisis, assist legacy industries such as media and fashion transition to 21st Century business models, and promote entrepreneurship to ensure that the City is well-represented in the fields of the future. Journalists were particularly interested in Mayor Bloomberg’s $100 million competition for universities to build an applied sciences research institution in New York that will support technology and innovation, and attract venture capital and entrepreneurs. Pinsky noted that while the City’s economy has outperformed the national economy over the last several years, technology is lowering barriers to entry in industries that New York has dominated; cities such as Mumbai and Shanghai are viewed as strong, new competitors. Journalists also enjoyed talking with entrepreneurs who are renting low-cost, open offices in one of nine NYC supported incubator sites.