Media Contact: Gwen Oldham at SF Chamber, 415-352-8839 or goldham@SFChamber.com

Governor Arnold Schwarzenegger (left) discusses state budget with San Francisco Chamber of Commerce President & CEO Steve Falk (middle) and Chamber Board Chair and Catholic Healthcare West Vice President of External & Government Relations Wade Rose (right) at CitySummit 2010.

GOVERNOR ARNOLD SCHWARZENEGGER JOINS BAY AREA THOUGHT LEADERS TO DISCUSS STATE BUDGET AND ECONOMIC RESURGENCE AT 2010 CITYSUMMIT

Annual Event Hosted by the San Francisco Chamber of Commerce Highlighted Economic Recovery, Job Creation and "What's Next" for the City's Most Vibrant Industries

SAN FRANCISCO - Governor Arnold Schwarzenegger today joined nearly 400 thought leaders from leading Bay Area companies to discuss the state budget and economic resurgence at the 6th annual CitySummit hosted by the San Francisco Chamber of Commerce. This year's event focused on the city's recovery trajectory and the conditions needed to sustain it into the future. Attendees heard from Governor Schwarzenegger, San Francisco's Chief Economist Ted Egan and top executives from companies including: AT&T, JPMorgan Chase, IBM, Microsoft, PG&E, Salesforce.com, Zynga and others.

"We happen to live in the greatest state in the world, but we are not as competitive as we should be," said California Governor Arnold Schwarzenegger. "While the legislature is talking about raising taxes, I'm here today saying no - let's create more jobs. Yes we have an economic crisis, but let us look internally to create extra revenue by running government more efficiently. We can create revenue by stimulating the economy."

According to San Francisco Chief Economist Ted Egan, the city has done better in terms of job loss than the rest of the state, but is still not showing sustainable job growth or signs of true recovery. Egan also highlighted trends in venture capital investment and San Francisco's competitive advantages in supporting growing industries such as software, Internet publishing, IT services, biotech, green jobs and others.

"San Francisco's economic strong suit is generating innovative new start-ups, particularly in industries like digital and social media, biotechnology, and clean technology," said Ted Egan, Chief Economist for the City and County of San Francisco. "The challenge will be in building the kind of supportive business climate that encourages these businesses to grow in the city, and create job opportunities for all San Franciscans."

CitySummit 2010 featured three panel discussions examining opportunities and obstacles facing key growth sectors including: electronic entertainment; the smart grid; and cloud computing. Panels connected entrepreneurs from both established and emerging companies to explore the business and political factors impacting a company's growth potential and its ability to create jobs and help stimulate the economy.

"San Francisco has a tremendous opportunity to share in the growth of green jobs that are being created around clean energy, energy efficiency and the smart grid," said Andrew Tang, Senior Director of Integrated Demand-Side Management Products for Pacific Gas and Electric Company. "The coming transition to a low carbon economy should position the City and County of San Francisco well for growth in these new sectors."

"During such a challenging economic time, we should be thinking about how we can create an environment that is attractive to businesses across all industries in order to maximize San Francisco's future growth opportunity," said Susan Garner, President of JPMorgan Chase Middle Market Banking for Northern California.

"The political climate can encourage or discourage growth - around the globe and here in San Francisco," said Loretta Walker, Vice President, External Affairs-Bay Area for AT&T. "Companies will look to grow in a stable political environment."

The Chamber's annual CitySummit event spotlights a key topic facing San Francisco business. This year's event was made possible through the generous support of sponsors including: Chase, AT&T, PG&E, Catholic Healthcare West, California Pacific Medical Center, Microsoft and several others. More information on the San Francisco Chamber of Commerce and CitySummit is available at www.sfchamber.com.

Watch Governor Arnold Schwarzenegger's Remarks at CitySummit 2010

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About the Chamber
Founded in 1850, the San Francisco Chamber of Commerce is recognized as the pre-eminent business organization for advocacy, networking and economic growth. The Chamber delivers on its mission to attract, develop and retain business in San Francisco by representing companies and organizations that make San Francisco a preferred destination for businesses and visitors - a great place to live and work.