Keith Stokes, the newly-appointed Executive Director of the RI Economic Development Corporation, spoke to an audience of SENEIA and NCMA member of March 3, 2010. Keith is well known to the group having been the Director of the Newport County Chamber of Commerce for many years. However, Keith’s talk to the group was one of larger scope as he talked about the need for strategy and sound policy to drive State Government actions. With the waning of the manufacturing base in Rhode Island, Keith noted that the State still has a knowledge-based economy that can be cultivated to fill the manufacturing void. He noted that the Navy is an important element of the State’s economy, but outsourcing by the Government often affects support contractors and it is important to ensure that the capabilities of those Defense contractors extends out to commercial markets to increase their business stability. The Defense sector offers the highest concentration of high tech jobs and it is important to extend the competitiveness of Defense contractors to those other markets. He noted that the shift of the Navy-fueled economy from sailors on ships to scientists who support high Navy technology brought some challenges but ultimate success. He also noted the importance of the Undersea Warfare Center as a word-class operation
On a broader note, he said that the regulatory environment in the State needed to become a more predictable environment. Regulatory reform could take the form of Executive Orders or Legislation to create an environment where developers have time-certain dates to plan within the permitting process. He plans to advocate a specific office for regulation for the State.
He wants a new economic focus for the State that allays the perception that the State is only interested in new businesses. Although new businesses are important part of economic growth the building of the existing small business base is more important. More access to lines of credit is essential to business survival and growth. Government needs to take only a limited role in the economy of the State and induce economic development by the private sector. He said that we need to keep businesses in the game of economic growth.