By SEAN WHALEY

Nevada News Bureau

Gov. Brian Sandoval unveiled his economic development plan last week and challenged the business community to work to create 50,000 new jobs by the end of 2014.

The 63-page report, released at a press conference on Tuesday, February 7, calls for creating a cohesive system to move forward with economic development, expand “global engagement” and increase opportunity through education and workforce development, among other objectives.

“This (report) is a blueprint for building a vibrant, sustainable economy for all Nevadans,” Sandoval said. “It puts us in a better position to succeed in the hyper-competitive push to champion a strong economy that creates good jobs.”

“State government will play a role by advocating for business, providing the infrastructure that helps business thrive, and helping to educate our future workforce,” he said.

A key component of achieving job growth is a $10 million Catalyst Fund created in cooperation with the Legislature to help existing Nevada businesses expand and to encourage other businesses to relocate to the state.

The plan was developed by Steve Hill, executive director of the Governor’s Office of Economic Development, after consultation with business leaders and policy-makers from around the state.

Hill said an economic development plan is critical given the current state of the economy.

“We don’t have to worry going forward whether Nevada will be connected to the globe, it will be,” he said. “And we need to learn how to capitalize on that better. So, globalizing, both in terms of exporting, in terms of foreign investment in Nevada, bring good jobs, it brings additional financing and investment in the state and is an area that we need to focus on.”

The plan also focuses on the need for education reform, Hill said.

“We all know that we need a higher level of education achievement in order to drive this economy forward,” he said.

On the same day, Sandoval announced a plan to repeal 654 unnecessary regulations. This action would assist in the state’s efforts at economic diversification and job creation by making Nevada more business friendly, Sandoval said.

In addition to the repeal of more than 600 rules, another 1,100 will be updated as a result of an executive order he issued in January 2011 imposing a one-year freeze and calling for his cabinet to thoroughly review the entire regulatory framework of the state.

Most regulations that will be repealed come from agencies that impact businesses and individuals directly – 137 regulations in the Department of Business and Industry, 120 in the Department of Motor Vehicles and 95 in the Department of Taxation.

Sandoval said that a less burdensome regulatory system will help Nevada attract jobs.

“My goal is to make Nevada the most business-friendly state in the country,” he said. “I think that sends an incredible message that we in Nevada are going to have important regulations that are business friendly, and we think that it’s going to have a large impact and compliments what this plan does today.

“Over-regulation in other states has suffocated business and we think that that is going to be a very attractive component of our ability to attract those businesses to come to our state,” Sandoval said.

During the year-long freeze, all regulations were reviewed to determine if they were still necessary, to identify any adverse impact on business, to clarify language and address duplication or inconsistencies, and to determine if the public value outweighed the cost of the regulation itself.

“With my executive order, I established a set of regulatory priorities for this administration – namely, to protect the health and welfare of the people of Nevada without discouraging economic growth,” Sandoval said.

Additionally, Sandoval has given his cabinet specific directions to refocus their approach to rule-making. Regulations will not be frozen, but every regulatory body will be required to notify the governor’s office of proposed actions and include notice of how the proposed regulation is consistent with Sandoval’s priority to keep Nevada’s economy moving.

“My office will provide a thorough review of the rule-making process to ensure government doesn’t get in the way of job growth,” Sandoval said.