Economic summit targets AANHPI business leaders and entrepreneurs

Ambassador Katherine Tai opened the White House's first economic summit in Philadelphia.

Repercussions of the mass shootings in California were acknowledged at the economic summit aimed at connecting the AANHPI communities, businesses and entrepreneurs to the resources of the federal government.

The White House Initiative on Asian Americans, Native Hawaiians, and Pacific Islanders (WHIAANHPI) launched a series of regional economic summits Jan. 26 to connect Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI) community members directly with federal leaders and resources. 

The events, kicked off with an in-person summit at Philadelphia City Hall, were being held in collaboration with the US Small Business Administration, US Department of the Treasury, US Department of Health and Human Services’ Office of Small and Disadvantaged Business Utilization, the National Asian / Pacific Islander American Chamber of Commerce & Entrepreneurship, and local officials.

“These summits are a part of the Biden-Harris Administration’s resolve to deliver real results for our AA and NHPI communities and businesses – by investing in our competitiveness and by fostering collaboration,” said U.S. Trade Representative Ambassador Katherine Tai, who also serves as WHIAANHPI Co-Chair. “Our strength and resilience will not give way to fear and fright. We will continue to push and pull for one another, to fight for justice and economic equity, and to build a society that is freer and fairer – for all Americans.”

Language barriers and limited outreach have historically held AA and NHPIs back from applying for federal procurement, jobs, grants, and programs. Although approximately 10 percent of small businesses in the U.S. are AA and NHPI-owned, only 2.8 percent of federal contracting dollars went to AA and NHPI small businesses in Fiscal Year 2020, according to the U.S. Small Business Administration.

In 2020, there were 612,194 Asian-owned businesses employing about 5.2 million in the United States, the highest among all minority groups, according to the US Census.

Even though AANHPI make up only 7% of the US population, their economic impact as consumers and entrepreneurs far surpasses their relatively small numbers, says the US Census.

Referring to the recent mass shootings in California, Tai said: "This type of senseless violence has become a plague in America.  Every massacre like this tears at the very soul of our nation.  And when it hits your community, our community, I think it tears at you just that much harder.

"These types of events, I also want to acknowledge, affect the economic vitality of our nation as well, and the investment climate.  It is also a public health crisis, so on so many levels, it is something that we all need to really grapple with, think about, grieve for, but most importantly, come together in events like this, through efforts like the Initiative, like these summits, to overcome, and to address."

"In the bigger picture, we also continue to fight for equity, justice, and economic empowerment for all of our communities," Tai continued.

The series focusing on business and economic opportunity was spurred by a May 2022 recommendation from the President’s Advisory Commission on AA and NHPIs. It builds on the Biden-Harris Administration’s commitment to empowering underserved communities by connecting them directly with federal leaders and resources. It also comes on the heels of the release of the Administration’s first-ever national strategy to advance equity and opportunity for AA and NHPI communities - PDF, which outlines agency commitments to strengthen capacity building over the next two years.

“Generations of Asian Americans, Native Hawaiians, and Pacific Islanders have enhanced our nation through countless contributions in business, science, technology, the arts, and more,” said SBA Administrator Isabella Casillas Guzman.

 “The Biden-Harris Administration is committed to creating equitable pathways to the American dream of business ownership for our AA and NHPI communities to ensure their great ideas and skills can create generational economic prosperity. The White House Initiative AA and NHPI Economic Summit series continues important work to close opportunity gaps, ready entrepreneurs to seize new opportunities, and ensure we leverage the full potential of our nation's talent to build a better America,” she said.

Through the American Rescue Plan, Bipartisan Infrastructure Law, Inflation Reduction Act, and other initiatives, the Biden-Harris Administration is making once-in-a-generation investments to address these issues, provide direct relief, and expand economic opportunity. 

FYI: Learn more about the National Strategy to Uplift AANHPI Communities.

"Violence like the Monterey Park shooting should continue to rattle us and activate us to continue to push and pull for one another, to fight for justice and economic equity, and to build a society that is freer and fairer and safer – for all Americans," concluded Tai.

"Together, we can demonstrate what it looks like to build a human-centered, people-driven economy.  I hope this summit does its magic in serving as a catalyst for all of you and all of us."

EDITOR'S NOTE: For additional commentary, news and views from an AANHPI perspective, follow @DioknoEd on Twitter.