that, through the efforts of our State Department of Economic Develop-
ment and the efforts of local economic development agencies, significant
and substantial progress is being made in this endeavor. Without going
into the details of the program of economic development as a whole, I
should like to address myself briefly to one phase of that program. Mary-
land has recognized, and is attempting to exploit, the many attractions
and advantages it has for science-oriented industries. It is an excep-
tionally fertile ground for the development of this type of industry
which figures to play such an increasingly important role in the economy
of our country during the space age. Our Department of Economic
Development, and the Maryland Academy of Sciences and the various
private agencies and organizations which are promoting the develop-
ment of science-based industries, speak of the Maryland-District of
Columbia Science-Industry Complex. Your city and your county are
embraced in this complex. It has become one of the nation's leading
areas of research and science industry, with well over 100, 000 persons
employed and more than 500 firms now operating.

Washington is called the "Science Capital of the World, " and linked
by only a few miles to Baltimore, the fourth largest industrial area on the
Atlantic seaboard, we have right here the natural terrain for the develop-
ment of industry tied to scientific and technological research. There are
39 accredited four-year colleges and universities in the area, together
with a large number of government laboratories and research facilities
which make our nation's capital the scientific center of the world. For
the future prosperity of our State, we must exploit to the fullest these
advantages which we enjoy for the development of science-oriented
industry.

Finally, I would say that to guarantee the continued prosperity of
Maryland, we must keep our government, state and local, on a sound
financial basis. We have recognized that sensible and responsible state
taxing and spending policies are critically important to business and to
the general economic welfare of our State. The soundness and stability
of its financial structure has become a hall-mark of our State. It is one
of only fourteen states to have a Triple-A Moody rating. It has been a
pioneer in such progressive steps in financing as the executive budget,
the program budget and annual legislative budget sessions. It enjoys the
very highest financial reputation in the country. We should guard this
reputation with great care.

Let me conclude by repeating that it is a high honor and a pleasure
to be with you here again this year. We are gratified with the economic
progress our State has been making during these past few years, and we
have every reason to feel confident and optimistic about the future of
Maryland.

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