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BRT Extends Private Sector Commitment to China Earthquake Recovery and Reconstruction Efforts

Washington, D.C. – Business Roundtable, the American Red Cross and the U.S. Chamber of Commerce co-hosted on Friday a meeting with President Bush, leaders of the business community and non-governmental organizations to discuss the business community's generous response to the tragic earthquake in China and their continued support of the reconstruction effort. Representatives from the private sector included CEOs from Business Roundtable member companies Honeywell, Merrill Lynch, New York Life Insurance and Procter & Gamble, as well as the CEOs of Cisco and Johnson & Johnson. Senior executives from Business Roundtable companies Caterpillar, Chevron and Merck & Co also attended.

Meeting participants, including the Chairman of the American Red Cross, Bonnie McElveen-Hunter; Secretary of State, Condoleezza Rice; Secretary of the Treasury, Henry Paulson; U.S. Agency for International Development Administrator, Henrietta Fore; and Chinese Ambassador to the U.S., Zhou Wenzhong, discussed the progress of the relief and recovery efforts in Sichuan, China and the most effective ways to collaborate for ongoing reconstruction efforts. The participants also outlined plans for a delegation of U.S. Government representatives and corporate chief executive officers to meet with Chinese officials and visit the affected area this summer to determine priorities for long-term reconstruction.

Immediately after a devastating 7.9 magnitude earthquake struck Sichuan province in China, the private sector mobilized its resources to accelerate on-the-ground relief and recovery efforts. Business Roundtable’s Partnership for Disaster Response moved quickly to activate its international emergency network to assess, aid and expedite the response to both disasters. The Partnership for Disaster Response is an initiative to galvanize the business community to contribute its vast resources – beyond financial contributions – to accelerate on-the-ground relief and recovery activities following major disasters. To date, Business Roundtable member companies have contributed $60 million in financial and in-kind contributions as well as employee matching gifts to the China relief effort.

Jeffrey Immelt, chairman and CEO of General Electric, and William Weldon, chairman and CEO of Johnson & Johnson, will help coordinate the private sector’s involvement. The CEOs of Avon, Caterpillar, Chevron, CISCO, Home Depot, Honeywell, Merck, Merrill Lynch, Morgan Stanley, New York Life, and Procter & Gamble will also lend their support to the long-term reconstruction efforts.

“The generosity of U.S. companies in the aftermath of this earthquake has been immediate and extraordinary,” said John Castellani, president of Business Roundtable. “In responding to the tragic circumstances that have affected so many, the private sector has provided much-needed aid to meet the most urgent relief and recovery needs and remains committed to restoring livelihoods in the long-term.”

“There is a history of success when the U.S. Government works together with the private sector to help rebuild lives and communities and encourage economic growth and stability worldwide,” said Administrator Fore. “The collaboration between these entities brings hope and a great many resources to the people of China and shows the deep compassion of the American people.”

Zhou Wenzhong, Chinese Ambassador to the United States, added, "The Chinese Government and people deeply appreciate the generous donations made by the U.S. Government, the business community and the public to the affected population in China. We have confidence that with the joint efforts of the Chinese people and strong support of the international community, we will prevail over this natural disaster."

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