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Speaker 1: Welcome back to Bluebog Markets. Welcome back to the Paris

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Speaker 1: Air Show that is being held here for the first

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Speaker 1: time in four years at La Borges.

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Speaker 2: It's great to be.

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Speaker 1: Back, and we have some fantastic guests lined up for

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Speaker 1: you over the next two days. We're joined by one

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Speaker 1: of those guests. Now. He is the state governor of Virginia,

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Speaker 1: a Republican. He is, of course Glenn. Youonkin and joins

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Speaker 1: us very kindly. Now on sets, Governor. Nice to see you.

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Speaker 2: There, Great to see you.

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Speaker 3: Thank you for having me. I want a day to

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Speaker 3: be at the Paris Air Show.

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Speaker 2: It's fantastic.

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Speaker 1: So many of the companies that reside in your state

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Speaker 1: are here as well. What's the secret source that has

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Speaker 1: brought so many of these businesses into your state over

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Speaker 1: the last few years.

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Speaker 2: What have you been doing?

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Speaker 1: Have you turned Virginia into the aerospace state?

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Speaker 3: Well, first, first and foremost, we opened Virginia for a

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Speaker 3: business and when you lower taxes and reduce regulations and

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Speaker 3: go recruit companies to come to Virginia, they at least

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Speaker 3: want to talk to you. But we've been focused on

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Speaker 3: workforce development, We've been focused on streamlining regulation. We've been

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Speaker 3: focused on making it easier to do business through our

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Speaker 3: transportation and export export capabilities through report.

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Speaker 2: But it also reflects the.

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Speaker 3: Fact that we've seen companies moving and this is really important.

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Speaker 3: With the aerospace industry really taking off and the defense

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Speaker 3: industry strong, we're seeing real supply chain challenges. Is are

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Speaker 3: moving to meet them. They're investing in their supply chain.

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Speaker 3: They're investing in the United States in their supply chain,

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Speaker 3: and so we're competing hard to get that into Virginia.

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Speaker 2: I've been so excited to see the headquarters.

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Speaker 3: Of Boeing and Raytheon move in and we have four

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Speaker 3: of the five big defense aerospace companies in Virginia with

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Speaker 3: North of Brumman and General Dynamics along with Boeing and Raytheon.

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Speaker 3: But we're also famous amount of the supply chain come

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Speaker 3: to Virginia as well. We have great manufacturing infrastructure. As

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Speaker 3: I said, we have a great workforce, and we're seeing

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Speaker 3: it all over the Commonwealth, not just in Northern Virginia,

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Speaker 3: but in our Hampton Roads area where we see so

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Speaker 3: many of our military transitioning from active duty into the

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Speaker 3: reserves or into the Virginia Guard. They want to work

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Speaker 3: for great companies. We see it along our Shenandoah Ieight

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Speaker 3: One Corridor, which great logistics that feed into the rest

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Speaker 3: of the country. But most importantly, I think this is

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Speaker 3: a representative of the fact that the supply chains need

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Speaker 3: investment because of the great order book, they're coming back

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Speaker 3: to American government help.

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Speaker 1: Yeah, but Joe Biden, okay, let's talk. Well with the

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Speaker 1: President's done. The President has an industrial policy. We've seen

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Speaker 1: the chipside, We've seen the Inflation Reduction Act, which is

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Speaker 1: helping to reshoal bring companies back. But we still have

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Speaker 1: a supply chain issue within the aviation industry. Does government

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Speaker 1: need to toguet this industry full help right now?

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Speaker 3: Well, I don't think the federal government has just a

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Speaker 3: huge job as a customer yep, and that's through the

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Speaker 3: defense industry and our intelligence sector. But as a state governor,

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Speaker 3: I have a huge job to make sure that we're

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Speaker 3: partnering with companies.

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Speaker 2: To create that workforce. Talent development is huge.

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Speaker 3: We're also investing in sites to make sure that we

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Speaker 3: have sites that are shovel ready so that when companies

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Speaker 3: want to come, we have a great place for them

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Speaker 3: to go. We're investing in our infrastructure at our port

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Speaker 3: and our roads and rail infrastructure, so that companies when

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Speaker 3: they come can go right to work, can start manufacturing

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Speaker 3: and start supplying those most important components that are needed

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Speaker 3: in this supply chain.

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Speaker 1: So it's not just a proximity to DC. That's not

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Speaker 1: why companies come in.

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Speaker 2: No.

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Speaker 3: Now, I will say that that being close to the

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Speaker 3: customer is really important. I mean, we've got the Pentagon

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Speaker 3: and entire intelligence infrastructure in Northern Virginia, but we also

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Speaker 3: have the largest naval base in the world in Norfolk

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Speaker 3: and Quantico, and a huge presence from the from the

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Speaker 3: army as well. And so this is an opportunity for

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Speaker 3: us to have proximity, yes to d C, but also

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Speaker 3: proximity to the operations of our military. And on top

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Speaker 3: of that, with Dullest and the role that DCA, Reagan

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Speaker 3: National and Dullest play in our in our commercial aerospace industry,

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Speaker 3: we're seeing big demand there as well.

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Speaker 1: There was a billet came out of the House Subcommittee

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Speaker 1: on the FAA the other day which I think dropt

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Speaker 1: extra capacity for Reagan National. You please with us.

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Speaker 3: Well, First of all, the the Reagan Airport and Dulles

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Speaker 3: are operated as a as a system in Virginia, and

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Speaker 3: there's one board that oversees them, and we have had

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Speaker 3: a construct that has allowed both of them to thrive,

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Speaker 3: and that's been really important, and so I'm very happy

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Speaker 3: with the current construct. I think there's still some work

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Speaker 3: going on back and forth, but I've been clear. I

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Speaker 3: think the current construct works for both Reagan and Dulles

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Speaker 3: and we're seeing both areas really build into that, and

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Speaker 3: I hope.

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Speaker 2: They keep it the same.

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Speaker 1: Reagan National named after obviously the form of presidents. I

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Speaker 1: have to ask you the question that everybody is asking

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Speaker 1: you at the moment. Do you think we'll ever see

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Speaker 1: a young Kin National Airport? Do you think do you

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Speaker 1: think we'll ever see one named after President young Kin? I?

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Speaker 2: I hope not really. Yeah, the reality, of course is

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Speaker 2: that is not running.

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Speaker 1: I mean, are you going to make that decision soon?

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Speaker 1: Because everybody's waiting for you to make that decision.

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Speaker 3: Well, it's it's a it's a humbling thing for people

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Speaker 3: to even ask me about.

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Speaker 2: Honestly.

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Speaker 3: You know, I'm new to this and I had third

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Speaker 3: year business career. You know, this is not the first

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Speaker 3: time I've been to Paris.

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Speaker 1: You were the co CEO of Colaus.

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Speaker 2: The first time I've been here.

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Speaker 3: As a governor, and it's pretty exciting to be here

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Speaker 3: in that capacity. We've got a lot of work to

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Speaker 3: do in Virginia, and we have elections this year. You know,

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Speaker 3: I've got our state elections this year, our midterms.

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Speaker 2: We've got to win them. So I'm very focused on Virginia.

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Speaker 1: I hate what you're saying, but there's an election next

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Speaker 1: year and we're all wondering by November whose hats are

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Speaker 1: going to be in the ring? Can you are you

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Speaker 1: saying you haven't made a decision yet? Are you saying

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Speaker 1: I'm not doing it? Where are we in that? Jay?

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Speaker 1: Just I'm not asking. You're not going to announce on

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Speaker 1: air with me today on Bloomberg, but but tell me

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Speaker 1: if it is a job that at some point you

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Speaker 1: might be interested in, maybe not this time, maybe feather

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Speaker 1: down the road.

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Speaker 3: Well, I think the first thing I know is I've

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Speaker 3: never gotten a promotion without doing a great job, and

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Speaker 3: the one that I've got right, and we have real

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Speaker 3: opportunities in Virginia to continue what we started, you know,

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Speaker 3: with this whole conversation about the robustness of the economy

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Speaker 3: and the aerospace and defense industry in Virginia reflects the

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Speaker 3: fact that we have brought in common sense conservative policies,

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Speaker 3: lowering taxi, streamlining regulations, building a workforce, overhauling our education environment,

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Speaker 3: making sure we're supporting law enforcement so our communities are safe.

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Speaker 3: I'm humbled the fact that the rest of the country

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Speaker 3: is watching and likes it, because I think this is

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Speaker 3: a moment for us in Virginia to really prove as

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Speaker 3: a proof positive that we can take a state that

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Speaker 3: was run by the other party and I didn't think

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Speaker 3: it was being run hugely well and we can step

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Speaker 3: in and change the direction.

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Speaker 2: And Virginia is doing so well.

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Speaker 3: We just had we have a ten year high in

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Speaker 3: labor participation, we have a fifty year high in our workforce.

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Speaker 3: We all of a sudden see one hundred and seventy

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Speaker 3: five thousand jobs that have been created since we came in,

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Speaker 3: which is at a record pace. This is really important

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Speaker 3: for us to demonstrate that a state can in fact

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Speaker 3: reorient itself and we can be successful if not.

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Speaker 1: You what kind of a leader does the Republican policy

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Speaker 1: need right now and does that lead to look anything

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Speaker 1: like Donald Trump?

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Speaker 2: Well, what I would say right now.

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Speaker 3: First of all, and I've repeated it, I am. I

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Speaker 3: am wholly focused on the Commonwealth of Virginia, and the

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Speaker 3: primary reason is that I've got our midterms this year.

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Speaker 2: I think the nation needs to need.

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Speaker 1: Does the Republican policy need what kind of a lead

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Speaker 1: it does the nation Navy?

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Speaker 3: Yeah, I was gonna say, I wouldn't limit it to

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Speaker 3: the Republican Party.

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Speaker 2: I think the nation needs needs a.

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Speaker 3: Leader who can bring us together, who can chart a

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Speaker 3: course forward that in fact embraces common sense approaches to

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Speaker 3: these challenging issues and allows America to lead.

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Speaker 2: We should be leading.

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Speaker 3: We should be leading in education, we should be leading

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Speaker 3: in advanced manufacturing and reassuring.

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Speaker 2: We should be leading the in a world that needs

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Speaker 2: our help.

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Speaker 3: You know, I just had this extraordinary trip to to

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Speaker 3: to Asia where I visited Taiwan and Japan in South Korea,

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Speaker 3: and I was overwhelmed by the urgency that they all

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Speaker 3: have to grow deeper ties with the United States, both

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Speaker 3: economically and on.

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Speaker 2: A national security front.

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Speaker 3: We should be leaning in hard here at a time

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Speaker 3: where everybody recognizes the threat from China, and I think

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Speaker 3: we need a leader who's going to accept that challenge.

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Speaker 3: Lead into it and make sure that the United States

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Speaker 3: is strong around the world and that week.

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Speaker 1: We will continue to watch this space, but thank you

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Speaker 1: for letting me ask the question. Great Governor, great to

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Speaker 1: see you, Thank you very much, and d for sharing

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Speaker 1: some of your time with us here at the Paris Show.

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Speaker 1: Virginia State Governor Glenn Youngkin joining us from La Bourge