University President Peter Salovey gave an address at the Greater New Haven Chamber of Commerce’s annual breakfast Wednesday morning.

Before an audience of over 400 local business and political leaders — including Mayor Toni Harp, Salovey delivered a keynote focusing on the economic development in the Elm City and the role that the University plays in it.

“New Haven is a place more full with opportunities than it is beset by challenges,” Salovey said.

Salovey also addressed Yale’s financial aid policies and recent efforts to encourage Yale entrepreneurial Yale students to remain in New Haven upon graduating.

Throughout the speech, Salovey referred frequently to the story of the Kebabian family, which owns Kebabian’s Oriental Rugs on Elm Street. The business was founded in 1882 by John Kebabian, who immigrated from Turkey to attend Yale and started the business to pay his tuition. The business, Salovey said, is reflective of New Haven and Yale’s global connections and entrepreneurship.

Jeff Solomon, a partner at New Haven accounting firm Marcum LLP, said he thought Salovey effectively covered how Yale supports the city.

Also present at the breakfast were University Vice President for New Haven and State Affairs Bruce Alexander ’65, Associate Vice President for Federal and State Relations Richard Jacob, Deputy Chief Communications Officer Michael Morand ’87 DIV ’93 and Associate Vice President for New Haven Affairs Lauren Zucker.