Answer:
President Walters wants both to reduce costs and to increase productivity is the correct answer.
Step-by-step explanation:
Correlative conjunctions are parts of the sentence that connect clauses, words, or phrases. They also work in pairs so both words can balance the parts of speech. Some examples are both/and; just as/so; not only/but also, among many others. Also, it is necessary to use correct grammar with them. Since they work as a semi-colon, it is not correct to write a coma before the second word (and, paired with both, in the sentence). As we can see, in the first option we have a coma before the second clause starts, making it an incorrect option.