The City of Middletown, , and the U.S. Department of Commerce will host a delegation of Chinese investors on June 11 to provide companies a one-on-one opportunity to secure investment and create trade partnerships.
has announced the visit of Chinese investors as he is returning from a federal trade-mission to the Shandong and Liaoning provinces, according to a press release.
The $5,500 trip was paid for through the city’s Economic Development Fund, designated solely for economic development purposes. The fund, which is maintained by the Economic Development Committee of the Common Council, is supplied by project incomes and has zero impact on the tax rate or city budget, according to the press release.
Drew invited the investors to Middletown to meet face-to-face with Middletown businesses seeking to expand their operations through overseas investment or to partner for entry into the Chinese market. Investors and business owners in both Shandong and Liaoning are very interested in Connecticut’s investment opportunities.
Drew promised several times during his campaign, the press release notes, that he would go anywhere in the world to advance Middletown's economic inierests.
“We are living in a global economy, and American cities must be cognizant of this fact as we grow,” the mayor said in a press release. In our interest to engage with our counterparts throughout the globe to create trade opportunities especially when there are people eagerly looking to create partnerships with us.”
This marks the first time that Middletown will host an international trade conference.
“lt’s very exciting that Middletown will be the host city for the Chinese delegation visiting Connecticut in June for trade opportunities with our businesses,” Drew said in a press release. “This is a great economic opportunity for Middletown on two fronts: first, our local businesses will have opportunities to secure investment and enter new, international markets and; secondly, it wiil generate additional dining and retaii activity downtown.”
“We are really excited about the conference with the China delegation to be held at Wesleyan University on June 11. We stand ready to help the Mayor with this event to hopefully generate additional economic opportunities for our city,” said Larry McHugh from the Middlesex Chamber of Commerce.
The U.S. Depaxtment of Commerce invited Mayor Drew to attend the trade mission. He made presentations in Jinan, Shandong and Shenyang, Liaoning on MiddIetown's ideal location for Chinese companies expanding their American operations or source equity investments.
China Trade and Investment Day will be held at Wesleyan University and will provide Middletown and regional companies the opportunity to have one-on-one meetings with Chinese investors and business leaders frorn Shandong and Liaoning. Both regions are highly motivated in expanding their partnerships in Connecticut.
The Shandong Province of China has been Connecticut's “Sister State” since 1986. China is the fourthtop export market for Connecticut firms, contributing more than $1 billion to the state’s economy in 2010. Between 2000 and 2010, Connecticut’s exports to China have grown 1,237 percent, compared to 88 percent in the rest of the worid.
Facilitating trade and investment creates job opportunities and enables small businesses to expand so they can compete in a global economy, Drew said.
“The world is so integrated, and we must iook to global opportunities so we remain competitive,” Drew said. I am confident that our iocai companies will soon have an opportunity to present their products and services to globai investors right here in the City of Middletown. This will commence a new way of doing business and strengthening our local economy.”
Middletown companies looking for equity investments or export partnerships that are interested in attending China Trade and Investment Day should contact Jeff Pugliese at the Middlesex Chamber of Commerce at (860) 347-6924 or by email: firstname.lastname@example.org.
Companies in aerospace, life sciences, health care, precision manufacturing, and new energy technologies are of particular interest to the investors who will be in attendance.