Monday, July 28, 2014

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North Carolina Economic Ties to China Strengthen

Trade & Development - Import-Export

RALEIGH – North Carolina’s growing economic connections with China have become more apparent following a recent series of business announcements. The state’s consistently top-rated business climate, convenient global market access, technology infrastructure, skilled and productive workforce and low cost of doing business combine to form a strong business location for global companies.

Hong Kong-headquartered
Li & Fung Limited selected Greensboro to locate a new LF USA office. A global fashion goods export and logistics company, Li & Fung recently chose to tap into North Carolina’s talent pool to support its expansion needs. “After extensive research, we chose Greensboro, as we believe it’s the right place to locate our support functions,” said Rick Darling, President of LF USA. “Greensboro has a great community, a huge pool of talent and is a historic hub for our industry.”

RATO Power Co Ltd. announced last week the selection of Denver, North Carolina for its North American headquarters, which will also be its first facility outside of China. RATO manufactures ATVs, motorcycles, water pumps, generators and general purpose engines used primarily for outdoor power equipment. RATO currently supplies customers in more than 100 countries and produces about one million units of general purpose engines and 100,000 units of motorcycles and ATVs annually. 

Supply chain logistics are important not only to companies seeking to locate in
North Carolina, but also to the state’s existing companies. Supporting business expansion through increased exports is also a priority for the state. New Bern-based Hatteras Yachts announced in January the shipment of their first yacht to China. The 60-foot motor yacht was sold to a group that Gov. Perdue and Secretary Crisco met with in October during a business development trip to China. “Last year we announced our intentions to enter China, including the opening of a sales office in Shenzen,” said James R. Meyer, Hatteras President and CEO in a press release. “We are now shipping our first sold product. The yacht will debut later this spring at China’s most important boat show. I want to thank Gov. Perdue and Sec. Crisco for their work on this project.” 

In North Carolina, exports support approximately 347,000 jobs and have an economic impact that exceeds US$30 billion. The annual
state and local tax revenue realized as a result of export activities is nearly $2.8 billion.  China is now North Carolina’s second largest trading partner, with North Carolina businesses exporting more than $2.2 billion worth of products and services to that market.

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