Alabama delegation visits Shanghai
Updated: 2012-10-19 15:26
By Tang Zhihao in Shanghai (chinadaily.com.cn)
Delegates from Alabama have visited Shanghai to talk about investment opportunities in the United States, with emphasis on the advantages of investing in the state.
The event, organized by the China-based Yingke Law Firm and the Alabama China Partnership, introduced the business environment in the US southeastern state.
The problems faced by Chinese firms in the United States, and possible solutions, were also discussed.
Chinese companies have met many obstacles in the US recently.
George F. Landegger, chairman of Parsons & Whittemore Enterprises, said that the US is facing a tough economic environment, so the country is trying to protect local companies.
PWE has built three paper mills in Alabama with a total investment of $1.4 billion in the past decades.
"There is growth of protectionism in the United States against imports from other countries. The only way you can be sure of keeping your customers in the country is to jump over the border and manufacture in the US," said Landegger.
"Hundreds of Chinese companies will come and invest in the next 10 years. We need to build companies from the ground rather than buying an existing company," said Landegger.
Recently, the Henan-based Golden Dragon Precise Copper Tube Group Inc agreed to invest $100 million to build a manufacturing facility in Alabama.