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Georgia moves to become top drawcard for money from China

By Wang Chao (China Daily)
Updated: 2010-11-10 10:35

BEIJING - Georgia is confident of becoming the top destination for Chinese investments, following a week-long visit to China by officials from the state's Department of Economic Development.

Mark Lytle, the department's director of international investment, said in Beijing on Monday that the state began "intensive cooperation" with China three years ago, with an increasing number of Chinese companies choosing the state as their overseas head offices.

Last year, Georgia ranked No 3 in attracting Chinese investments, after California and New York State.

Ken Stewart, the department's commissioner, said Georgia is now home to more than 2,500 international companies, including the Chinese companies of Sany and Hisense.

Sany, China's largest heavy equipment manufacturer, has built a factory, while Hisense, a home appliances company, has its US sales and R&D centers in the state.

"Hisense is considering moving its US headquarters to our state," Lytle said.

Georgia is proud of its transportation system, with its Atlanta airport the busiest in the world. Every week there are 31 sea routes between China and the state.

Lytle said that with its "premium transportation system", Georgia is able to reach 80 percent of the US within two hours of flight and two days of driving.

Transportation is not the only thing that attracts investment. Pat Wilson, the department's deputy commissioner, said there are tax incentives for Chinese investors. "We cut some corporation income tax," Wilson said.

Lytle said high-tech companies offering higher than average salaries will also get special favorable policies.

"For example, we offer incentives to medial and logistics companies, but not retailers."

Wilson said the state wants all types of companies from China to invest, be they private or State-owned. As well, investments on new energy are welcomed.

"Solar energy and bio-energy are growing businesses, so we welcome any business related to solar and other clean energies," he said.

China Daily