McDonnell announces trade deal between Smithfield, Dandong Port Group
Gov. Bob McDonnell announced that Virginia-based Smithfield Foods, Incorporated and China’s Dandong Port Group have reached a memorandum of understanding to explore business opportunities in the rapidly growing market of northern China. The relationship was formalized by the signed MOU achieved during the governor’s recent trade and economic development mission to Asia.
Dandong, which is located in the Liaoning Province, owns and operates major port and infrastructure assets throughout northern China, and Smithfield is the world’s largest pork processor and producer. The two companies will examine ways to grow the business alliance through exchange of information and market studies aimed at maximizing the assets of both companies. China is the world’s largest consumer of pork, and the need for high quality imported product is increasing. During the first quarter of 2011, China imported more than $42 million worth of U.S. pork.
“I’m pleased that my administration’s discussions with Dandong throughout this year ultimately led to Dandong and Smithfield formalizing this MOU during our recent marketing mission to Asia,” said McDonnell. “This strategic partnership will serve both companies in the future: Smithfield gains an important strategic ally in a rapidly developing region of China, and Dandong will serve as the regional hub for supplying the needs of this region as well as other countries in northeast Asia. As we work to market Virginia around the world, it is our goal that more deals like this one will be reached, leading to greater exports of high-quality Virginia products to growing markets.”
“On behalf of Smithfield, I want to thank Governor McDonnell and his team for promoting Virginia agriculture during their recent trade mission to Asia and in previous international marketing missions,” said Joseph W. Luter IV, executive vice president of Smithfield Foods. “By making increased agricultural exports a priority of his economic development agenda, Gov. McDonnell is expanding opportunities for the state’s top industry.”
An MOU describes an agreement between two or more parties that sets in motion future business between the parties. The MOU executed on the governor’s recent trade mission represents a commitment from the parties to explore opportunities for partnership in trade with the intent of generating mutual, new and improved business.
“Increasing agricultural exports is vital to providing more economic opportunities for our producers, processors, and shippers,” said Secretary of Agriculture and Forestry Todd P. Haymore, who participated in the recent marketing mission to Asia with Gov. McDonnell. “Gov. McDonnell has made clear that my top priority is to work closely with our private sector partners to help them find new export opportunities. I’m hopeful that this MOU and other discussions we’re having with foreign customers will grow our exports and improve Virginia agriculture’s standing in the global marketplace.”
In 2010, overall agricultural exports from Virginia reached $2.24 billion, the second highest total in history. China was the second largest export market for Virginia’s agricultural products, with shipments valued at almost $195 million. A significant portion of Gov. McDonnell’s trade and economic development mission to Asia was aimed at growing Virginia’s agricultural and forestry exports to China, Japan, and South Korea. Governor McDonnell and Secretary Haymore met with almost two dozen current or potential new customers of Virginia’s agricultural exports during the 11-day trade and economic development mission.
Agriculture and forestry are Virginia’s largest industries, with a combined economic impact of $79 billion annually: $55 billion from agriculture and $24 billion from forestry. The industries also provide approximately 500,000 jobs in the Commonwealth.
McDonnell opens Virginia marketing office in Shanghai
Gov. Bob McDonnell today expanded Virginia’s international economic development presence with the opening of the Commonwealth’s new marketing office in Shanghai.
The governor announced the opening of the new office during a press conference at the JW Marriott in Shanghai.The governor is currently on a two-week job creation and marketing mission to Japan, China and Korea.
“Virginia has a compelling story to tell, and we must tap into the Chinese market if we want to be successful in today’s global economy,” McDonnell said.”Success in China will mean good jobs for Virginians.A strong economic relationship with China will grow the Commonwealth’s economy and that is why I committed in my campaign to establish this office.Unfortunately Virginia has failed to properly devote resources in recent years to market to China, putting us behind other states in competing for investment opportunities. That is no longer the case.”
Hailey Fong, the Virginia Economic Development Partnership’s Director of International Investment, China, is now based in the new office in Shanghai.Fong has worked for VEDP for 10 years, promoting trade and investment in the greater China region.
VEDP has also hired Joyce Hua as Director of Trade Development, China. Hua has 10 years of experience working in foreign trade, marketing and project management. She is familiar with multi-culture environments, especially with Sino-American relationship and culture exchange. Hua is experienced in consumer research management, along with marketing communication, planning and execution. She will be an important addition to the Virginia export team, working to develop new trade opportunities for Virginia companies.
VEDP has conducted multiple trade missions with Virginia companies to China. At least eight current companies in the Virginia Leaders in Export Trade program are actively pursuing the Chinese market and have used VEDP resources to assist with their strategy in China.
With the establishment of this office, Chinese companies will have the opportunity to work directly with Virginia as they establish their “Go Global” strategy, and Virginia companies will work closely with Chinese companies to establish new products and services to serve Chinese consumers.
China’s annual economic output has surpassed that of Germany and Japan, and is now the world’s second-largest economy. China is Virginia’s 2nd largest export destination. Virginia exports to China grew eight percent in 2010 to reach a value of $1.2 billion. In the year 2000, when China was Virginia’s 14th top export destination, Virginia exports to China were valued at $197 million. Top 2010 exports from Virginia to China are integrated circuits, plastics, synthetic fibers, industrial machinery, and aluminum, mainly waste and scrap.
McDonnell leads economic-development mission to Asia
Gov. Bob McDonnell and a team of Virginia economic development officials embarked on Friday on an 11-day job creation and economic development marketing mission that will take the group to Japan, China and South Korea before concluding on May 17th.
The marketing mission provides the Governor and other state officials a unique opportunity to strengthen Virginia’s relationship with foreign companies that already have a Virginia presence and to share Virginia’s story with prospective corporate investors and importers.
Among those accompanying the governor on the mission are Secretary of Commerce and Trade Jim Cheng, Secretary of Agriculture and Forestry Todd Haymore, and senior officials from the Virginia Economic Development Partnership, Virginia Tourism Corporation, and the Virginia Department of Agriculture and Consumer Services. The team will aggressively and proactively encourage business investment and job creation initiatives throughout the Commonwealth.
First Lady Maureen McDonnell will join the mission during the China and South Korea legs of the trip, focusing her efforts on promoting tourism and the Virginia wine industry.
“We’ve got a great tax, regulatory and litigation environment, we’re a right to work state, we have world class colleges and universities and our citizens can out-compete and out-innovate any other workforce on the planet,” McDonnell said. “As the CEO of the Commonwealth I’m going to meet face to face with business leaders and CEO’s all across the world and I’m going to tell them why they should invest in Virginia. We will not be passive in our efforts to bring good paying jobs to this state. We will not sit by and watch as the jobs and opportunities our citizens need are awarded to other states and countries that choose to be more proactive and visible. There is a global competition underway to attract the job creating private sector businesses that will power and define the 21st century economy. Virginia is going to win that competition. It will mean more jobs and opportunities for our citizens and a better and stronger Commonwealth in the years ahead.”
While on the job creation and economic development marketing mission to Asia the Governor and Virginia officials will meet with business leaders in Japan, China, and South Korea in an effort to increase Virginia’s agricultural and forestry product exports to those countries. China and Japan rank second and eleventh, respectively, on Virginia’s list of export markets, while South Korea ranks in the top 30. China has shot up to second after ranking 14th just 11 years ago in 2000. In China the governor will participate in an investment seminar, promoting Virginia’s business location advantages to approximately key 100 business executives. He will also meet with Virginia servicemen and women stationed at U.S. Army Garrison YongSan in South Korea.
In addition, the First Lady and the Virginia Tourism Corporation will meet with media to encourage editorial coverage of traveling to Virginia and Virginia wine touring. The First Lady and the governor and the Virginia Tourism Corporation will unveil Chinese and Korean translated websites to media in those countries in order to increase direct flight arrivals from Beijing and Seoul to Dulles Airport. In South Korea, the governor and First Lady will hold a media event promoting the new immigration service agreement between the U.S. and South Korea to extend the trusted traveler programs between the two countries.
The governor led a similar job creation and economic development marketing mission to Europe last summer. While on that mission he met with officials with The Hornschuch Group, a leading producer and marketer of highly technical films, and helped close a lucrative economic development deal that led to the company investing $28.3 million to expand its O’Sullivan Films operation in Winchester. The project will create 174 new jobs in the Winchester area.
Legal aid attorney named to 2010 Virginia Legal Elite
Virginia Business magazine has named local legal aid attorney John Whitfield to its 2010 list of Virginia’s “Legal Elite.” Whitfield, a resident of Staunton, has served for the past 22 years as the executive director of Blue Ridge Legal Services, the non-profit legal aid society serving the Shenandoah and Roanoke Valleys.
To determine its 2010 list, Virginia Business magazine asked 11,500 lawyers throughout the Commonwealth to nominate the best in their profession in 15 categories. Legal peers selected Whitfield as one of the state’s top attorneys in the “Legal Services/Pro Bono” category. This is the sixth consecutive year Virginia Business magazine has named Whitfield to its listing of the state’s top lawyers.
Mr. Whitfield was the 1998 recipient of the Virginia State Bar’s Legal Aid Award, the Commonwealth’s highest recognition for legal aid attorneys, and he is a former president of the Harrisonburg-Rockingham Bar Association. He was a 2009 Virginia Law Fellow inductee. He is a member of Memorial Baptist Church in Staunton.
Blue Ridge Legal Services is a United Way partner agency.
Edited by Chris Graham. Chris can be reached at freepress2@ntelos.net.
Ranking: Virginia tops in business
Virginia is the “most pro-business state” in America according to the Pollina Corporate Top 10 Pro-Business States for 2010 rankings released Thursday. This marks the fourth time the Commonwealth has held the top spot, with previous top rankings garnered in 2003, 2007 and 2009.
In the official release from Pollina, the company notes that the study involves “…ranking states based on 31 factors controlled by state government, including taxes, human resources, education, right-to-work legislation, energy costs, infrastructure spending, workers compensation laws, economic incentive programs and state economic development efforts.” Utah was ranked the second most pro-business state in the study, followed by Wyoming, South Carolina and North Carolina.
“Pollina has pointed out what we’ve known here in Virginia for a long time—that we are the best state in America for business. That’s no small feat in such a tough economy. Pollina clearly recognized the pro-business atmosphere and first-class educational system we have built here in Virginia. And that work is ongoing,” Gov. Bob McDonnell said Thursday.
The full Pollina rankings and report can be found here: http://www.pollina.com/publications/probiz~1.htm.
Story by Chris Graham. Chris can be reached at freepress2@ntelos.net.
Keywords: virginia business, bob mcdonnell business
McDonnell announces $20M DuPont facility in Chesterfield
Gov. Bob McDonnell announced on Tuesday that DuPont will invest $20 million to establish a facility in Chesterfield County to make the first nanofiber-based polymeric separators for high-performance lithium ion batteries for electric vehicles and many other potential commercial uses.
The facility, an early commercial-scale plant to produce the new material for this growing market, will be located at a leased building in Chesterfield County and will begin operations in early 2011. Virginia successfully competed against a number of other locations for the project.
“DuPont is a science leader and a major employer in the Commonwealth. The company has been in Chesterfield County since 1929 and this exciting new battery technology facility will continue DuPont’s history of innovation in the Commonwealth of Virginia. We are committed to helping our existing employers expand their operations in the Commonwealth. This announcement is positive news for our economy, and for the competitiveness of Chesterfield County and the entire Commonwealth in the global marketplace,” McDonnell said.
The facility will further refine and develop DuPont™ Energain™ separators, a nanofiber-based material that improves safety by allowing high-performance lithium-ion batteries to operate at higher temperatures and can increase power up to 30 percent.
“DuPont™ Energain™ separators will be key to battery manufacturers making huge advances in lithium-ion batteries,” said Thomas G. Powell, President, DuPont Protection Technologies. “DuPont enjoys a great, long-term partnership with Virginia and the technology development it enables enhances our presence here as a major employer.”
The Virginia Economic Development Partnership worked with Chesterfield County to secure the project for Virginia. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development.
“It gives Chesterfield County great pleasure to partner with our largest private employer on this exciting and innovative project. DuPont is one of our oldest businesses and we are delighted that they continue to choose Chesterfield County as the location to grow and prosper,” said Dan Gecker, Chesterfield County Board of Supervisors chairman.
Edited by Chris Graham. Chris can be reached at freepress2@ntelos.net.
Keywords: waynesboro virginia, dupont virginia, bob mcdonnell virginia dupont, virginia business
State gets top-10 business rankings
Edited by Chris Graham
freepress2@ntelos.net
A new report from the United States Chamber of Commerce, “Enterprising States: Creating Jobs, Economic Development, and Prosperity in Challenging Times,” places Virginia in the top ten in numerous categories related to states job creation and economic development policies and environments.
AFPBusiness.com has the story.
