MAYOR Antonio Villaraigosa led a delegation of local and national business leaders, along with executives from the Port of Los Angeles, Los Angeles World Airports and LA Inc. on a trade mission to China, Japan, and South Korea. The delegation left December 3 and will travel to LA’s three largest trading partners through December 14, 2011.
Asia is home to eight of LA’s top 10 trade partners accounting for over $250 billion in two-way trade and hundreds of thousands of direct and indirect jobs.
“The future of Los Angeles is tied closely to our neighbors in the Pacific Rim. As we strengthen and rebuild our local economy we must leverage our assets in this global marketplace to create jobs here in Los Angeles,” said Mayor Villaraigosa. “Since our 2006 trade mission, we have worked to develop strong economic ties with Asia. This year we will continue to strengthen important relationships, while working to increase investment, trade and tourism in LA.”
During the 2006 LA trade mission to Asia, the Administration signed $300 million in investment agreements and expanded tourism. Earlier this year, Chinese electric vehicle manufacturer BYD opened its North American headquarters in Los Angeles.
Also earlier this year, one of China’s largest communications companies, China Telecom, opened a second Internet Data Center (IDC) in Los Angeles. This will be only its second center on the West Coast. The IDC will allow businesses in California and China to communicate more efficiently. China Telecom forecasts over $100 million of economic development in the region from the IDC.
This year, the Administration will announce agreements to expand investment and trade with Hyundai, Wet, IKONIC, AECOM and Forever 21. The delegation will promote expanded tourism to Los Angeles at a series of events in all three countries.
Throughout the trip, the delegation will meet with several key government leaders including China’s Vice Premier Wang Qishan, Vice President Xi Jinping, Chongqing Part Secretary Bo Xilai, Shanghai Mayor Han Zheng, Sendai Mayor Emiko Okuyama, and Seoul Mayor Park Won Soon.
During this trade mission, the delegation will hold dozens of meetings and events designed to encourage companies to locate in Los Angeles, invest in our local companies, and increase imports and exports of goods and services through the Port of Los Angeles.
For example:
-OnGreen is an LA-based company that helps local CleanTech firms find investors and partners from around the world. OnGreen will showcase 15 to 20 LA CleanTech firms, their products, and services during a series of meetings and events designed to increase Asian investment in LA’s growing CleanTech sector.
-LA-based Forever 21 will re-enter the Chinese market by opening three new Forever 21 retail stores. Forever 21 will be the only North American company to compete in China in the fast-fashion sector with the likes of H&M & Zara.
-IKONIC Entertainment Group is a new LA-based company formed to provide project turnkey services to the entertainment real estate business in China. IKONIC is expected to create 200 LA jobs while working on the Shiyan city Taichi Lake project—the largest leisure resort project in China.
-Huawei Technologies Co. Ltd is a leader in information communications technology. The company, which has committed to opening an LA office, has products and services in 130 countries and is used by 45 of the world’s top 50 telecom operators.
-AECOM is a Fortune 500 company and global provider of professional technical and management support services headquartered out of LA. AECOM is the program manager firm for the $4.1B program underway to renovate LAX international terminal. Villaraigosa will attend the opening of their Shanghai office and celebrate the expansion of this LA company’s global business.
The Port of Los Angeles is the leading destination for imports from Asia, the nation’s number one port center based on trade volume and the number one customs district. During the trade mission, Port executives will showcase LA’s expanded capacity and opportunities for Asian exporters to grow their operations in Los Angeles with manufacturing space and increased movement of goods. For example, a channel deepening project will allow ships to reach a 53-foot depth. The China Shipping terminal is doubling in size to include 142 acres as well as an additional 2,500 feet of wharf space to accommodate a maximum of 1.5 million 20-foot containers.
This is the second Asia trade mission of the Administration and there has been considerable business development between the regions in recent years as the economic partnership with Asia has grown.
Chinese-owned businesses in the City of Los Angeles support 600 jobs and $32 million in wages.
(www.asianjournal.com)
(LA Weekend Dec 10-12, 2011 Sec A pg. 9)
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