Last week, I attended the TBJ Global Summit, a panel discussion on how local companies can expand their opportunities in International Commerce.
Given the growing number of international communities in Morrisville and the Triangle, I would like to see our local Chambers focus more on market opportunities in India, China and other global markets.
Lou Arp from Easai, Bob Geolas from RTP, and a number of experts from financial and trade organizations discussed how there is a prime opportunity for North Carolina companies, to access, markets in India and China, with China representing a more advanced infrastructure, and a growing consumer market.
Lessons learned from this panel was that anyone doing business in India and China will need to find a local partner and in India, you will have to set up a subsidiary and debt financing could be much tougher to deal with in these developing countries.
Bob Geolas discussed how he is already traveling to Japan and China to market the RTP and to also pursue strategic partnerships with these regions of the world. I did bring up the fact that North Carolina has an opportunity to recruit international companies to create jobs by offering a well educated workforce, better infrastructure, and proximity to North American customers.
Essell Propack from Mumbai, India, for these very reasons, invested a $20 million manufacturing plant in Danville, Virginia, for light assembly, creating over 700 jobs, and this effort was led in 2006 by Governor Mark Warner, now a United States Senator.
Great event and always getting outside the silos of government to learn more about what we can do to promote international trade and commerce in the region.
Pictured here with Bob Geolas, CEO of Research Triangle Foundation.by