Each year, Massachusetts brings in $28 billion in revenue from international trade. Clearly, developing strong partnerships and trade networks is vital to maintaining the health of the state’s economy. While many of these partnerships are forged between local companies and those abroad, sometimes agreements are made at a higher level. Recently, the Massachusetts Office of International Trade and Investment (MOITI) and the Beijing Municipal People’s Government entered into a Memorandum of Understanding (MOU). (Image courtesy: http://bit.ly/9bSmcY)The MOU outlines that both parties will make efforts to support free information exchange, direct investment, and referrals between each other. Specifically, some of the areas in which Massachusetts and China pledge to work together are renewable energy, financial services, communication technology, life sciences, and port development.
“China is a very important market for the innovative technologies and entrepreneurial spirit that is the lifeblood of the Massachusetts economy,” said Ted Carr, the MOITI’s Executive Director. “Governor Patrick has recognized this and my office has worked very hard to open new doors in China for Massachusetts business. We have satellite offices in Shanghai and Beijing and we see this agreement as a very positive step forward in building a relationship that benefits the citizens of Massachusetts.”
Delegates from the Beijing Municipal Government, Changping
District Government, and the Zhongguancun Life Science Park will be visiting Massachusetts for a three-day tour during which they will take part in a roundtable discussion about business opportunities in the Bay State and meet with key figures in the state’s life sciences industry. (Image courtesy: http://bit.ly/89VqUE)While it might be possible for Massachusetts to have a successful economy on its own, it is undeniable that via partnerships with companies abroad the state can progress beyond anywhere it would be able to reach alone. This new agreement between Massachusetts and China will bring fresh resources to both places and new opportunities for success.
[Sources: http://bit.ly/9Riuta, http://bit.ly/dAYzon]
