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Alabama eyes more investment from China

Staff writer |
The U.S. state of Alabama eyes closer economic and trade ties with China, as the two sides see increasing opportunities after years of good communication.

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China and US are now each other's second largest trade partners with two-way investment more than $100 billion.
Kay Ivey, Lieutenant Governor of Alabama, said at an event of the Spotlight on China held in Birmingham, the largest city in Alabama, that China's entry into the World Trade Organization (WTO) opened the door for Alabama and China to do business together, and she had great respect and admiration for the relationship the two sides shared.

"What even more impressive is the Chinese firm Golden Dragon Copper chose to locate at my home county of Willcox. It has been my great joy to see this level of investment and job creation in my home area," she said.

500
million Chinese tourists will travel overseas.
Cui Tiankai, Chinese Ambassador to the United States, said that a lot can be done in bilateral cooperation given Alabama's geographic advantage, natural endowment and human resource and China's huge markets, strong consumption potential and improving business environment.

China and United States are now each other's second largest trade partners with bilateral trade exceeding $550 billion last year and two-way investment more than $100 billion, he said.

"U.S. companies investing in China have reaped significant gains along with China's rapid development. An increasing number of Chinese enterprises are selecting United States as the top destination for their outbound investments, including some here in Alabama," he noted.

In the next decade, China will invest $1.25 trillion abroad. In the coming five years, China's import will total 4$10 trillion and more than 500 million Chinese tourists will travel overseas. "Behind these figures are real opportunities for all countries," he said.

The Spotlight on China is planned to be held until mid-2015, in order to promote exchanges in trade and culture between Alabama and China. China is Alabama's second largest export market.