A delegation of North Dakota business representatives will take part in a trade mission to China in late March. For the past year, the Trade Office has worked to build strong relationships within the Chinese government and with key business leaders in four strategic northern provinces to mitigate the risks that come with entering the complex Chinese market. Mike Seifert, the Trade Office’s director of global resource management, is leading the trade missions development.
The Trade Office’s strategy includes aligning with the priorities of the Chinese government to provide high-demand products and services including value-added foods, agricultural machinery, aviation equipment, clean coal technology, medical equipment, education resources and wind energy technology.
Among our partners in China is William Owens, a native North Dakotan and chairman of AEA Investors, Hong Kong. Owens, a former vice chairman of the Joint Chiefs of Staff, recently traveled to Fargo where he took part in an informational meeting attended by about 45 business leaders with interests in the Chinese marketplace.
“If you know how to find the right people and the right province, the upside is huge,” Owens said. “They are looking for technology and they are looking for American partners who they can develop long-term relationships with.”
The U.S. Commercial Service also is playing a key role in helping North Dakota companies identify and engage qualified customers and other business partners.
In late 2009, economists reported that strong growth in Asia – particularly China – is leading the world’s economic recovery. Unlike other major economies, China never sank into recession during the financial crisis, although its stellar growth rates slowed.
"Despite a global recession, China ended the quarter with a sustained DGP growth of 8 percent,” Seifert said. “This growth presents a wonderful opportunity for North Dakota in that we have both food and energy - two resources that are most highly sought after by the Chinese."
China’s fast-growing urban middle class is leading the country’s transition from an investment-led economy to a more consumer-focused marketplace. The McKinsey Global Institute projects that by 2025, China’s upper middle class will comprise a staggering 520 million people – more than half of the expected urban population.
For more information about China, the Chinese marketplace and the upcoming trade mission to China contact Mike Seifert at phone at: 1 (701) 400-9712 or by e-mail at: mike@ndto.com.
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