MASSACHUSETTS OFFICE OF INTERNATIONAL TRADE AND INVESTMENT SIGNS MEMORANDUM OF UNDERSTANDING WITH BEIJIING MUNICIPAL GOVERNMENT
New Opportunities for Trade and Commerce Cited in Landmark Agreement
BOSTON - Thursday, June 17, 2010 - Continuing the Patrick-Murray Administration's efforts to increase international trade and investment, the Massachusetts Office of International Trade and Investment (MOITI) today announced that Massachusetts has entered into a Memorandum of Understanding (MOU) with the Beijing Municipal People's Government. The agreement, signed in Boston by MOITI's Executive Director Ted Carr and China's Deputy General of Commerce Dr. Wen Han, stems largely from Governor Deval Patrick's trade mission to China in 2007 and is expected to further strengthen the relationship between the Commonwealth and one of the fastest growing economies in the world.
Executive Director Carr praised the Governor's leadership, citing the many opportunities this agreement will afford the Commonwealth going forward. "China is a very important market for the innovative technologies and entrepreneurial spirit that is the lifeblood of the Massachusetts economy. Governor Patrick has recognized this and my office has worked very hard to open new doors in China for Massachusetts business," Director Carr continued. "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."
The MOU focuses on information exchange, foreign direct investment and innovation referrals. Both Massachusetts and China are world leaders in several key sectors that will serve as a basis for future collaboration between the two entities: clean renewable energy, financial services, information and communication technology, life sciences and port development.
MOITI, along with MassBio, the Massachusetts Life Sciences Center and Genzyme are hosting the Chinese delegation comprised of representatives from the Beijing Municipal Government, Changping District Government and Zhongguancun Life Science Park during their three-day visit to Massachusetts. The delegation will meet with several key business leaders in the life sciences community, attend a dinner held in their honor at Harvard University and participate in a roundtable discussion on business opportunities in the Commonwealth.
International trade accounts for over $28 billion in exports per year and 6 percent of the Commonwealth's workforce is employed by foreign companies.
About MOITI:
The Massachusetts Office of International Trade & Investment (MOITI) works to expand the Massachusetts economy by marketing the state's business internationally, through focused export promotion, attracting foreign companies to invest in Massachusetts and handling protocol as it relates to trade and investment.
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