NC Leaders Visit Taiwan, Japan to Strengthen Business Ties
North Carolina is actively working to reshape its business landscape and attract foreign investment. Following decades of offshoring that devastated local industries, particularly textiles and furniture, state officials are pursuing new strategies to bring factory jobs back.
Strengthening Business Ties with Taiwan and Japan
Former Governor Roy Cooper launched an economic development strategy that attracted significant interest from Japanese companies, including Toyota, Fujifilm, and Nipro. The focus continues under the leadership of current Democratic Governor Josh Stein, who recently returned from a successful trip to Taiwan and Japan.
Recent Diplomatic Efforts and Trade Missions
- Governor Josh Stein conducted a trade mission to Japan and Taiwan.
- Lt. Governor Luke Farley, a Republican, is currently visiting Taiwan on an independent trade mission.
During their visits, state officials emphasized that North Carolina is “open for business,” highlighting the state’s recognition as the number one state for business for three of the last four years. Farley mentioned his goal of promoting North Carolina’s industrial opportunities while in Taiwan.
Economic Development Benefits
Stein reported a thriving reputation for North Carolina in Asia, with strong agricultural ties, citing the popularity of local sweet potatoes in Japan. He emphasized the critical nature of relationships, particularly with Japan, North Carolina’s largest source of foreign direct investment.
Current investments by Japanese companies, particularly in the pharmaceutical and clean energy sectors, are driving job creation. Notably, Kiowa Kirin and FujiFilm are investing heavily in new plants in Lee and Wake counties.
Key Investments and Future Prospects
- The upcoming Toyota battery plant near Greensboro is expected to create over 5,000 jobs.
- State officials anticipate further investment deals as a result of recent trade discussions.
Stein’s visit involved a multi-state delegation, including leaders from Georgia and Tennessee, showcasing Southern states’ collaborative approach to economic development. These states benefit from factors such as affordable land and incentives to attract manufacturing facilities.
Incentives and Support for New Businesses
North Carolina’s competitive advantages—like tax breaks and a designated workforce training system—have successfully lured new businesses. The state is prepared to offer substantial taxpayer-funded incentives to ensure companies meet job creation targets.
As Stein concludes, there is optimism for future investments, hoping they yield further benefits for North Carolina’s economy. The state’s efforts to develop strong international partnerships remain a key element in revitalizing local industries.
