A growing number of Chinese manufacturers are setting up shop in the United States. In these tough times, economic development agencies are welcoming them with open arms.
By Josh CableIn late July, Hong Kong-based Mamtek International Ltd. broke ground on a new manufacturing plant in Moberly, Mo. The plant, which will produce a no-calorie sugar substitute called Sweet-O, is expected to create more than 600 jobs over the next few years and pump $46 million into the local economy.
The new plant will be a godsend for the city of Moberly, where job losses in the manufacturing sector have contributed to a nearly 10% unemployment rate. But Mamtek's commitment to build a greenfield plant in Moberly was no miracle. The city sold $39 million in bonds to help finance the construction of the facility, and the state kicked in $14.4 million in tax credits and $2 million in Community Development Block Grant funds, among other incentives.
The groundbreaking took place just 90 days after Mamtek executives first visited Moberly -- a breakneck pace in the world of economic development.