Maine Launches Foreign Direct Investment Initiative
Governor John E. Baldacci today unveiled a new Foreign Direct Investment initiative at the 30th Maine International Trade Day event held at the Samoset Resort.
The initiative will focus on increasing investments in Maine’s renewable energy and advanced materials fields, enhancing Maine’s capacity to be a center of excellence in wind energy, composites and advanced materials.
The initiative will attract investments in business and R&D, further strengthening Maine’s internationally active, exporting companies and supporting the State’s universities.
“We have an exciting opportunity in Maine to build on our core strengths in the renewable energy and composites technologies sectors,” said Governor Baldacci. “The trade mission I led last year to Germany and Spain emphasized and reinforced that Maine as a desirable place to invest in the energy sector. Europe showed a lot of interest in Maine in these fields, and several investment groups have visited Maine since last September as a result of the mission. The Direct Foreign Investment initiative builds on this momentum.”
The Maine International Trade Center (MITC) will manage the program, which will include:
- Increasing outreach in international markets through trade shows, trade missions and investment seminars in targeted areas;
- Developing international relationships in the renewable and advanced materials areas; and
The Governor said that supporting foreign investment in Maine’s key energy and composites sectors will help Maine achieve numerous goals. “Supporting clean energy development will not only keep money here at home where it can be put to work for Maine people, but it will grow opportunities for Maine businesses and lead to thousands of new, good paying jobs,” said the Governor. “I am excited about a focused Foreign Direct Investment initiative and the potential we have to rapidly expand our ability to attract business in these areas.”
The Governor specifically thanked the Maine International Trade Center and the support of a core group of private sector companies including Tex Tech and its CEO Ciaran Lynch, public sector agencies led by Maine’s Department of Economic and Community Development and the Maine Technology Institute’s Cluster Initiative Program.
The Governor and MITC released updated trade figures for the State.
Overall, and mirroring national trends, 2009 saw a decrease in trade. $2.2 billion of products were exported from Maine in 2009 (down 24 percent after four years steady growth).
This year’s exports are faring better, with figures up 20 percent in the first quarter of 2010. Especially strong are the pulp and paper industries (up 200 percent and 72 percent, respectively). Semiconductor exports have also shown improvements this year (up 23 percent) and are expected to rebound.
Maine is also diversifying its base of products being exported with shipments to more than 167 countries worldwide.
Trade missions last year were also successful. In Fiscal Year 2009-2010, Maine companies participating in the European Energy Mission and Trade Shows in Vietnam, Dubai and Germany reported more than $23 million in export sales – an all-time record.
In 2009, $148 billion was invested in the U.S. by foreign companies, and 5.5 million American workers are employed by foreign firms.
In Maine, more than 24,000 workers are employed by foreign companies, with $6.2 billion invested in property and equipment.
Topics: 2010, advanced materials, business, clean energy, composites, declining state revenues, economic recovery, Economy, education, employment, Foreign Direct Investment initiative, global recession, Governor John E. Baldacci, health care, higher education, home-based services, human services, investment, job creation bond package, jobs, Maine, Maine International Trade Day, moniter, monitor, news, renewable energy, U.S., United States, wind energy
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