The Youngstown-Warren Regional Chamber announced Friday that they will enter an agreement with a Chinese trade group.
The two entities will formalize a cooperative economic development initiative Tuesday. In a press release issued by the Regional Chamber, the groups will sign a Memorandum of Understanding at 6 p.m. at the D.D. and Velma Davis Education & Visitor Center at Fellows Riverside Gardens in Youngstown.
According to the release, this will mark the beginning of the Regional Chamber's formal China strategy for area companies. The Memorandum of Understanding is the result of international initiatives that the Regional Chamber began in 2009.
Regional Chamber President and CEO Tom Humphries and Liu Fanghui, chairman of China Council for the Promotion of International Trade, will participate in the signing.
"By having an MOU with Shandong Province, the Regional Chamber wants to create a sound entrance strategy for Valley companies that, due to their size, may not have all the resources needed on going it alone when entering the Chinese market," Humphries said. "Such matters to consider are access to experts for incorporation, legal protections, tax and accountancy issues."
The Regional Chamber and CCPIT will work cooperatively on trade and investments opportunities for companies both in Shandong and Ohio, Humphries said.
Eric Planey, the Regional Chamber's vice president for International Business Attraction, said said the Shandong Province and Ohio are nearly identical in terms of economic size and key industry. Both are striving to increase their ability to compete in the global economy with innovations in renewable energy development, advanced manufacturing, modern materials production and technology, he added.
"They have much understanding of the kind, but also the comeback of the Valley," Planey said. "They know about Entrepreneur magazine and Inc. magazine and all the profiles we have. They know about our development of software incubation in Turning Technologies. They see it and they see a dynamic presence taking place here."
Planey said Tuesday's signing follows more than a dozen meetings between local Chamber officials and Chinese business and government leaders to pursue growth in both countries. The five-year agreement also will work to foster collaborations for research at universities, including Youngstown State University and the universities in Shandong Province.
