Governor Jim Douglas announced he will lead a delegation of Vermont business leaders seeking investors for their companies, especially through the EB-5 program, on a mission to Asia in October, which will include stops in South Korea, Hong Kong, and Taiwan. The EB-5 Immigrant Investor Program gives preferential consideration for permanent resident visas to immigrants who make qualified investments in a new commercial enterprise that will create at least 10 full-time jobs. In most areas of Vermont the required investment is only $500,000 – half the standard $1 million required in most other areas of the country.
“Vermont’s economy has benefited tremendously from the investments made in our businesses through the EB-5 program,” Governor Douglas said. “This trip will allow us to showcase the opportunities for investors here in Vermont, as well as to promote general trade with these countries.”
Two highly successful EB-5 projects, expansions at the Jay Peak and Sugarbush ski resorts, are expected to generate over $100 million dollars of investment in the state and create more than 1,500 Vermont jobs.
“I’m looking forward to traveling with the Governor Douglas because the State of Vermont’s support is critical to establishing the credibility of this program,” said Bill Stenger, president of Jay Peak, who recently testified before the Senate Judiciary Committee in Washington. “I think we’ve only scratched the surface in terms of the potential investment that can come to Vermont as the result of this program,” Stenger added.
Senator Patrick Leahy, who chairs the Senate Judiciary Committee, has championed the EB-5 program in Washington, playing an important role in its success in Vermont. He is pushing to make the EB-5 program permanent.
“As Vermont’s economy emerges from this recession, having access to capital will be critical,” said Chris Barbieri, Director of the Vermont Chamber of Commerce’s Asia Division. “Investments from Asia can help our companies expand and add jobs.”
The trip, tentatively scheduled for October 21 through November 1, will be co-hosted by the Vermont Chamber of Commerce. The itinerary is still being finalized.
The three destinations are among the top 10 trade partners for Vermont. Hong Kong was second only to Canada, with total Vermont exports to Hong Kong in 2008 of $369 million, up 7 percent from 2007. Taiwan was sixth with $158 million in Vermont exports. The Republic of Korea was Vermont’s seventh-largest trading partner with $149 million in exports.
“We believe there is a significant potential to encourage investors in South Korea, Taiwan and Hong Kong to make a commitment to Vermont’s businesses,” Governor Douglas said. “We are inviting any Vermont company looking for investors in a job-creation project to join us on this mission,” Douglas added.
Interested parties can contact James Candido at the Vermont Agency of Commerce and Community Development at (802) 828-3637 or [email protected].
Vermont 2008 Exports To Mission Destinations
Hong Kong (#2)
Total Vermont exports to Hong Kong in 2008—$369 million—up 7 percent between 2007-2008
Top 5 categories of product exported to Hong Kong:
1. Electrical machinery & parts;
2. Industrial machinery, incl. computers;
3. Optics/Photonics, medical devices;
4. Wood and Articles of Wood
5. Precious metals, jewelry
Taiwan (#6 )
Total Vermont exports to Taiwan in 2008—$158 million—down 20 percent between 2007-2008
Top 5 categories of VT product exported to Taiwan:
1. Electrical machinery & parts;
2. Industrial machinery, incl. computers;
3. Optics/Photonics, medical devices;
4. Plastics And Articles Thereof;
5. Vehicles, Except Railway Or Tramway, And Parts
Republic of Korea (#7)
Total Vermont exports to the Republic of Korea in 2008—$149 million—down 43 percent between 2007-2008
Top 5 categories of VT product exported to the Republic of Korea:
1. Electrical machinery & parts;
2. Industrial machinery, incl. computers;
3. Paper & Paperboard & Articles;
4. Optics/Photonics, medical devices;
5. Aircraft, Spacecraft and Parts Thereof