Portland, Maine, 16 August, 2016 – Although not well known by China, the State of Maine is quickly becoming a new destination for Chinese investment. Interest in Maine has been driven by economic growth and the many advantages the state offers investors. The IBM Institute for Business Value released its 2016 Global Location Trends Annual Report citing the United States’ continued lead as the world’s top destination for foreign investment. The state of Maine seems to be benefitting from this trend. Of the 50 states, Maine was among the top ten in economic growth in the first quarter of 2016, producing US$ 58.1 billion in goods and services compared to $55 billion last year. With low tax burdens on new businesses, and labor costs six percent lower than the national average, investment opportunities are attracting businesses to Maine.
Maine is a Hub for Innovation and Investment
Maine is the largest marine aquaculture producing state in the U.S. The lobster industry in Maine is no secret, as it supplies 45 million kilograms of lobster each year. But Maine is also the primary U.S. supplier of wild caught cold water shrimp, oysters, mussels, and clams. Furthermore, Maine is a hub for advancement in marine technology, including land-based farming which provides a solution to wild-based seafood scarcity. China consumes an incredible amount of seafood each year, and as China’s middle class expands, consumers are developing a taste for new, high quality, imported seafood. Chinese companies have already begun to visit Maine in search of ways to satisfy this growing demand.
There are prospects within Maine’s aviation industry as well. Maine is within 500 miles of 22% of all U.S. General Aviation (GA) aircraft, and 52% of GA aircraft in Canada. The Maine Aerospace Alliance works to ensure the industry’s continued competitiveness through improvement and innovation. The Alliance is a network of more than 80 companies totaling $500 million in annual revenue. With this wealth of knowledge, new aviation and pilot training programs that target Chinese students are in development. Brunswick Landing and the Executive Airport has over 3,200 acres of land, consisting of almost 2 million sq. ft. of commercial and industrial space. It is an epicenter for growth of Maine’s aerospace industry and home to aircraft manufacturing, MRO, aerospace R&D, and aviation training.
A non-corrosive, composite based technology for building bridges was invented in Maine, which now is home to the longest composites bridge in the world. The technology improves transportation infrastructure through an innovative and transformative bridge building system. The company responsible for the technology, Advanced Infrastructure Technologies, has received several national and international awards for innovation and change. The most recent of these awards was the White House “Champions of Change” Beyond Traffic: Innovators in Transportation, which was presented to them at the White House.
Maine also boasts leading clean environmental technology. Cerahelix produces a ceramic filtration technology that helps clean highly contaminated water caused by fracking. The company has a patented technology that combines ceramic chemistry with DNA biotechnology to make the next generation ceramic filter. The filter can be used across multiple industries as it combines high purity in a durable ceramic material. SeaChange Group developed Bio-EHF, a bio-diesel drop-in fuel with patents in North America and Europe. It uses glycerin, a waste product in bio-production, resulting in a cleaner, cheaper and better performing fuel that meets and/or exceeds environmental regulations. Bio-EHF has been approved for use in the maritime, off-road and rail industries. New test results expand use to residential and light commercial heating applications.
These and other investment opportunities will be detailed in Maine’s new investment project book, being compiled by Maine International Trade Center (MITC). The project book will be designed for Chinese investment attraction and soon be available to the public. To learn more please contact, Invest in Maine representatives Maria McIntyre or Invest in Maine China representative Maggie Chin, or visit their website at http://www.investinmaine.net or at http://tractus-asia.com.
Maine International Trade Center (MITC) is Maine’s leading source for international business assistance. Created by the state legislature in 1996, our mission is to expand Maine’s economy through increased international trade in goods and services. MITC is a public-private partnership, funded through membership dues of nearly 300 businesses and organizations, corporate sponsor contributions, and the Maine Department of Economic and Community Development.
Tractus Asia is a leading Asia-based foreign direct investment advisory firm focused on assisting companies, government agencies and multilateral organizations with their trade, investment and growth strategies. We work to develop the most cost-effective approaches for our clients to establish operations, make acquisitions, expand, or diversify their manufacturing and service industry investments throughout Asia. Tractus has assisted more than 1,000 companies to develop and implement their corporate strategies on over US$5 billion of foreign direct investment and trade.