Governor Bredesen To Lead Trade Mission To China

Press Release

Tennessee Governor Phil Bredesen today announced plans to lead a trade delegation to China in October 2007 to open the state's first-ever economic development office in Beijing and to build greater economic and cultural ties with one of Tennessee's fastest growing customers.

The trade mission will begin in Beijing on October 16th, followed by a visit to Shanghai and will end in Hong Kong on October 23rd. The Governor made the announcement today in Memphis during a contract signing ceremony between U.S. cotton growers and merchants and officials of the Chinese Ministry of Commerce. The agreement calls for the export of more than 350,000 metric tons of cotton valued at more than $500 million from the U.S. to China.

"The trade relationship between China and Tennessee has been growing at a rapid pace and holds the potential for even stronger growth," said Governor Bredesen. "We're taking an important step with this agreement on cotton, but China has demonstrated a willingness to purchase chemicals, electronics and manufactured goods from Tennessee as well. I believe having a permanent economic development presence in China is a good start toward a stronger trade relationship."

The U.S.-China Business Council recently listed Tennessee as the fastest growing state in the nation in terms of trade with China. Five years ago, Chinese customers purchased less than $200 million worth of Tennessee goods and services. Today, that trade relationship is worth $1.8 billion, making China Tennessee's third largest trading partner behind Canada and Mexico. Since the year 2000, Tennessee exports to China have grown 1,103 percent.

The trade mission is the result of a visit to Memphis by Chinese Vice Premier Madame Wu Yi in April 2006. During talks with Governor Bredesen, Vice Premier Wu Yi extended an offer to the Governor to visit China. Last month, the offer was accepted. The Tennessee Department of Economic and Community Development will organize the trade mission in conjunction with the Chinese embassy in Washington, D.C.

Last month, Commissioner of Economic and Community Development Matt Kisber traveled to China to begin preliminary work on the opening of Tennessee's China office and to lay the groundwork for the trade mission.

"With an annual growth rate of 8 percent to 12 percent a year, the Chinese economy needs the kinds of goods and services Tennessee companies can provide," said Commissioner Kisber. "We believe there is enormous upside potential for a wide variety of industry sectors."

Parties interested in finding out more about the mission's focus, cost and itinerary can contact ECD's Director of Asian Development Lori Odom at (615) 532-8895 or e-mail her at lori.odom@state.tn.us.

Source