Another trip to China has produced two Memorandums of Understanding with foreign companies.
The MOU's are a kind of agreement that promises both groups will work towards investing in future projects, one industrial and the other an agricultural product opportunity. These companies are not in major Chinese cities, a fact Economic Development Director Michael Burton says is no accident. "We go into the smaller communities which reflect the same kind of environment that we have here in Chatham-Kent. So they can relate to us. Many of them are agri-business companies, most of them are agri-business communities, most of them have automotive companies in them."
It will be at least a year before the agricultural product sees any fruitful results. Burton wouldn't disclose what the product was, but investors want to be sure it can grow here in Chatham-Kent. So they will plant a few trial acres in CK over the next 12 months.
The industrial product project, however, is already taking shape. Burton says the group is looking at the Wallaceburg area for the project, and should start out with 50 employees.
The MOU's will be signed later this week in Shanghai and Beijing. There are also "non-disclosure agreements" with around half of the 18 overseas files currently open in the economic development department. Council also voted to have specific details about all current investment files provided to them.
