SHANGHAI – Gov. Rick Snyder continued the state’s pursuit of new business investments and export opportunities by meeting with Chinese executives and government officials to addressed Detroit’s and Michigan’s economic comeback, and the formal agreement signing between the state of Michigan and Shanghai Automotive Industry Corp. — whose STEC USA subsidiary will locate a new headquarters and manufacturing facility in Madison Heights — allowing the company to invest more than $100 million and create more than 1,000 jobs in Michigan.
“Michigan offers great new opportunities for investment by Chinese companies, particularly those in the automotive and other manufacturing-based sectors,” says Gov. Snyder. “Michigan is a global leader and is a natural landing place for companies looking to grow their capabilities in a business-friendly environment with world-class talent.”
Economic partners on the mission applauded Michigan’s focus on the burgeoning China market as a key way to bolster the state’s growing economy.
“In the past few years, we have seen Chinese companies wisely change their long-term strategy to develop a more lasting investment in our state. They want to be a part of our community. This is especially key given Michigan’s global importance in the automotive industry and other sectors,” says Maureen Krauss, vice president of economic development for the Detroit Regional Chamber of Commerce.