Michigan’s fund seeks capital for comeback
Print Edition
THE US state of Michigan has unveiled a special fund to attract investment to bolster its economy and create jobs, state officials said yesterday in Shanghai.
The Michigan Strategic Fund provides direct cash injection for qualified investors, said Kevin Thomas Kerrigan, vice president of Michigan Economic Development Corp.
The size of the incentive depends on individual cases. For a US$15 million project that generates 60 jobs, the cash injection can reach US$2.8 million, or nearly one-fifth of the total investment.
Chinese investment in Michigan has been expanding quickly with more than 100 companies injecting funds in the state. Between 2000 and the first quarter of this year, Michigan has received over US$1 billion of Chinese investment from big names like SAIC, FAW, Chang’an and Geely.
Brian Connors, international business development manager at MEDC, said labor costs in Michigan have fallen to a level below the average in the US, while the state was still strong in research and development, human resources and production, especially in its automotive industry.
Michigan has been slammed hard by the global financial crisis which led to the bankruptcy of Detroit, a city known for its automaking industry.
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