“To invest in foreign countries indicates confidence on the host nation.” With the rapid growth of Chinese enterprises’investment on the USA, Charles Blues, the former representatives of American trade assistants stated that promotion of healthy investment is important for the future economic relationship between China and American. Investment in South Carolina is facilitating the renascence of its Textile Industry Corridor.
Along No. 77 interstate highway located in South Carolina, a Chinese-funded project is under construction. This is the first overseas factory of China Kohl Group, whose headquarter lied at Xiaoshan, Hangzhou. This project costs totally 0.218 billion USD. It is predicted that the factory will able to offer over 500 jobs for the local area in 5 years.
Lancaster used to be a famous textile city of America. From the end of 19 century to 2007, textile industry had always been the economic pillar. In the period of great prosperity, there were almost 20 textile enterprises gathered on the Textile Industry Corridor composed of Lancaster and other two counties next to it. However, the local textile industry almost vanished in 2007 with the last textile factory moving to Latin America.
Keith Nellie, the director of merchants bureau of Lancaster expressed his surprise, “ Kohl is just like catalyst which brings hope for Lancaster’s textile industry.” Nellie also said that, other companies from China and India are also planning to invest there due to the benchmarking effect of Kohl.
It is reported that, the project of Kohl will be finished by March, 2015. South Carolina lies in the center of American cotton production region. This is beneficial for Kohl’s production of industrial yarn. Vice-president of Kohl in America said that, part of products will be sent back to China for sale and others will be prepared for America and the surrounding market.
Post: Textile Industry Corridor Faces Renascence
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