(Source: WCAX.com) At his weekly press conference Thursday, Gov. Jim Douglas announced he will head to Asia next month in support of the EB-5 program. That's the program that fast tracks green cards for foreigners willing to invest in U.S. companies and able to pass the immigration screening process.
"At a time when capital is hard to come by the EB-5 program is a great asset to Vermont employers who are looking to grow," said Douglas, R-Vermont.
Douglas made a similar trip last year and says that resulted in about $50 million in investments to Vermont businesses, like Jay Peak. The program funded much of Jay's recent expansion.
Overall, Douglas says foreigners have invested more than $100 million in Vermont, creating more than 2,000 jobs.
"More companies are interested in pursuing the program, more investors are interested in what Vermont has to offer," the governor said.
Douglas will travel to Tokyo, Hong Kong, Beijing, Shanghai and Ho Chi Min City. He'll be joined by representatives from several companies, including SB Electronics in Barre.
"Yes we recently learned about the trip from Governor Douglas's office and will be joining him," said Brad Gordon of SB Electronics.
While the company could not confirm its exact purpose for the trip, its presence implies it is hoping to pick up foreign investments. The company is in the midst of a major expansion to triple its work force.
"We're looking to add 130 plus new jobs over the next 5 years. We've already added roughly 24 this year," Gordon said.
While some people have criticized the EB-5 program for allowing people to buy their way into the country, Douglas says it's not up to him to weigh in on that. He is simply helping the state take advantage of an opportunity to grow jobs.
The trip will cost the state about $10,000 but Douglas says numerous Asian companies have told him they'd rather invest with Vermont because they know they have direct access to the governor.
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