In Asia, Douglas Reports Strong Interest In Vermont Projects

(Source:  WPTZ.com By Stewart Ledbetter) MONTPELIER, Vt. -- Gov. Jim Douglas said the 20-person Vermont trade mission he is now leading across Asia is finding strong interest from foreign investors interested in financing development projects back home in the months ahead.Douglas and Jay Peak President Bill Stenger appeared via computer video hookup from a hotel ballroom in Hong Kong Friday morning.They told Vermont reporters said they have found a lot of Asian investors lured by the EB-5 program. The U.S. government program rewards foreign investors who finance private development and create new jobs -- with permanent green cards allowing residency in the U.S."We have to be aggressive in going where the potential is, and right now there is tremendous potential in this part of the world," Douglas said.Stenger said Jay Peak Resort had received $120 million in equity financing for its new base area expansion. He is bullish on prospects other Vermont companies would see similar interest."We'll come back (to Vermont) identifying 200-300 investors who over time, over 18-24 months, half of them will probably find investments they want to be a part of in our state. And that'll correspond to hundreds and hundreds more jobs."Douglas dismissed criticism from Sen. Peter Shumlin, the Democratic candidate for governor, that these trade trips were "junkets" that have failed to stop the job exports to Asia in recent years."Sen. Shumlin can say what he wants, and it may be entertaining rhetoric on the campaign trail, but the fact is this is an interconnected global marketplace."On Wednesday, Shumlin chided the record of Douglas and Lt. Gov. Brian Dubie, who Shumlin faces in the Nov. 2 gubernatorial election."While we've been flying off to Asia, we've been neglecting the 79,000 small businesses in Vermont who want to grow right here," Shumlin said, promising a "change in emphasis" if elected governor.But Douglas said the EB-5 program had helped Vermont do relatively well in the recession compared to other states. "I really don't think Sen. Shumlin knows what it takes to create jobs, and frankly he's tried to thwart my efforts for some time."Douglas noted Vermont's unemployment rate fell again last month to 5.8 percent, making it the fifth lowest in the nation.The governor returns to Vermont late Tuesday night.