Virginia Gov. Bob McDonnell announced the opening of a Virginia Trade Office in Shanghai, China, on Wednesday as he continues his 11-day trade mission to Japan, China, and Korea.
He has already been to Japan to meet with officials who do business in Virginia, and to try to lure others to invest in the state.
The China office will have two staffers with a budget of about $250,000 annually, which varies with the exchange rate, according to McDonnell spokesman Tucker Martin.
“Virginia has a compelling story to tell, and we must tap into the Chinese market if we want to be successful in today’s global economy,” said McDonnell. “Success in China will mean good jobs for Virginians.”
Last July, McDonnell trekked to the Netherlands, Great Britain and Germany on a separate trade mission. A trade office has also been opened in the United Kingdom, where the state has hired an agency to represent Virginia at an estimated budget of $225,000, which also varies with the exchange rate. The state is slated to open another trade office in India in the fall.
China is Virgina’s second largest export destination – up from 14th in 2000 – and exports from the state grew 8 percent in 2010 to reach $1.2 billion. Top exports last year were integrated circuits, plastics, synthetic fibers, industrial machinery and aluminum.
