The proposal by NewMarket Technology Inc. of Dallas surfacedyesterday during a presentation to a select group of companies inBeijing. The plan is still preliminary, with the location androll-out timeframe for the Chinese Consumer Market Commerce Centerstill part of the unknown, Richard Lutz, NewMarket's investorrelations director, tells GlobeSt.com.

|

What is known is "a lot of manufacturers want to break into theUS market and just don't know how," Lutz says, adding the team hadbeen "exploring" New Orleans for investment when the idea startedto gel. Lutz says the ground-up project will be a cultural andmarketing B2B portal, which could include showrooms and call centercomponents. He says the commerce center is aimed at creating "atwo-way street" for trading with a bricks-and-mortar presence on USsoil as an entry portal for Chinese firms.

|

NewMarket as a minority partner for the project yesterdaylaunched NewMarket China Inc. on the Over-The-Counter BulletinBoard, opening the door for the center to be a US corporation.NewMarket touts itself a pioneer in financing early stage businessinitiatives.

|

Steve Molnar, director of Greater New Orleans Inc., says thecity's history as the site of the first World Trade Center makes ita logical choice for the US' first China commerce center. "Therehave been similar concepts proposed, but never developed," Molnarsays about the China Consumer Market Commerce Center. "From ourend, it's a great opportunity for the market. We'd like to increasetrade with international groups."

|

Molnar says the Greater New Orleans team is tracking more than$15 billion of foreign investment interest in the city. "There'squite a lot of interest being expressed. How many will come tofruition," he says. "Time will tell."

|

The NewMarket team has held talks with Mayor Ray Nagin'seconomic development team, which "has been very instrumental ingetting this project off the ground," NewMarket CEO Philip Vergessays in a release about the proposal. "This project will generatejobs in New Orleans, an enhanced market opportunity for qualityChinese manufacturers and a showcase client for NewMarket."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.