Around Town : Let the world know Arkansas is open for business
Posted on Wednesday, April 30, 2008
URL: http://www.nwanews.com/rhtn/Editorial/3884/
Recently, I presented Mrs. Sun Cha Lee with a resolution recognizing her work as an Arkansas ambassador. Mrs. Lee, a native of South Korea, currently serves as chairman of the board for the World Traditional Taekwondo Union (WTTU ) and is also chairman of a scholarship foundation named for her late husband, the H. U. Lee Foundation, which has awarded more than $ 150, 000 to students.
The WTTU oversees the American Taekwondo Association, headquartered in Little Rock, where it holds its annual World Championship Tournament each year. In 2007, more than 5, 000 competitors from across five continents participated in martial-arts events, making it the largest convention in our capital city last year.
As an ambassador for Arkansas, Mrs. Lee provides a face and a voice for our state in South Korea. She is very well-respected there and around the world for all the work that she and her late husband have done for American Taekwondo, one of the most popular and successful of the martial arts, promoting a non-aggressive style of self-defense that has spread internationally. Now, Mrs. Lee will help the Arkansas Economic Development Commission identify companies that are looking to match their desire for growth with the resources and ready workforce in our state. Arkansas has a lot to offer companies looking to expand, and Mrs. Lee will be a key messenger in South Korea and other Asian nations.
When we talk about expanding our economy, we cannot afford to overlook the importance of foreign investment in our state. Foreign companies employ more than 24, 000 workers in Arkansas. These companies are based all over the world. From Brazil to New Zealand and Hong Kong to South Africa, Arkansas is an active participant in the global economy.
The United States is unique in that it is the largest foreign, direct investor in the world and also the largest recipient of foreign direct investment. This dual role means that globalization, or the spread of business by firms across national borders, has become a prominent feature of the U. S. economy and that through direct investment, our nation’s economy has become highly connected with the broader global economy.
The overall benefits of foreign direct investment are well-documented. Many studies have shown that foreign direct investment triggers technology spillovers, assists workforce development, contributes to international trade integration, helps create a more competitive business environment and enhances enterprise development. All of these contribute to higher economic growth, which is critical to creating an economy that works for everyone, and most importantly, creates good jobs.
One recent example of foreign investment in Arkansas is LM Glasfiber’s new manufacturing plant in Little Rock. LM Glasfiber calls Denmark its home, but Arkansas has now become the company’s headquarters in the United States. LM Glasfiber manufacturing facilities is making a $ 150 million investment in the state of Arkansas. It will initially employ 500 employees, and, once it is at full capacity, will employ 1, 000 workers. Not only will it be a manufacturing plant, but it will also be their North American Corporate Headquarters and the site for a dedicated training facility.
If we are going to make Arkansas the envy of the nation, we must roll up our sleeves and begin our work with optimism and determination and continue to build on our successes. We won’t be satisfied with past accomplishments. Rather, we will continue to work together to create a more dynamic and prosperous state for all. Mrs. Lee and the dedicated individuals at the Arkansas Economic Development Commission are helping to ensure that the rest of the world knows that Arkansas is open for business.
Arkansas Gov. Mike Beebe can be reached at State Capitol, Little Rock, AR 72201 or telephone (501 ) 682-2345.