Latest news with #EconomicPartnership
Yahoo
7 days ago
- Business
- Yahoo
Economic development consultant presents plan for brighter Marion County
FAIRMONT — After a year of developing a strategy for economic development, Marion County's economic development consultant said the county was ready for its development marathon. But to reach the finish line will require teamwork. The county hired Murray, Ky.-based Chuck Sexton, CEO of Strategic Location Advisors, last July to develop an economic development strategy for the county. He delivered that plan at Wednesday's meeting of the Marion Regional Development Corp. The county approved the first part of Sexton's plan at its meeting earlier in the day Wednesday, when it moved to earmark $150,000 over the next three years to create a new 501©3 that will be called the Marion County Economic Partnership. But while the next task in front of the county is to hire an executive director for the new organization, that may not be its biggest challenge. 'I think the biggest obstacle is getting everybody on the same page, singing from the same song book,' Sexton said. 'To say, this is the direction we're gonna go.' Sexton's strategy calls for the new 501©3 to not just attract business development to Marion County, but to actively pursue it on a global stage. Once the county hires an executive director for the entity, it will be the director's job to attend industry shows and aggressively court business and build relationships to put Marion County in the eye of industry whenever a business is looking for a new place to open up shop. Sexton said he will work in concert with Marion County's existing economic development agency, the Marion Regional Development Corp., which is important, because while the Marion County Economic Partnership can aggressively pursue business development leads, it can't sell property to the companies it brings in to do business in Marion County. Bruce McDaniel, executive director of the Marion Regional Development Corp., said that's where his organization comes in. Once a business is speared and reeled in, MRDC can have whatever property the business needs prepared and ready to sell to the business. MRDC's main focus is developing real estate into business ready pads, complete with utilities, companies can move into and start developing right away. Sexton said for successful economic development both the industrial development arm, like the MRDC, and the traditional economic develop arm, in this case the new 501©3, are needed. Fairmont City Manager Travis Blosser asked Sexton if the City would be paying twice for economic development, once for MRDC and again for the Economic Partnership. Sexton clarified that no, the idea is to pay into one entity and then have funding pass through to the other entity. But, there's still a ways to go before the new partnership can go on safari for businesses to bring back to Fairmont. 'Economic development is not a sprint, it's a marathon,' Sexton said. 'It's getting everyone on the same page and willing to be patient and get the right professional here.' Part of that marathon will be building up an annual operating budget for the new 501©3. Sexton said the target budget for the economic partnership organization should be between $500,000 to $600,000. McDaniel said that amount was way too much for either the City or County to provide on its own, but that the long term goal was to foster support among the county's other stakeholders, such as banks, credit corporations, businesses or even other counties, with an eye toward eventually having the half a million dollar budget be split between multiple entities. Sexton warned that without cooperation from every party involved in developing Marion County's economic development apparatus, the strategy would be doomed to fail. He said corporate leaders can tell when a county, town and other leaders aren't on the same page, dissuading business from setting up shop where they're prospecting. McDaniel was impressed with Sexton's presentation. 'It's a very comprehensive strategy,' he said. 'Something we've never done here in Fairmont, Marion County or West Virginia. So it looks like the pieces are there. Now it's going to be up to everybody in this community to work together to make it happen.' During his presentation, Sexton said he rarely sees representatives from West Virginia at industry conferences he goes to. With any luck, that'll soon change. During the county commission meeting, Commission President Ernie VanGilder said with the county losing jobs due to industries closing or moving away, having an economic development plan in place is more important than ever. Novelis, a major employer in Fairmont, announced in March plan to close by mid summer. However, VanGilder said he sees opportunities in the growing aerospace sector anchored out by the North Central West Virginia Airport. 'I think it's unreasonable to believe that manufacturing will be our biggest thing to go after it,' VanGilder said. 'Heavy manufacturing is really tough to bring into an area like that. What we have around this area is support groups, like our relationship with the airport, Pratt & Whitney, Mitsubishi and Boeing. Those facilities, they need manufactured parts, they need the ability to transport parts. If we can create those partnerships with those companies, that should create jobs.' Another aspect VanGilder brought up and Sexton emphasized was the importance of workforce development, namely improving the career technical education system in West Virginia beyond its current level. VanGilder said he wants to open partnerships with educational institutes like Pierpont Community and Technical College to help bring the region's workforce to where it needs to be. County Commissioner Linda Longstreth, who expressed concerns earlier this year about the lack of information on Sexton's progress in coming up with the strategy, said during the commission meeting Wednesday that she appreciated him coming in and briefing MRDC on the particulars of the plan. The next step now is to hire an executive to helm the new entity. Part of Sexton's deliverables included putting together a search entity whose task is to find the right person to lead the new entity. Sexton has done so, and with that his services to the county are at an end. All the pieces the county needs to move forward are in place. 'I want to encourage the people who live here to understand that their leadership has taken the steps to try to make a bigger and better difference for this community going forward,' Sexton said. 'If they can all work together collaboratively to do that, 10 years from now this community is going to change a lot in a good way.'
The National
28-05-2025
- Business
- The National
UAE and EU hold talks on trade deal
The UAE and EU held talks on Wednesday over a Comprehensive Economic Partnership Agreement, as Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, met the bloc's trade chief Maros Sefcovic in Dubai. The Cepa will strengthen economic ties and unlock new avenues for co-operation. It will pave the way for the removal of trade barriers, enhance market access for goods and services and stimulate investment in key sectors. 'Our negotiations towards a UAE-EU Comprehensive Economic Partnership Agreement are of great importance to both the UAE and the EU,' said Dr Al Zeyoudi, in comments reported by state news agency Wam. 'By working together, we will strengthen our supply chains, drive innovation and create jobs that will benefit our communities and economies for many years to come.' The EU is already among the UAE's key trading partners, with non-oil trade last year reaching $67.6 billion – 8.3 per cent of the Emirates' total. Analysis Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday. The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone's interests to do so and both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle for all. 'The launch of EU-UAE trade talks is an important milestone. We will now work together to seal a deal that can benefit our peoples and businesses, bringing us closer together in a spirit of co-operation,' European Commission President Ursula von der Leyen said in a statement. 'Such an agreement would help strengthen ties between the EU and the Gulf region, offering new opportunities for EU businesses while bolstering our partnership in areas that matter to EU citizens like renewable energy and digital technologies.' Mr Sefcovic said it was 'natural to seek to grow our relations with long-standing and trusted partners' such as the UAE. His visit also included talks with private sector representatives, focusing on opportunities for increased collaboration and investment flows between the UAE and the EU, Wam reported. Asked by The National whether the Cepa with the UAE could become a blueprint for a future EU-GCC free trade agreement, Mr Sefcovic said: 'We have kept our partners fully informed.'
Free Malaysia Today
26-05-2025
- Business
- Free Malaysia Today
Malaysia, Gulf Cooperation Council sign MoU to begin FTA talks
The Asean-Gulf Cooperation Council ministerial meeting held at the Kuala Lumpur Convention Centre on Sunday. (Bernama pic) KUALA LUMPUR : Malaysia and the Gulf Cooperation Council (GCC) have signed a memorandum of understanding to kick off formal negotiations for a free trade agreement. Investment, trade and industry minister Tengku Zafrul Aziz said this marks the first time that Malaysia is engaging with the GCC as a single economic bloc. 'We see this as a positive development. Previously, we signed and finalised a Comprehensive Economic Partnership Agreement with the UAE. This time, we are engaging all six countries within the GCC. 'God willing, this FTA will help our companies gain better access to the GCC market,' he told reporters on the sidelines of the 46th Asean Summit and related summits here today. Without providing further details, Tengku Zafrul said the negotiations will cover several key sectors, including electrical and electronics (E&E), semiconductors, halal products, palm oil, and chemicals. He also said the outlook was promising, given that bilateral trade between Malaysia and the GCC currently stands at US$22 billion (RM103.4 billion). The GCC consists of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain and Oman – a bloc known for its massive energy reserves, robust investment power, and growing appetite for advanced technology partnerships. Tengku Zafrul was previously reported as saying that both sides were aiming to conclude the FTA within a year, drawing motivation from Malaysia's swift completion of the Comprehensive Economic Partnership Agreement with the UAE in just 10 months.
Otago Daily Times
22-05-2025
- Business
- Otago Daily Times
China's rise: stabilising the global order or sparking a major shake-up?
The Shanghai skyline. PHOTO: REUTERS You do not go from Mao suits to luxury malls without shaking up the global order. In just a few decades, China has catapulted from post-revolutionary poverty to boardroom dominance. It is impossible to ignore it; economically, diplomatically and militarily, China is everywhere. But the million-dollar question that seems to haunt many gatherings these days is whether China's spectacular rise is making the world more stable or just more nervous? China had a turning point in 1978. Deng Xiaoping began economic reforms that ripped down the barriers of central planning with the catchphrase "To get rich is glorious," which would make Wall Street blush. Ideological inflexibility was replaced by foreign wealth. China began constructing the mall rather than merely opening stores. The outcome? Unprecedented. Decades of GDP growth of almost 10% annually. Hundreds of millions of people were lifted from poverty. The establishment of a European-sized middle class. And instead of retreating once the Cold War ended, China leaned in with strategic diplomacy, World Trade Organisation participation and a rebranding initiative known as the "peaceful rise". No tanks, no invasions, just trade agreements and infrastructure projects. And here is where the stabilising argument kicks in. China is the top trade partner of more than 120 countries. That is a deterrent as well as being remarkable. Very few states want to risk a conflict with their largest buyer, logistics centre or lender. When your GDP depends on Chinese demand, you think twice before picking a fight. China is also a skilled diplomat player. From the Regional Comprehensive Economic Partnership to Asean to its United Nations role, Beijing has made significant investments to project an image of being a positive global force. In its foreign policy, it promotes "win-win co-operation," non-interference and multipolarity — a world where many people shape it rather than just one sheriff (read: United States of America). That appeals to many states that are fed up with American hyprocrisy and lecturing. Even China's unwavering adherence to sovereignty, which it holds dear, has helped to stabilise some areas by preventing outside interference. Beijing steers clear of messy wars in favour of regional discussions and infrastructure agreements. That strikes many as a welcome diversion from what are often seen in the Global South as the interfering tendencies of the West. But as you flip the coin, the fissures become visible. Let's start with Beijing's outlandish claim to much of the South China Sea. A peaceful rise? When China is displaying naval might, erecting runways on contested reefs and brandishing old maps as if they override international law, it is a difficult sell. The Philippines and Vietnam, for example, were concerned rather than reassured. As a result, the US has shifted its military priorities to Asia and strengthened its partnerships. Then there is Taiwan. Both the military exercises and Beijing's rhetoric are becoming more confrontational. When aircraft carriers are used to support peaceful reunion, such a goal has a hollow ring to it. That is a conflict just waiting to happen; it is not stability. The Belt and Road Initiative is a trillion-dollar infrastructure dream on paper. In actuality? Sometimes it is a disguised debt trap. Ask Sri Lanka, which, due to its failure to repay loans, was forced to cede a major port to China for 99 years. Economic development is not what happens when nations lose control of important assets; rather, it is geopolitical leverage disguised as investment. And do not forget the power competition with the US. We are not yet in a full-blown great power showdown, but the vibes are definitely chilly. Global alliances are already changing as a result of trade disputes, hi-tech prohibitions and military posture. Nations torn between Washington's security umbrella and Beijing's cheque book are forced to choose a side, which never works out well. Where does this leave us, then? The truth is China's rise is a double-edged sword. It offers trade, connection, new diplomatic options and fresh perspectives on world leadership, but it also carries with it economic reliance, strategic rivalries and territorial disputes. Indeed, the world is more interconnected, but it is also more vulnerable. What comes next depends less on China and more on how the rest of us respond. Will we engage where interests align and push back where values clash? Or will we sleepwalk into another great power standoff, trading Cold War 1.0 for a glossier sequel? Whether the future leans towards collaboration or conflict will depend on how we, including New Zealand, respond to that increase. It is a tightrope walk on a global scale; if we tip one way, we make progress together; if we tip the other way, we face a showdown of the 21st century. This is a test of the wisdom of the world, not simply of China's intentions. ■ Mercy Mikaele Fonoti is a master of international studies student at the University of Otago.
Asharq Al-Awsat
16-05-2025
- Business
- Asharq Al-Awsat
Trump: Nobody Will Be Able to Break Relationship with Saudi Arabia
US President Donald Trump underscored on Wednesday his 'very strong' relationship with the Saudi leadership. Speaking from Doha, he said: 'Our relationship now is very strong with Saudi Arabia. Nobody is going to be bothering that relationship.' 'Nobody will be able to break that relationship because of my relationship with the crown prince and the family. The relationship is really strong,' he added. Trump concluded on Thursday a 'historic' visit to the Middle East that he had kicked off in Saudi Arabia on Tuesday. He met with Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, on Tuesday and they both oversaw the signing of numerous agreements between their countries. They also took part in the Saudi-US Investment Forum during which Trump hailed the Crown Prince as 'very wise', expressing his admiration for him. 'I really believe we like each other a lot,' he added. He also praised the Crown Prince for his hard work in transforming Saudi Arabia into a global power, joking: 'Do you sleep at night? How do you sleep?' Crown Prince Mohammed, who was seated across from him the front row, could be seen replying: 'I try'. Trump touted what he described as a 'golden age' in the relationship between their countries. Earlier on Tuesday, Crown Prince Mohammed and Trump signed an economic strategic partnership agreement and oversaw the signing of several agreements covering energy, defense and technology. On Wednesday, they chaired the Gulf Cooperation Council-US Summit in Riyadh. Saudi Arabia was Trump's first overseas visit since his reelection. He also chose the Kingdom as his first foreign visit during his first term in office. Saudi political analyst Mubarak al-Ati told Asharq Al-Awsat that Trump's remarks underscore Saudi-US ties that date back 92 years. They also underline the personal relationship with Crown Prince Mohammed, who managed to forge them from strength and mutual trust, he added. Trump's remarks stem from the faith in Saudi Arabia in various fields, he added. So, the American administration is keen on preserving interests and benefits with the Kingdom, he went on to say.
