More than 160 business leaders, educators, and elected officials gathered at the University of Central Arkansas Thursday to hear executives from international firms and the College of Business faculty discuss ways to expand business opportunities in China.
Executives from Acxiom, Walmart, and Tyson shared insight on various topics including financial and business startup issues; Chinese legal and political system and its impact on business ventures; practical guidance on importing; and exporting and networking resources to help Arkansas business expand their markets.
Learn more about the summit.
Their presentations were a part of the inaugural Arkansas & China Business and Economic Summit held at the UCA College of Business. The summit provided individuals information about trade and business opportunities in China and allowed executives and entrepreneurs a forum to network.
Executives say establishing a business in China can be beneficial due to the country’s emerging middle class and huge markets. Chinese officials who attended the summit noted several benefits for business ventures in Arkansas including the state’s vast natural resources.
>Arkansas currently ranks 36th in terms of exporting. China is Arkansas’ third largest export market behind Canada and Mexico. China currently accounts for 6.4% of Arkansas’s export value.
>Gov. Mike Beebe expressed the importance of establishing a relationship with China, which has the fastest growing economy in the world.
“We have to extend our hand to China just as they have extended their hand to us,” Beebe said. “It has to be mutually beneficial. If it is not, it will not work.”
Minister Counselor Ping Zhang, chief of the Congressional Liaison and People-to-People Exchange Office for the Chinese Embassy in Washington, said events, such as the summit, help build bridges for future business endeavors and educational partnerships.
“This program provides an opportunity for the Arkansas business community and also the educational institutions to know more about China and to open up more opportunities to reach out to China,” Zhang said.
Dr. Michael Casey, associate dean of the College of Business, said bringing numerous experts and resources together will help economic development in China and in the U.S.
“Hopefully, we can create jobs for both countries,” he said.