Bernstein Osberg-Braun, LLCOriginally published on www.vpr.net
(Host) Governor Jim Douglas has finalized a deal that will help bring several hundred new jobs to the Northeast Kingdom.
Douglas made the announcement from Seoul, South Korea, on the first stop on a multi-nation tour of the Far East.
The governor is promoting an economic development program, known as EB-5. The program allows foreign investors to receive U-S immigration cards if they invest at least half a million dollars in an American company.
In this case, a South Korean bio-tech company will form an American affiliate corporation based in Vermont, to help the company expand into the North American market.
The new production facility will be located in Orleans County. Jay Peak president Bill Stenger has been involved in the project for several years:
(Stenger) "A wonderful company that produces remarkable things like dialysis machines that are the size of a brief case, that are widely used and manufactured in Asia."
(Host) Stenger says the agreement will add important jobs in a part of the state that needs a boost.
(Stenger) "It's going to be in Orleans County or Franklin County. And it's going to employ probably close to 200 high tech jobs either in manufacturing or research. And again it wouldn't happen here if it weren't for this program."
(Host) With the formal signing of the agreement, the South Korean company will now seek out foreign investors who want to participate in the project.
State officials expect the new facility to open in 2011.
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