Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, March 2, 1990 TAG: 9003022952
SECTION: BUSINESS PAGE: B-5 EDITION: METRO
SOURCE: Associated Press
DATELINE: RICHMOND LENGTH: Short
Last year, Virginia exported a record $8 billion in commodities. Ports under the Virginia Port Authority shipped 6.5 million tons.
Foreign companies announced plans to build 14 plants and expand 17 others - a drop from the number of announcements in 1988 but still an increase of 2,000 jobs available to Virginians.
Most of the foreign investment is from companies in Japan, said Hugh D. Keogh, director of economic development.
"For the first time in my memory, no new German companies came to Virginia in 1989," Keogh said.
The lack of German investment in the state suggests that European companies are "repositioning themselves within the European market," preparing for the planned unified European community in 1992, Keogh said.
He suggested that the World Trade Council and its four agencies focus on attracting companies from the Far East. Virginia is negotiating with a South Korean company: If it builds here, it would be the first from that country, Keogh said.
"If the state ever needed to increase its economic prowess, it's now," since state revenues for this year and the next two will be lower than originally expected, said Richard M. Bagley, council chairman.
by CNB