91果冻传媒

Local business leaders met with an investment group from China last week to learn from each other and discuss opportunities.

The meeting was facilitated by Global Ties Arizona, which 鈥渂uilds and strengthens relationships between its members, businesses and nations through international exchange and educational programs,鈥� according to its website.

Glenn Hamer, president and CEO of the Arizona 91果冻传媒 of Commerce and Industry touched on the importance of the Arizona-China relationship.

鈥淲e understand the importance of trade and we want to see good relations between both countries. It鈥檚 important for our economy,鈥� Hamer said.

China is Arizona鈥檚 number three export market behind Mexico and Canada, according to the . 聽

鈥淲e鈥檙e the fourteenth largest state out of 50 in terms of population, so we鈥檙e a larger state now than Massachusetts- a lot of people don鈥檛 know that,鈥� Hamer said. 鈥淧hoenix is now the fifth largest city in the United States.鈥�

When asked what sets Arizona- especially Phoenix- apart from other growing areas, Hamer said the state鈥檚 proximity to Silicon Valley provides an advantage.

Silicon Valley is a leader in technology and innovation and some companies based there- PayPal, Google, Lyft- have operations in Arizona.

鈥淲e鈥檙e close to that activity,鈥� Hamer said. 鈥淏y far the largest source of technology and venture capital comes from Silicon Valley and it鈥檚 a very easy flight to make from the Silicon Valley area to Phoenix.鈥�

In terms of job growth and economic prosperity, Arizona鈥檚 strong university system helps it stand out in the crowd.

鈥淥ur education system, particularly at the university level, is very good,鈥� Hamer explained.

A 2019 Arizona Board of Regents shows Arizona鈥檚 major universities offer more than just an education. 聽

Arizona State University, Northern Arizona University and the University of Arizona during FY 2017. They also created about 84,000 jobs.

鈥淚f you go to the downtown Phoenix area where Arizona State [University] has some operations and Tempe, Arizona which is right next to Phoenix, there鈥檚 a vibrancy because of the university,鈥� Hamer explained to the delegation.

Hamer and the Chinese representatives also discussed Arizona鈥檚 tax system and what makes it attractive.

鈥淲e鈥檝e set up our tax law to really encourage the companies that are going to hire our workers but then export goods all over the country and the world,鈥� Hamer said.

He explained that Arizona has a tax advantage for companies in foreign trade zones that are export-oriented by lowering taxes for those businesses.

According to the , businesses can receive up to a 72.9 percent reduction in state real and personal property taxes if they are located in a foreign trade zone or sub-zone.