Economy

Daley blows in from the Windy City

By Chen Weihua (China Daily)
Updated: 2011-03-19 09:49

NEW YORK - Chicago is promoting a variety of business opportunities for Chinese investors, from headquarters operations, renewable energy and logistics to transportation, finance and manufacturing, said Richard Daley, the city's Mayor.

"We want to express that we want Chinese investments, and that our businesses are investing in China," said Daley, adding that great opportunities exist for Chinese investors in manufacturing, and not just in Chicago but also in the Midwest region.

Daley, who will retire on May 16 after 22 years in the job, is leading a group of business and civic leaders to China to present business opportunities to potential investors.

"The 20-strong delegation is the first of many efforts by the business community to promote Chicago for tourism and business," Daley told China Daily in an exclusive interview on Wednesday.

He said that he expects to see some concrete deals during the trip to five Chinese cities including Beijing, Hong Kong, Tianjin, and Chongqing, but he declined to disclose exactly what those deals might be.

One of the projects that Daley is clearly interested in is wooing Chinese investment for a high-speed railway that he has long hoped to build between the city's O'Hare airport and downtown Chicago.

"The high-speed train from O'Hare to downtown Chicago would be the first of its kind in the United States. That will help to rebuild our commercial and residential markets downtown," Daley said.

"You'll arrive at the airport and be downtown in 20 minutes, and instead of taking two hours, three hours to get out to the airport sometimes, you'll be out there in a few minutes," he said.

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Unlike some politicians who are suspicious of Chinese investment in the US, Daley said Chinese investors should be welcomed as they benefit the local economy.

"We should not be worried about foreign investments. They are not buying our country, they are investing in our country. They are investing in business. They are investing in our workforce, he said.

"The US has invested in the rest of the world. They were welcome investments, and we have to welcome investment from China," said Daley.

Following the trip, which started on Friday, more of Chicago's business leaders are expected to travel to China between June and September to identify several other cities in which to promote business and tourism in Chicago. However, those trips will be under the leadership of Rahm Emanuel, the former White House chief of staff who was elected as Chicago's mayor last month.

Daley - who hosted a dinner for the Chinese President Hu Jintao during his US trip - said Chicago needs to build on its previous successes and on President Hu's recent visit, to further elevate the city's image in China as an ideal location for both business and leisure travelers.

The great potential of the growing Chinese economy has generated considerable interest and activity in those US states and municipalities which are in competition with Chicago, according to Daley.

"There has never been a better time to deepen the city's connection with China. No other US city is so committed to a long-term strategy of friendship and cooperation as Chicago," he said.

Daley has brought with him two videos originally produced as part of Chicago's bid for the 2016 Olympic and Paralympic Games, which the city failed to win. The mayor also has a 30-second television ad that will be used as part of the campaign, which highlights the aspects of Chicago that will have the most effect in China.

Those aspects include a thriving business community, a number of the world's finest business schools and the already strong cultural ties with China.

"It's another one of the ways in which the legacy and hard work of our efforts toward 2016 continue to benefit the residents of Chicago," he said.

"One of the things that has inspired this campaign is the vision of Presidents Hu Jintao and Barack Obama forging new partnerships in China. Working together we can achieve much," Daley said.

The Mayor said he believes President Hu visited Chicago - his only US stop other than Washington DC - because of its pro-business outlook and its promising economic future.

Chicago has been a sister city of the Chinese cities of Shanghai and Shenyang for more than 25 years.