June 12, 2018 Source: Forbes 224
China-based leading global biologics supplier, Wuxi Biologics which is led by Chinese-American billionaire Ge Li, today announced the company is planning to invest what could possibly be a $ 60 million investment, to build a manufacturing plant in the state of Massachusetts U.S. and will employ an estimated 150 people.
The Wuxi Biologics manufacturing unit will be the first unit for the company in the U.S., and will be located in the city of Worcester, west of Boston and was initially attracted to the city due to it having a world-leading biopharmaceutical industry.
The new announcement comes amidst the raising trade tension between Beijing and Washington, over the large trade surplus on China and its industrial policies proposed by President Trump. The US and China are the largest business partners in the world and both countries are categorized as nr.1 and 2 in world economies, and the announcement stresses how deeply intertwisted they have become.
On Saturday, The Chinese Corporation Company China Oceanwide, and Genworth Financial, the U.S. Insurance Company, also announced that they had obtained a national security go-ahead from a U.S. government agency, move ahead with Genworth’s sale to Oceanwide, regardless of the recent tough political talks.By Ddu
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