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Today, the Bay Area Council, representing more than 250 of the
largest employers in the San Francisco-Silicon Valley-Oakland Bay Area
region, and the Shanghai-Hong Kong Council for the Promotion and
Development of Yangtze ("Yangtze Council"), representing leading
companies in the Shanghai/Yangtze region, signed the first
region-to-region memorandum of understanding (MOU). The agreement is
aimed at strengthening the global competitiveness of both regions by
setting up a framework for increasing economic cooperation in several
key areas including biotechnology and life sciences, "green
technology," information technology, and transportation/logistics.
As a first step, the Councils will immediately explore the
creation of a private investment fund to support specific business
proposals in each of the emerging technologies. This fund will provide
entrepreneurs in the Yangtze region with the opportunity to turn their
ideas into profitable businesses while developing the potential for
new innovations. Bay Area companies will be encouraged to participate
in the development of new technologies with these partners, while
building access to the burgeoning Chinese market. Through this
agreement, the Yangtze Council and the Bay Area Council will help
position both regions as centers for innovation and identify and
foster growth opportunities.
"The Bay Area Council -- Yangtze Council MOU truly marks a
groundbreaking achievement," said Vincent H.S. Lo, President of the
Yangtze Council and Chairman and Chief Executive of the Shui On Group.
"Through this first-ever region-to-region commercial agreement,
companies will take proactive steps to complement each region's
strengths by creating new innovations and business opportunities."
"The Bay Area is one of the most 'globalized' regions in the
world, and there are already strong economic ties between our region
and the Shanghai/Yangtze region," said Jim Wunderman, President and
CEO of the Bay Area Council. "Both of us vie in an aggressive
planet-wide competition where innovation and technology can shift
regional fortunes faster than ever before. It is our hope that this
agreement will make both the Yangtze region and the Bay Area stronger
global competitors."
Richard Kramlich, Chairman of the Bay Area Council's China
Committee, and Co-Founder and General Partner of New Enterprise
Associates, the world's largest venture capital fund, based in Silicon
Valley, said, "By creating a fund that focuses investment in the
knowledge industries in the Yangtze region, we will harness the best
attributes of both regions. We hope to tap unique qualities which
would be unavailable to conventional venture capitalists."
In addition to the creation of the new fund, the agreement calls
for several areas of priority that will provide strategic benefits to
the Bay Area and Yangtze Regions.
The Councils will jointly explore the development of mutually
supportive "knowledge-based communities," applying the Bay Area's
model of combining the best capabilities of its universities, urban
areas and scientific parks to the Yangtze region. The process will
begin with a focus on the fast developing Knowledge and Innovation
Community (KIC) in the Yangpu District of Shanghai, and with
demonstrated success, will expand to other areas of the region. This
integration is expected to result in new technological innovations in
information technology, nano-technology, software development,
biotechnology and life sciences, and "green" technology.
"The combination of new risk capital as well as relationships with
established Bay Area/Silicon Valley companies will help assure the
success of the Yangpu District's efforts to establish itself as a
major knowledge-based, research and development center," said Mr. Chen
Anjie, Secretary Director, CPC Committee, Yangpu District.
With regard to "green" technologies, the Bay Area will apply its
significant leadership to help develop technological innovations in
the Yangtze Region that address global environmental issues. Since the
Shanghai region is undergoing a major physical transformation with the
construction of many new buildings and structures, specific focus will
be placed on technologies to create energy efficient buildings that
can have major, positive impacts to reduce greenhouse gases and their
impact on global warming.
A scan of major Bay Area technology companies shows that many are
already taking advantage of development opportunities in the Yangtze
region. The two regions will work together to support further growth,
opportunities and incentives to ensure maximum competitive advantages
for these organizations by developing appropriate aspects of their
business in the Yangtze.
After 32 years of doing business and relationship building in
Asia, Leland "Skip" Whitney, a founding member of the Bay Area Council
China Committee and Principal, GVA Matthews, feels that the time for
joint action has never been better. "This partnership creates a
profoundly new vehicle to accelerate and deepen the commercial and
investment ties between the Bay Area and the Yangtze region."
Finally, as both regions serve as major import and export gateways
to their respective countries, the Councils will explore opportunities
to develop and maximize logistics, supply chain improvements, and
trade relationships.
With the backing of prominent businesses in their respective
regions and local government support, both organizations advocate
strong economic development, vibrant business environments and better
qualities of life for community members.
Mr. Lo, President of the Yangtze Council, sees the partnership
agreement as a natural extension of existing ties between the regions.
"The Yangtze and the Bay Area share a lot in common as the innovation
capitals of their respective countries. There is also a great history
of friendship and mutual support. Jointly developing the economic
potential of both regions together, on a common platform, is the
logical next step in our long relationship," said Mr. Lo.
About the Yangtze Council
The Yangtze Council is a not-for-profit and non-government
organization established in 1998. It blends the political strength and
connections of the Shanghai Municipal government with some of Hong
Kong's leading business executives and investors in China to advance
the development of the Yangtze region. The Council is designed to
facilitate investment by overseas enterprises in the Yangtze region by
providing key market-entry and economic-development assistance. The
Council is headed by Vincent H.S. Lo, Chairman and CEO of Shui On
Group, and its members include some of the most prominent and leading
business persons in Shanghai and Hong Kong.
For more information, please visit the Council's website:
www.yangtzecouncil.org
About the Bay Area Council
Founded in 1945, the Bay Area Council (www.bayareacouncil.org)
develops and drives regional public policy initiatives and researches
critical infrastructure issues. Led by CEOs, the Bay Area Council
presents a strong, united voice for hundreds of major employers
throughout the Bay Area region whom employ more than 501,000 workers,
or one of every six private sector employees in the Bay Area.
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