ARLINGTON -- China might be locked in trade disputes with the United States and European Union over whether it's dumping solar panels in those two big markets, but Steve Ostrenga didn't let that keep him from attending a trade symposium seeking capital for his fledgling firm.
Helios Solar Works was one of several small companies and real estate developers attending the U.S.-China Investment Week event at Cowboys Stadium on Friday. The program, which organizers describe as the largest of its kind, was designed to bring together about 70 Chinese investors and about 100 U.S. companies looking for money.Ostrenga said he is trying to land $6 million in funding to double the output of Helios' photovoltaic solar panel factory in Milwaukee, Wis. Asked about the state of today's credit market for his three-year-old firm, he just shook his head."That's why I'm here," he said.Declaring that their states are open for investment, Texas Gov. Rick Perry, Florida Gov. Rick Scott and Wisconsin Gov. Scott Walker participated in a panel on state efforts to encourage growth.Perry and Scott both noted that China is the No. 3 export market for manufacturers in their states, behind Canada and Mexico in both cases."It can't help put people in our states to work," Walker said of foreign investment.Perry told his audience that the event represented "an extraordinary chance to cultivate business relationships."While Chinese companies have made some big investments in the U.S. energy sector in recent years, such as the oil company Sinopec's $2.2 billion stake in Devon Energy shale fields in January, China isn't a big player in what's called foreign direct investments. That refers to a party in one country investing in hard assets -- such as a factory or real estate -- in another country.Rhodium Group, a research firm, said China made $3.6 billion in foreign direct investments (FDI) in the United States in the first half of the year and expects the full year to top last year's record of $5.7 billion. Last year, total FDI in the United States was $228 billion, according to the Organization for International Investment.Arlington Mayor Robert Cluck said events such as Friday's are valuable because they bring potential business partners together face to face. Among the estimated 400 participants, he said, "several people will talk and make something happen."After spending two days in North Texas, the Chinese investors are scheduled to visit California, Oregon, Wisconsin and Florida, depending on where their interests lie, said Michael Zolandz, partner at SNR Denton, a law firm that co-sponsored the event. He said most of the investors are looking to invest between $2 million and $20 million in established but growing enterprises.Jim Fuquay, 817-390-7552Twitter: @jimfuquayHave more to add? News tip? Tell us
