Board To Talk World Trade Center For Riverside County
RIVERSIDE (CBS) — The future establishment of a world trade center in Riverside County is on the Board of Supervisors' agenda next week.
Supervisor Jeff Stone is proposing a $5,000 allocation of public funds to get the idea of a WTC to promote the Inland Empire's commerce off the ground. The proposal will be discussed at the board's Tuesday meeting.
"From Abu Dhabi to Zurich, the world trade centers around the world focus on assisting business expanding to new markets," Stone wrote in his proposal. "These centers promote trade and enhance and facilitate international trade in goods and services."
According to the county's Office of Foreign Trade, the Inland region ranks 23rd nationally in the amount of export activity generated annually.
Ten percent of the county's jobs are tied directly to its export market, and $15.5 billion in goods are exported every year — a value that exceeds the economic impact of both the county's tourism industry and agricultural sector, the Office of Foreign Trade said.
"Prior research indicates that world trade centers bring great value to communities in terms of real estate value, redevelopment impact and local economic growth, and increases the number and volume of trade deals around the region," Stone said.
He said the new WTC would serve both Riverside and San Bernardino counties, providing area businesses with services that support the movement of products into global markets, as well as hosting trade missions and shows.
The goal is to attract private sector funds to pay for the construction and maintenance of a WTC.
County officials noted that existing WTCs in Los Angeles, Long Beach, San Francisco and San Jose are providing similar services for the benefit of local businesses.
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