Gov. Peter Shumlin plans on traveling to China next month.
The governor, his commerce secretary and officials from Jay Peak are scheduled to travel overseas looking for investors to help finance a big development planned for the Northeast Kingdom.
It's part of the EB-5 visa program. The EB-5 program has helped attract tens of millions of dollars to Vermont development projects, like the big expansion of Jay Peak. It offers foreigners green cards in exchange for investing a half million dollars in job-creating projects in poor and rural areas.
The next phase is called the Northeast Kingdom Economic Development Initiative. It totals seven projects across four towns with a $500 million price tag. It's hoped this trip by the governor will lead to more people willing to invest in the projects planned for Newport, Burke and Jay.
The details of the nine-day trip are not finalized, but there will be several stops, including Beijing, Shanghai and Ho Chi Minh City in Vietnam.
The governor will be joined by Jay Peak president Bill Stenger and Commerce Secretary Lawrence Miller, who told us his agency "works with EB-5 projects in Vermont to help ensure the success of our projects. Part of that includes traveling to investor markets to represent the Regional Center and help investors learn about doing business in Vermont."
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