State economic development officials joined with leaders from the University of Maryland and China to open a new incubator and research park Friday near the College Park campus.
The University of Maryland-China Research Park, the first Chinese-sponsored research park in the United States, aims to forge stronger ties between the campus, state business development leaders and companies in China that seek expansion in the U.S.
C.D. Mote Jr., president of the University of Maryland, said Chinese officials had considered locating the park in other technology hubs in the United States, such as Southern California, North Carolina and Boston. But after many discussions, he convinced them that the University of Maryland - with its proximity to Washington and the Chinese Embassy and research facilities - is an ideal location.
"Doing something like this for the first time is always a challenge," Mote said during a ribbon-cutting ceremony Friday. Seven companies will initially operate at the incubator, which occupies 7,500 square feet in an office building near the campus. The goal is to accommodate 20 or more ventures in coming years.
Among the industries the companies will focus on are health care, environmental, agricultural, energy and fire protection.
"Many of these companies will hopefully stay here in the U.S. and, hopefully, right here in the state of Maryland," Mote said.
The Maryland Department of Business and Economic Development is a key supporter of the effort because it fits with Gov. Martin O'Malley's international growth strategy, according to Economic Development Secretary Christian S. Johansson.
O'Malley outlined the strategy in March, which included the opening of a Maryland office for helping companies export products and assisting foreign companies with opening offices in Maryland. O'Malley also created the state's first international business advisory council and the international incubator at the University of Maryland.
From April 2008 to March 2009, Maryland attracted 14 international companies, according to the Department of Business and Economic Development.
Foreign companies operating in Maryland provide 105,000 jobs, Johansson said. The department will contribute $568,000 over three years to help cover leasing costs for the research park.
"We're trying to lower the cost of opportunity to invest in Maryland," he said.
