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Milwaukee- On Tuesday March 16, 2010 the China Council for the Promotion of International Trade Ningbo Sub-Council (CCPIT) in joint with the China Chamber of Commerce Ningbo Chamber (CCOIC) finalized a Memorandum of Understanding (MOU) with the Metropolitan Milwaukee Association of Commerce ( MMAC ).

In a closed meeting, CCPIT/CCOIC Chairman Zhengwei Gu and MMAC President Tim Sheehy signed an MOU which aims to bridge cultural, trade and economic exchange between Ningbo, China and Milwaukee, USA. Ningbo is Milwaukee’s informal sister city.

Other attendees were the Chief of the Ningbo Department of International Exhibition Mr. Wei FU, Milwaukee Deputy Commissioner Martha Brown, MMAC Vice President Peter Beitzel, Ningbo Ambassador to the United States Bangjie He, FPP Chairman and CEO Bob Kraft, FPP Partner Dick Zagorski, and attorneys Julie Lee and Tom Gehl.

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The July-August edition of Fortune Magazine recently highlighted the EB-5 visa program as a viable source of capital for the struggling American economy. EB5 was also cited as win-win for foreign investors and developers alike. According to the article, last year alone “EB5 immigrants invested more than 400 million in US ventures.”

Featured in the article was Milwaukee’s very own Tim Sheehy, President of the MMAC, and The Aloft Hotel which anticipates creating over 400 jobs for EB5 investors.

An estimated 300 guests attended a luncheon honoring local international business leaders during the 45th Annual Wisconsin International Trade Conference. Notable guests included Mayor Tom Barrett, Secretary Leinenkugel, Governor Doyle, The Tianjin Economic-Technical Development Area (TEDA) Delegation, Ying Wang, Bob Kraft, Bangjie He, Tim Sheehy, Gale Klappa and the Chicago Chinese Consulate.

Bob Kraft, China Council Co-Chair, later participated in a closed meeting to discuss the expansion of business between China and Wisconsin. Important relationships cited included sister city Ningbo, sister State/Province Heilongjiang, and the MOU between China and Wisconsin.