South Korea and China prospecting on Long Island

Chinese Currency

It looks as though Suffolk County Executive Steve Levy has been wooing both Chinese and S. Korean investors to carve out a slice of their portfolios for Long Island. Levy is working to spur new job growth on Long Island by growing the manufacturing sector and the overseas investors are looking to gain proximity to Manhattan markets without Manhattan operating costs.

My biggest concern with these types of political wooings is the risk of giving up too much in terms of tax credits, sewer hook up breaks, exemptions etc. This concern is founded in the track records of multinationals and even large domestic firms taking advantage of tax and other operating breaks, only to pull out of the region once said financial incentives have run their course. Such pull-outs leave  empty shells and corresponding sinking employment in their wake.

Regardless, I applaud Steve Levy for actively seeking reinvestment in the area.

Here is a link to the article at Newsday.com (subscription required) : Levy to host Chinese, Korean investors

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