For Immediate Release: October 14, 2011
Contact: Tim Truman (202) 482-3809
Senior Obama Administration Official Calls Multi-Billion Dollar Bio-Tech Agreement a Win-Win for America and China
Deal Signed During a Commerce-led Trade Mission to Beijing
BEIJING – U.S. Commerce Under Secretary for International Trade Francisco Sánchez witnessed today the signing of a $2 million sales agreement for an American bio-tech company – and trade mission participant – to sell its cervical cancer testing products in China. The agreement is expected to increase U.S. exports and create more American jobs. Sánchez is in Beijing on the first leg of his trade mission to China where he is leading 19 U.S. companies to explore opportunities in China’s biotechnology industry.
The deal was finalized on the trade mission between California-based DiaCarta LLC, and Kodia Biotechnology, Co., Ltd. Kodia is a joint venture between DiaCarta and Kelong Medical Apparatus & Instruments Co., Ltd., of Henan, China.
“China’s biotech sector is growing at roughly 25 percent a year, so it makes sense to bring the products and services of U.S. companies to China to help meet the demand,” Sánchez said. “This deal is a great example of the incredible potential that exists when the United States and China come together. This sale will not only help an American company prosper and hire more people, but it will also help China benefit from world class, cutting-edge American technology.”
While in Beijing, Sánchez and the delegation met with Wan Gang, China’s Minister of Science and Technology and Shao Mingli, Commissioner for the State Food and Drug Administration. The group also met with the China Council for the Promotion of International Trade and the China Medicinal Biotech Association. Participants also met with private sector biotech firms.
In 2010, China was the United States’ third largest merchandise export market, with nearly $92 billion in exports, up more than 32 percent from 2009. Through August 2011, U.S. goods exports to China are up nearly 19 percent from 2010.The mission, which concludes in Hong Kong next week, provides U.S. participants with first-hand market information and access to government decision makers. U.S. companies are meeting with distributors, public and private buying agents and other potential business partners.
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