History Unfolding (OPINION)

History was made in Arkansas on June 29, 2015.

It may never be mentioned in textbooks in the coming decades, but it is noteworthy nonetheless.

For on that day, Gov. Asa Hutchinson signed an agreement to establish a sister-state relationship with the Dong Nai province in Vietnam. Thus, Arkansas became the first such state to pursue bilateral trade opportunities under the recently passed federal Trade Promotion Authority (TPA).

TPA is a bi-partisan agreement that allows Arkansas businesses to compete globally on a level-playing field. Foreign markets represent 80 percent of the world’s purchasing power, and we must tap in to them. It is especially important for our small- and medium-sized businesses. TPA allows for tariff-free access to our products and commodities.

Made in USA Works of Bentonville deserves much of the credit for making this happen. Months of hard work went into making this agreement a reality. Visits to Vietnam and return visits to Arkansas by Vietnamese officials sealed the deal. In fact, Arkansas won out over other areas of the country, including southern California.

The result is that Tinnghia Corp., one of Vietnam’s largest companies located in Dong Nai province, has opened the first foreign-owned trade representative office in Arkansas and is ready to do business here.

The reasons Tinnghia chose Arkansas involve criteria that we often take for granted: affordable real estate options, great logistical location, available workforce, outstanding transportation choices and a business-friendly state government.

What this deal means for Arkansans is simple — jobs.

Initially, Tinnghia will focus on buying Arkansas commodities such as soybeans, corn, cotton, timber and resin for the manufacturing of plastics. In the future, Tinnghia has plans to locate a coffee processing facility and a furniture assembly plant here, which will create a significant number of jobs and enhance the quality of life for many Arkansans.

This is all great news. However, it is only the first chapter in what I believe will be a long line of success stories.

Other Vietnamese companies, specifically those located in Dong Nai Province, are also interested in Arkansas. They recognize the opportunity here; they see our willingness to accommodate their needs; they feel our energy for innovation; and, they sense our desire to make things happen.

Successful economic development often builds bridges. That is precisely what Arkansas’ new friendship and economic development relationship with Vietnam represents.

The opening of the Tinnghia trade office in Bentonville and the state’s partnership with Dong Nai Province are more examples of our state being on the cutting edge of global trends.

In the days ahead, thanks to the work of Made in USA Works and your team at the Arkansas Economic Development Commission, more historical announcements regarding foreign investment in Arkansas will be made.

School textbooks may not mention these pioneering economic development activities that are underway in our state, but make no mistake — Arkansas is writing its own book. We have a great story to tell. The relationship with Tinnghia is a great start and I can’t wait to turn the page.

Here’s to the next chapter.

Mike Preston was named director of the Arkansas Economic Development Commission in March. He previously served as vice president of government relations for Enterprise Florida. He can be reached at [email protected].