Biggest investment in rural NC history held up due to conflict with China
By Keenan Willard
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EDGECOMBE COUNTY, North Carolina (WRAL) — A Chinese company’s planned tire factory in Edgecombe County that was called the biggest investment in the history of rural North Carolina is being held up due to international politics.
Economic developers in the area say they’re concerned the delayed project is holding them back from pursuing other deals.
Offering 400 acres of wide-open land ready for construction, developers say the Kingsboro megasite east of Rocky Mount is one of the best locations for business in the state.
To prove it: A major international company picked the land for its US headquarters more than three years ago.
So why is there still nothing built there?
“Right after that happened of course, we got into the issue between China and America on geopolitics,” Carolinas Gateway Partnership president Norris Tolson said.
In 2018, Chinese company Triangle Tire announced it would be building its first ever US factory on the Kingsboro site.
Developers said it would have brought close to 1300 jobs and over $1 billion in investment to Edgecombe County.
“At the time, the commerce folks told us, [former NC Commerce] Secretary Copeland told us it was the biggest project in rural North Carolina history,” Tolson said. “So we were all pretty excited about it.”
Then came the trade war.
A conflict between the Trump Administration and China led to the US ramping up tariffs on Chinese investment.
Since the trade war began in July 2018, financial penalties on Chinese imports to the United States have become more than six times as expensive on average according to think tank The Peterson Institute for International Economics.
“They were bringing the money out of China to North Carolina to build the project, and they were unable to get it out of China without having to pay a huge stipend,” Tolson said. “And so it kind of went into a pause phase, which is where it still is.”
While Triangle Tire decided what to do next, economic developers in Edgecombe County said they’ve been flooded with interest in the empty site, especially after CSX’s Carolina Connector terminal came online in October.
“And obviously what we’re concerned about or interested in is, we don’t want to miss the opportunities while they’re there,” Tolson said. “And so we’re in discussions with our Triangle friends about, okay what are you going to do?”
Tolson said if Triangle didn’t start building by April 2023, their contract would force them to pay fines to the county.
WRAL News reached out to the company to ask about Edgecombe County’s concerns and to inquire about any timeline to start construction.
The company did not respond in time for this story.
“What we’re saying to them is, anything we can do to help you get started on construction?” Tolson said. “And if not, is there anything we can do to get our site back?”
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