Boviet Solar’s First North American Plant to Boost North Carolina’s Economy by $300 Million

In a major announcement, Boviet Solar, a Vietnamese-based company, has unveiled its plans to construct its first North American solar panel manufacturing plant in eastern North Carolina. The plant will create over 900 jobs and is set to boost the state’s economy by $300 million.

Boviet specializes in producing high-end solar panels and photovoltaic modules that are used by commercial, industrial, and residential customers across the United States. The company has offices in Germany, China, and the U.S., and this new facility will increase their capacity worldwide.

The Greenville plant, located 85 miles east of Raleigh, was announced at an East Carolina University news conference with Gov. Roy Cooper and other government officials. Boviet CEO Jimmy Xie expressed pride in bringing the company’s manufacturing excellence to the most significant solar market in North America. He stated that this investment will contribute to the state’s economy by creating jobs and generating revenue for local businesses.

Boviet considered alternative locations for the plant in Phoenix and Atlanta but ultimately chose North Carolina due to its favorable business environment and access to skilled labor. The state Commerce Department revealed that Boviet was offered cash incentives of up to $8.3 million over 12 years if it meets specific job creation and capital spending requirements. Overall, the company is set to receive $34.6 million in combined state and local incentives for the project.

VinFast, another Vietnamese company, is also building a plant in Chatham County that is expected to generate thousands of jobs. This influx of foreign investment in North Carolina demonstrates the state’s growing appeal as a hub for international companies looking to expand their operations in the United States.

In conclusion, Boviet Solar’s decision to build its first North American solar panel manufacturing plant in eastern North Carolina is a significant milestone for both the company and the state of North Carolina. It shows how foreign investment can bring economic benefits and create job opportunities for locals while contributing positively to overall economic growth.

With more companies like Boviet choosing North Carolina as their base of operations, it highlights how important it is for states like ours to have a favorable business environment that attracts foreign investment while providing access to skilled labor and resources necessary for these companies to thrive locally.

Furthermore, this development underscores how important it is for governments around the world to work together towards promoting sustainable energy solutions while fostering economic growth through foreign direct investment (FDI).