A group of Chinese investors are betting millions that the B.C. economy is making a comeback, partnering with a manufacturer in Kelowna.
Falcon Ladder and Scaffold survived the sagging economy by looking for areas to expand, instead of contemplating closure.
Owner Mark Whittle remembered hearing a Chinese aluminum company was looking to expand into Canada years ago, and drew up a proposal for a joint venture. They accepted, and the result is a 32,000 square foot facility near Kelowna's northern boundary.
On Tuesday, it began producing aluminum product. The facility has 50 employees, and owners expect it will create hundreds of spin-off jobs. Whittle calls it the "first new aluminum extrusion plant in Western Canada in 30 years."
David Hobden of the Central One Credit Union says B.C.'s economy has been on an upswing this year, but that the rate of growth should slow in the latter part of 2010. But with the market for aluminum saturated back home, the Chinese investors say they're here for the long term.
"There is a lot of room to grow here," partner Paul Chow said. "Especially in the Okanagan, where there's nothing."
There's still plenty of uncertainty in the province's economy, but projects like this suggest it's heading in the right direction.
With a report from CTV British Columbia's Kent Molgat
