We can’t let opportunities go by us and I’m looking into and making sure this program runs in a more expeditious fashion.
Pomona, Calif (PRWEB) September 25, 2012
The event featured Taiko Drummers, Polynesian Dancers and a Silent Auction. The IEABA serves to unite business owners and aid them with networking and resources within the community. The IEABA can play a critical role in the EB-5 Visa program by linking overseas investors with regional centers and investment opportunities in the U.S. Rachel Rola, president of the IEABA said, “We hope to be able to assist in putting them together, making the introduction and then we step away and let [the regional centers] do what they’re good at.” Rola presented the President’s Award to the Asian Business associations of Los Angeles and Orange County based on their guidance, mentorship and support of the IEABA. The Outstanding Business Award was given to Kusum Kavia, Combustion Associates, Inc., an engineering, procurement and construction firm. Kavia recognized the importance of EB-5 to foreign investors who are looking for a “safe bet” for their money. The honorable Judy Chu, 32nd District Representative, Chair of the Congressional Asian Pacific Caucus (CAPAC) was the event’s keynote speaker. She is the first Chinese American to serve in the U.S. Congress and is currently addressing one of the biggest challenges facing EB-5: the USCIS’s slow approval process. It can take up to nine months for the I-526 immigrant petition to get approved. Chu said, “We can’t let opportunities go by us and I’m looking into and making sure this program runs in a more expeditious fashion.”
During her speech, Chu said Asian-owned businesses are the fastest growing with 1.5 million nationwide. According to the United States Census Bureau, Asian-owned businesses increased 40 percent between 2002 and 2007, employing 2.8 million people and generating $507.6 billion into the economy. Chinese foreign investors account for the largest EB-5 contributors bringing capital into the U.S. economy. The IIUSA reported that in 2011, China accounted for almost 70 percent of the EB-5 Visas issued and they continue to be the top country taking advantage of the EB-5 Visa program.
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