Capito Speaks to International Companies about Investments in West Virginia

November 17, 2022

Mountaineer News

WV State News

U.S. Sen. Shelley Moore Capito delivered remarks to international business leaders during a forum that was aimed at encouraging investments in West Virginia and showcasing results.

“Economic development is a critical part of my role as a United States Senator representing West Virginia,” Capito said at the West Virginia International Investment Forum, which was put on by the West Virginia Development Office’s International Division

“And while there are plenty of challenges that businesses anywhere in the world face, West Virginia is well-positioned both in the United States and around the world for investment and development,” Capito continued. “With recent economic wins with Nucor and Berkshire Hathaway’s Precision Castparts, West Virginia is experiencing unprecedented growth, and that was on full-display at today’s forum as we showcased all West Virginia has to offer to the business community to help attract future investment and build on the momentum we are creating. It’s so important that we continue working together to make West Virginia the best place for businesses to grow and thrive so they can continue investing in our communities and people, and I look forward to helping support these very efforts.”

Earlier this year, Nucor announced it would construct a sheet steel mill in Mason County. The project is expected to exceed $2.7 billion, which is the largest monetary investment in state history. State lawmakers passed a tax incentive bill shortly before the announcement, which is meant to provide the company with a 50% tax credit on qualified investments.

About two months ago, Berkshire Hathaway Energy announced a $500 million investment in renewable energy. This investment was also backed by lawmakers who passed a bill that will allow the company to resell renewable energy within a site.

“We appreciate Senator Capito speaking to this important group of individuals today,” WVDED Secretary Mitch Carmichael said in a statement. “She has and continues to be a staunch advocate for economic development in West Virginia, and I thank her for her ongoing support and efforts to create an environment that encourages investment in West Virginia.”

Despite the recent investments, West Virginia consistently has one of the lowest ranking economies in the country.