Month: January 2018

Best Practices for Promoting Exports and Foreign Direct Investment

 

 

 

Tapping into global markets helps generate jobs and economic growth throughout the United States. According to a recent report from the U.S. Commerce Department, 95% of the world’s consumers live outside the U.S. The report, which draws on research by the Brookings Institution and the National League of Cities Center for Research & Innovation, notes that competition in today’s marketplace can be local, regional or global. The report also provides the following best practices to help local, state, and regional policymakers and business leaders develop global growth strategies.

Convene

Bring together regional and metropolitan economic leaders and assets – such as key corporations, service providers, workforce, and transportation infrastructure – to specifically identify your area’s advantages and competencies for export and investment promotion. Connect with businesses and develop strategies to better understand their needs.

Think Local

There is no one-size-fits-all approach to promoting exports and investment, and each community has unique market advantages. Identify your assets, and develop a brand. Gather local market insight and assess your industry strengths. When considering an investment attraction strategy, include operating costs, supply chain management, access to natural resources, transportation infrastructure, workforce development, access to technology, and quality of life in your assessment.

Foster Regional Collaboration

By creating a regional brand identity, and fostering collaboration, communities can successfully market themselves globally, and create effective export and investment plans.

Know Your Tools And Resources

Learn about the numerous federal, state, and local resources available on export.gov, which includes free access to tools such as the “Basic Guide to Exporting” and the “Trade Finance Guide.” For local assistance, contact your state trade office or the U.S. Commercial Service (see contact information in the resource section of this guide).

Tap into Global Markets

More than 70% of the world’s purchasing power is located outside of the United States. Successful exporters recognize that their competition may no longer be with each other, but with regions around the world.

Develop a Plan

With a regional identity and key players around the table, develop an actionable plan to promote exports and investment. The Brookings Institution has published “10 Steps to Delivering a Successful Metropolitan Export Plan,” to help business leaders take advantage of best practices and start planning.

Educate

Ensure that companies in your area know whether they have an exportable product or service and know about available resources at the federal and state level to help grow their business. Broaden the definition of exports to include activities, such as services exports, international visitors, and services to foreign students. For example, facilitate a briefing or seminar series to educate businesses about federal and state investment and export assistance resources and financing.

Improve Access to Information

One way to share up-to-date resources is to make sure that your city or regional website has a section dedicated to business assistance that provides information on opportunities and events related to exporting. Consider linking to local, state and federal trade resources.

Support Your Export Pipeline

Help identify export-ready companies and refer them to regional, state and federal assistance providers, such as the local Small Business Development Center (SBDC). For investment promotion, work with state and local government agencies, local businesses, and/or universities, to identify foreign countries and cities that may already have a relationship with your city.

Partner with Higher Education Institutions

Higher education ranks among the country’s top 10 service exports. Tuition and living expenses paid by international students and their families brought in nearly $21 billion to the U.S. economy during the 2010-2011 academic year. As a source of investment, exports, and workforce development, educational institutions should be involved in your export and investment planning discussions. Area institutions also can serve as key partners, with a strong knowledge base, research, and potential for successful internship and workforce development programs. Establish a Business-to-Business Mentorship Program Connect established exporters and investors in your area with growing businesses to share expertise and know-how in a particular market or sector. Closely affiliated with the U.S. Commercial Service, the 56 District Export Councils nationwide are organizations comprised of export leaders from their local business community.

Consider a Foreign Trade Zone

A Foreign Trade Zone (FTZ) helps encourage exports and investment by allowing delayed or reduced duty payments on foreign merchandise, as well as other savings. local governments and organizations, such as ports or economic development organizations, can apply to create an FTZ in their communities.

Organize

Consider organizing trade and investment missions to key global markets to promote your region for economic development. State trade offices and federal export promotion agencies, as well as non-profit trade organizations, often coordinate missions abroad. Globally, high-ranking U.S. federal officials, state governors and mayors are viewed favorably as top leaders representing their markets to tout its exports and its winning attributes for investment.

Build Exports and Investment into Your Broader Economic Strategy

With an eye to growth and global competitiveness, seek alignment between exports and foreign direct investment; innovation in manufacturing and services; investments in freight and logistics; and the development of a globally fluent workforce. A region’s success in the global marketplace can be enhanced with coordinated messages about trade and investment opportunities.

Discover trade promotion and foreign direct investment resources in the online edition of the USA Trade Guide.

 

After Initial Export Success in Asia, How Do You Scale?

 

Tractus Asia’s business Inc.ubator service allows you to have dedicated sales, marketing or technical support staff in Asia to grow your exports cost effectively and minimize risk. The situation is typical. You make a commitment to sell into Asia, achieve some initial export success after attending regional trade shows, and then you sign-on dedicated distributors in one or more markets. But, exports plateau or don’t meet your growth expectations. What’s wrong? Asia is the world’s largest market for your product, but you are underwhelmed by the performance of your distributors. The markets you are servicing, such as China, might have complexities that are frustrating your customers. Or perhaps, you are unable to operate your business model in Thailand in the same way as you would in the U.S. because of regulatory issues. If you can’t operate with the same business model, what do you do?

The simple answer is to have ‘boots on the ground’ in key markets – dedicated sales, technical support, or business development staff to troubleshoot these issues. The problem is the cost. To capitalize on opportunities in multiple markets in Asia – China, India, and Southeast Asia – you would have to incorporate in each of your key markets, hire staff to support your distributors, agents and customers, as well as manage operating a micro-multinational business across Asia. Not only is the investment and operating cost prohibitive, but how can you mitigate the costs and risk of needing to exit a market should you not be successful? The cost of closing a company in Asia can be 2 to 3 times what it takes to incorporate, and can take years to unwind. How do you balance your need for an in-market presence to grow your business with the costs and risks of operating a new business up to 10,000 miles away across the Pacific?

Tractus’ business Inc.ubator service is the answer. As a business Inc.ubator client you leverage Tractus’ network of offices throughout Asia to cost effectively support your business growth and minimize risk. Tractus works with you to recruit needed talent – technical sales, business development, customer support or marketing – based on a clear understanding of your needs. We conduct interviews, reference checks, and administer standardized tests as required. We then recommend a short-list of two or three finalist candidates that you interview in collaboration with our senior managers and directors. Once a finalist is selected, Tractus acts as the legal employer arranging for salary and statutory benefits to be paid and assists you to manage their performance. Your new Asia-based staff, while legally a Tractus employee, is dedicated full-time to your business.

We provide office space, administrative support, and most importantly, oversight and guidance by one of our senior managers or directors. While your new staff reports directly to you, Tractus provides the needed indirect supervisory support to ensure they are not ‘out of sight and out of mind’.

Our clients come from a wide range of industry sectors and have leveraged Tractus’ business Inc.ubator to accelerate their market entry, scale their exports to key markets in Asia, and successfully grow their international business. Please visit our website, www.tractus-asia.com, review our case studies and learn how Tractus’ business Inc.ubator can propel your Asian growth strategy or contact us on inc.ubator@tractus-asia.com for more information.

Best Practices For Choosing A Supply Chain Management Solution

Read ThinkGlobal President Greg Sandler’s story about how choosing the right supply chain management software can help keep your supply chain running smoothly.

Sandler talked to chain expert Daniel Stanton, author of Supply Chain Management for Dummies, who says that in order to manage your international supply chain you need a system that can handle planning, sourcing, production, delivery, returns and fulfillment.

Read the full story on the American Express Open Forum website.

SIDO Leads State-Federal Trade Partnership Initiative

The State International Development Organizations (SIDO), a national organization focused on supporting the international trade agendas of the U.S. states and territories, has taken a leading role in developing a State and Federal Export Promotion Coordination Working Group.

SIDO, an affiliate of The Council of State Governments, helps state international trade agencies better serve American exporters by sharing innovative ideas and resources, and developing policies that help more small businesses export. International trade and export promotion are integral components of state economic development strategies.

In testimony before the House Small Business Committee in 2017, Ann Pardalos, manager of the International Trade and Investment Office for the State of Missouri and a past president of SIDO, underscored the importance of the states and federal government working together to help U.S. small businesses start or increase their exports. “State trade agencies understand they cannot do everything by themselves, and we greatly appreciate the support and partnership of our federal trade partners,” she said. “Each one of our agencies play an important role in helping to secure that final sale.”

In particular, said Pardalos, the State Trade and Expansion Promotion (STEP) grant program is indicative of how state and federal programs can work together. “The STEP grant program has been an important bridge to increase the coordination and communication between state and federal trade agencies— particularly with the U.S. Small Business Administration and the International Trade Administration,” said Pardalos.

No one state trade office is exactly the same. Each state works with a unique set of state and federal resources including: U.S. Export Assistance Centers, Small Business Development Centers, and Export-Import Bank regional offices.

For more information, read the USA Trade Guide online.

Enterprise Florida: Making International Business Your Priority

 

By Manny Mencia

Enterprise Florida is one of America’s leading trade, export development, and foreign direct investment organizations. International is big business in our state and we know what it takes to make it happen.

As North America’s principal gateway to Latin America and the Caribbean, billions of dollars in goods flowed through our airports and seaports last year, making Florida the seventh largest exporting state in the U.S., and a leading international business hub. Since 1996, Florida exports have more than doubled, growing from $21 billion to $52 billion in 2016.

Florida’s 60,000 exporters are second only to California and keep goods moving through the state 24 hours a day, while services exports of more than $38 billion rank Florida fourth in the U.S.

The state has significant advantages as a destination for foreign direct investment, ranking sixth in the U.S.in employment and first in the Southeast. Just ask the 260,000 workers who are employed by foreign-owned companies how important that is to them.

Ready to learn more about expanding, relocating, or exporting? Start by contacting Enterprise Florida’s International Trade & Development Division at 305-808-3660 or visiting www.enterpriseflorida.com.

Manny Mencia is Senior Vice President for International Trade & Development at Enterprise Florida Inc.

 

 

The World of Concrete: Solid to the Core

Attend the 2018 Conference: January 23-26 in Las Vegas

 

The most important annual international event of the year for concrete and masonry professionals, WOC 2018 expects to attract 60,000 professional registrants and 1,500 leading suppliers from around the world.

This world-renowned industry event will continue to bring international buyers together with U.S. exhibitors to expand business domestically and overseas. For the 13th consecutive year, the U.S. Department of Commerce has selected the World of Concrete as a participant in the International Buyer Program (IBP). WOC draws significant attendance at each event, working with U.S. Commercial Services posts from around the world.

World of Concrete welcomes international exhibitors to sell their concrete- and masonry-related products and services, as well as international attendee delegations from across the globe to network, test drive equipment and discover new products and services and benefit from a world-class education program.

The 2018 World of Concrete Education Program will include everything from interactive workshops and specialized seminars to hands-on, skill-building sessions. World of Concrete’s world-class education program equips field personnel, project leaders, supervisors and owners with the latest knowledge in every facet of concrete and masonry.

New for 2018: World of Concrete competitions and exhibits will be located in the Bronze Lot, next to South Hall. In addition to the exhibitors in this new area, returning WOC Event favorites include the John Deere Operator Challenge, the Western Star Trucks Get Tough Challenge, and the SPEC MIX BRICKLAYER 500® World Championship and much more.

Visit the WOC website for more details about the World of Concrete 2018: January 23-26; Seminars 22-26 at the Las Vegas Convention Center in Las Vegas, NV, USA.

Garrett Metal Detectors Discovers Success in Markets Worldwide

Garrett Metal Detectors

Charles and Eleanor Garrett began selling and marketing their company’s first line of metal detectors in 1964. Today, Garrett Metal Detectors remains a world leader in metal detection technology, with exports accounting for more than half of its sales.

Now, after the passing of her husband in 2015, Eleanor is keeping the Garland, Texas-based company focused on quality and service. “The Garrett name has come to stand for more than metal detection; it is a philosophy for unparalleled customer satisfaction,” she says. “We learned over the years that there is no price advantage program, special product feature or other promotional advantage that can replace a satisfied customer.”

Those satisfied customers include companies in the security, military, and sports/hobby sectors. In fact, Garrett Metal Detectors is a leading supplier of walk-through, hand-held and ground search metal detection products, and training for security and law enforcement worldwide. From the Olympic Games to international airports, Garrett’s commercial products are available in more than 120 countries.

Garrett’s Recon Pro countermine detectors are also used worldwide to help countries with the removal of landmines and other unexploded ordinance that pose a danger to civilians and the environment.

In the sports/hobby market, Garrett’s all-terrain metal detectors are popular with treasure hunters worldwide. The company’s proprietary technology works for hunting coins, relics, caches, jewelry, and even gold nuggets.

“As Garrett moves forward in the 21st century,” says Eleanor Garrett, “our mission is to continue the tradition of building and exporting great sport and security detectors for many generations to come.”