International Trade Virginia Economic Development Partnership Presented By: Paul H. Grossman, Jr.
What is VEDP - International Trade? Mission: To increase international sales for Virginia companies and expand Virginia’s tax base and job base. “… an international marketing organization for Virginia exporters…” 2
Trade Regions 3
Trade Managers Joel Stopha Ellen Meinhart Holly Pearce Roger Porter Diane Thomas http: //exportvirginia. org/contact-us/staffdirectory/ Jordan Watkins 4
Virginia’s Exports 5
Benefits of Exporting 6
Research • VEDP’s international team of research experts performs customized market research for Virginia companies interested in expanding their business abroad. • More than 1, 480 research projects have been completed over the last 3 years. 7
Research • Who is importing my product or service? • Are there any regulations I need to be aware of? • What is the best way for me to sell my product or service internationally? • How do I find a local partner? 8
Global Network • In-country consultants in 75+ countries provide market research to Virginia companies Europe Norway Belgium Poland Bulgaria Romania Croatia Czech Republic. Russia Serbia Denmark Slovakia Estonia Slovenia Finland Spain France Sweden Germany The Hungary Netherlands Italy Turkey Ireland Ukraine Latvia UK Lithuania Middle East & Africa Bahrain Israel Jordan Kuwait Oman Qatar Saudi Arabia South Africa UAE Other African countries Americas Argentina Brazil Canada Chile Colombia Costa Rica Mexico Panama Peru Asia Pacific Australia China India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Thailand Vietnam 9
Publications http: //exportvirginia. org/inter national-marketresearch/exporting-tos/ 10
Trade Missions 135 companies traveled to international markets with VEDP last year 94% of companies would participate in another trade mission or trade show with VEDP 11
Trade Missions “The meetings were precise to our target market. We had direct access to key clients and generated many leads. Due to VEDP’s help, we made a sale to a new customer, which increased export revenue and opened a new customer segment for additional future sales. ” - Trade Mission to Saudi Arabia, 2014 12
Trade Missions 13
Who participates? Flooring Organic mattresses & pillows Specialty aviation Analytical laboratory services Forensic cyber security Spices, seasonings, sauces ircraft parts A Steel buildings Educational games Eye-tracking computer systems Cardboard home decor Premium coffees Specialty chemicals Rapidly deployable military camps Flight jackets and outerwear Motion control products DC Motors/driver/controls 14
Virginia Leaders in Export Trade (VALET) Program • 50 companies accelerate their international business development efforts through this program each year. • Since its inception in 2002, the VALET Program has generated an average increase in international sales of 54% for companies that have completed the two-year program. 15
VALET Program Benefits • $30, 000 toward export related expenses • 25 program partners offering pro bono services • Executive training • International sales plan development • Educational events • Customized research (i. e. market analysis, technical assistance, competitive intelligence) 16
VALET Participants & Alumni 17
VALET Program To be eligible, companies must have: • 20 employees • $2 million in annual sales • $20, 000 annual commitment toward export trade • Completed international market research 18
VALET Program VALET Client Profile Average Annual Virginia Sales $36 Million Average Employees in Virginia 111 Average Years in Business 25 Average Annual Export Sales $3. 7 million 19
Going Global Defense Initiative • Virginia is the leading state recipient of federal spending • Embraced and funded by Virginia • Overwhelming demand: 345 companies “Frankly, we rely too heavily on government spending, and we need to diversify our customer base” - Virginia defense contractor
Components of Program Company-Specific • 18 Export Compliance projects • 18 Digital Localization projects • 6 COCOM / Host-Nation Cooperation Events Training/Educatio nal • Online Defense Portal resources. exportvirginia. org • 15+ Going Global Training Videos • Reimbursements for Export Expenses (23 companies)
Virginia International Trade Alliance (VITAL) • Virginia International Trade Alliance (VITAL) helps Virginia companies grow international sales. • VITAL partners: 22
Virginia International Trade Alliance (VITAL) • Eligible companies may participate in: – University Trade Research – Virginia’s International Trade programs and services • To determine eligibility, contact a VITAL partner or visit Export. Virginia. org/VITAL 23
Virginia International Trade Corporation (VITC) • September 1, 2016 – Business plan submitted by Secretary of Commerce and Trade • December 1, 2016 – Governor appoints Board of Directors; CEO appointed • April 1, 2017 – VITC powers and duties take effect 24
VEDP – International Trade Export. Virginia. org 25
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