5Q: Raymond W. Fogarty

 / PBN PHOTO/MICHAEL SALERNO
/ PBN PHOTO/MICHAEL SALERNO

The center is co-hosting an upcoming trade mission to Taiwan and South Korea, for a week in August. Why are these countries, in particular, important for Rhode Island business to cultivate?

Rhode Island is very strong in the defense, academia and education, and life science sectors. These sectors have been defined by the U.S. Department of Commerce as “Best Markets” in Taiwan and South Korea, meaning there is strong potential for U.S. imports. In 2014, Rhode Island exports to Taiwan were almost $91 million, an 11.6 percent increase from the year before. Exports to South Korea were almost $41 million, a 30 percent increase from 2013.

What is the specific goal of the trade mission?

There are two main goals: First, to increase exports for Rhode Island businesses to those countries and second, attract foreign direct investment from those countries. Results are measured in increased export sales. The foreign sales cycle tends to be much longer than domestic and needs continued cultivation. Trade missions are an effective tool for companies to build long-term business relationships that can lead to multimillion dollar contracts and repeat business. In the 2012-2014 time frame, we measured more than $7 million in actual sales from participation in trade missions. Foreign direct investment [supports] many jobs in Rhode Island.

- Advertisement -

What kinds of companies have expressed interest in going, and generally, what are their goals?

We have companies in the defense, life science, testing and instrumentation, logistics and consulting-services sectors that have all signed up for the mission. Their goals are to meet qualified partners overseas. We provide them with a turn-key solution – the customized matchmaking, interpreters, in-country transportation and briefings.

Who will company and state representatives be meeting with and why?

The companies on the trip will have one-on-one matchmaking meetings. … For the last couple of months, the Rhode Island executives have been working with industry-specific trade specialists in the U.S. Embassy in Seoul, and the American Institute in Taiwan to determine who their best matches will be.

What is the economic impact of increased international trade?

There is a U.S. Department of Commerce statistic that every $180,000 in export sales creates one job. •

No posts to display