On Wednesday, August 9, 2017, U.S. Secretary of Commerce Wilbur Ross announced that the Commerce Department’s Economic Development Administration (EDA) is awarding a $1million, three-year matching grant to the The World Trade Center of Greater Philadelphia (WTCGP), to support the implementation of a multi-partner Greater Philadelphia Metro Export plan to increase export participation among small and medium sized businesses.
Secretary of Commerce Wilbur Ross stated, “The Trump Administration is committed to supporting local businesses which have suffered from unfair trade in the past. I look forward to seeing how this plan will help companies throughout the region expand as well as increase exports.”
“We are at a watershed moment for Greater Philadelphia, where collectively, we can significantly accelerate the contribution exports make to economic growth and job creation in our Region’s economy. Thanks to this important EDA support, WTCGP, working together with partner organizations in the private and public sectors, will be able to implement the key strategies of the Greater Philadelphia Export Plan,” said Linda Conlin, President, World Trade Center of Greater Philadelphia.
The WTCGP and the Economy League of Greater Philadelphia recently released the Greater Philadelphia Export Plan, a three-year campaign to build export awareness and capacity among the region’s small and medium sized businesses and catalyze export growth in priority sectors where the region demonstrates competitive advantage. The plan also focuses on strengthening the region’s strong export services ecosystem.
Over the next three years, The WTCGP will use the grant funds to directly assist 200 small and medium sized businesses to develop successful export strategies which will result in over $200 million in new exports. In addition to trade counseling, approximately 30 export related events and workshops will help reach, educate and mentor companies new to exporting.
Despite 86 percent of global economic growth projected to occur outside the United States between 2015 and 2020, only one percent of U.S. companies currently export and, among those that do, 58 percent export to only one market. These numbers underscore the significant opportunity for Greater Philadelphia and other U.S. metros to grow by going global. Greater Philadelphia Export Plan
About the World Trade Center of Greater Philadelphia (www.wtcphila.org)
The World Trade Center of Greater Philadelphia (WTCGP) is one of over 320 World Trade Centers in 89 countries around the globe. A non-profit and membership - based organization, the WTCGP accelerates global business growth for companies in Southeastern Pennsylvania and Southern New Jersey by providing customized, one-on-one trade counseling, market research, educational programs, trade mission support, business networking events, and powerful connections to customers and partners worldwide. Since 2002, the WTCGP has served as a catalyst for regional economic growth and job creation, helping area companies generate over $1.6B in incremental export sales, supporting over 20,200 jobs.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.