Governor Chafee Announces $3 Million in Projected New Sales, 45 Serious Business Leads for RI Companies as a Result of Recent Trade Missions
Trade delegations to Canada, Dominican Republic and Panama organized by RIEDC, Chafee Center at Bryant University in partnership with U.S. SBA, U.S. Dept. of Commerce, RIPTAC
Governor Lincoln D. Chafee today announced the positive results from a survey of Rhode Island companies that participated in recent trade delegations to Canada, the Dominican Republic and Panama. The combined eleven businesses are projecting $3.05 million in potential new sales within the next year and have generated 45 serious business leads as a result of their trips, according to surveys conducted by the Rhode Island Economic Development Corporation (RIEDC) and the John H. Chafee Center for International Business at Bryant University.
Six companies were part of a Rhode Island trade delegation to The Canadian Defence Security and Aerospace Exhibition Atlantic 2012 (DEFSEC) conference and trade event in Halifax, Nova Scotia on September 4-7, 2012. Five businesses participated in a trade mission to Panama and the Dominican Republic on September 22-29, 2012. The delegations were organized by the RIEDC and the Chafee Center, with support from the U.S. Small Business Administration (U.S. SBA), the U.S. Department of Commerce Commercial Service (USDOC), and the Rhode Island Procurement Technical Assistance Center (RIPTAC).
"Looking abroad to promote Rhode Island products, services and industries is an important part of helping our state's businesses grow and succeed," Governor Chafee said. "The impressive collaboration taking place between RIEDC, Bryant University and our federal partners, including the Small Business Administration, is connecting Rhode Island businesses with new export opportunities that will increase economic activity here at home."
"The enthusiasm and energy from the companies that participated in these events further demonstrate that Rhode Island companies are ready and eager to grow internationally," said Raymond W. Fogarty, State Trade Director and Director of the Chafee Center. "Part of our mission at the Chafee Center, in partnership with the International Trade Office at the RIEDC, is to help break down the perceived barriers to foreign trade and provide support to these companies through trade missions, training, consulting and research. There is nothing more satisfying than sharing in these events and witnessing the success of RI companies as they build international business relationships, create business growth and add jobs to fuel the RI economy."
"I congratulate the Rhode Island firms that participated in these trade missions for their effort to expand internationally," said Mark S. Hayward, director of the SBA Rhode Island District Office. "With 95 percent of the world's consumers residing outside the United States, it makes sense for the Rhode Island small business community to explore export opportunities."
Summary of DEFSEC 2012 Trade Delegation Results
- Dollar value of potential sales that may result within the next twelve months as a result of the companies' participation in the trade delegation: $1,375,000
- Number of serious business leads generated: 32
- Number of potential Distributors, Agents, End Users (Identified/Signed): 4
- Rating of the quality of service that companies received from RIEDC (1 lowest 10 highest): 9.7
- Rating of the quality of service that companies received from USDOC (1 lowest 10 highest): 9.7
Summary of Dominican Republic and Panama Trade Mission Results
- Dollar value of potential sales that may result within the next twelve months as a result of the companies' participation in the trade delegation: $1,675,000
- Number of serious business leads generated: 13
- Number of potential Distributors, Agents, End Users (Identified/Signed): 5
- Rating of the quality of service that companies received from RIEDC (1 lowest 10 highest): 9.4
- Rating of the quality of service that companies received from USDOC (1 lowest 10 highest): 9.3
Comments from Companies (DEFSEC)
"Because of the relatively small and focused nature of this event, we had several opportunities to connect with people from academia, military, government and industry. The information shared was pertinent to our business and very insightful." - Paul Montalto, Sales Manager, VR Industries.
"Overall, it was a positive experience. The individuals from the U.S. Commercial Service and those from Rhode Island worked well together on our behalf. I came to view them as a single team – our team……This is the type and level of participation companies in Rhode Island need if we're going to grow exports." - John Tomaz, Vice President, Stolberger Inc., d/b/a Wardwell Braiding Co.
"Good sounding board on exports. Would not have found DEFSEC otherwise. Well organized, meetings went well, waiting to see if discussions will lead to new business." - Paul H. Fredett, COO and CTO, Promptus Communications, Inc.
"The trip to DEFSEC was very enlightening as we got to better understand what opportunities exist in Atlantic Canada regarding the military (especially Navy) as well as opportunities to understand the Canadian defense procurement process and requirements which are greatly different from that of the USA." - Junior Jabbie, Sales & Marketing Manager, Banneker Industries, Inc.
Comments from Companies (Panama and Dominican Republic)
"Our recent trade mission to the Dominican Republic and Panama has given Alex and Ani the opportunity to meet with high level decisions makers to further expand our international distribution. In the end, these efforts lead to more jobs in Rhode Island." - Giovanni Feroce, CEO, Alex & Ani
"The Trade Mission to the Dominican Republic, sponsored by the RIEDC, was an awesome experience. All aspects of the trip including appointments, economic briefings, and travel arrangements were well executed by Kathy Therieau and Linda Woulfe as well as the Commercial Services from the US Embassy." - Paul D'Adamo, President, Bill's Auto Parts
"ProvPort realized a tremendous marketing opportunity through the trade mission to the Dominican Republic and Panama. As one of the Northeast's busiest ports, we are now in the midst of investing $20 plus million in new cranes and barges, and this trip gave us the perfect opportunity to create new relationships and drive business." - Chris Waterson, General Manager, Waterson Terminal Services
"Our company recently concluded that we should be considering the exports as an area for future growth. The trade mission to the Dominican Republic offered us a structure in which to pursue this opportunity. The support that we received both prior to and during the mission allowed us to effectively present our products to this significant Caribbean market." - Rick Cayer, President, Trico Specialty Films