The Rhode Island Economic Development Corporation (RIEDC) today announced the positive results from a survey of Rhode Island companies that participated in recent trade delegations to China and Canada. As a result of their participation in the trade missions, the combined six companies are projecting $2.7 million in potential sales within the next 12 months and have generated 51 serious business leads, according to surveys conducted by RIEDC and the John H. Chafee Center for International Business at Bryant University.
Four companies were part of a Rhode Island trade delegation to The Canadian Defense Security and Aerospace Exhibition Atlantic 2013 (DEFSEC) conference and trade event in Halifax, Nova Scotia on September 4-6, 2013. Two businesses, plus the Rhode Island Tourism Division, participated in a trade mission to China from April 19 to May 1, 2013. The delegations were organized by the RIEDC and the Chafee Center, with support from the U.S. Small Business Administration (U.S. SBA) and the U.S. Department of Commerce Commercial Service (USDOC).
RIEDC's next trade mission will be to Israel. RIEDC is joining with the Rhode Island Department of Health, the Chafee Center, Nevel International LLC and the Israeli government to coordinate a Rhode Island Healthcare and Life Science Trade Mission to Israel on November 8-16, 2013.
"For our State's businesses to grow and succeed, we need to continue to promote our products, services and industries to a global market," Governor Lincoln D. Chafee said. "The impressive collaboration taking place among the Rhode Island Economic Development Corporation, 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."
"Through trade missions, training programs and export grants, the partnership between RIEDC and Bryant's Chafee Center plays an important role in strengthening our economy by helping Rhode Island businesses compete and thrive in a global marketplace," said RIEDC Executive Director Marcel A. Valois. "We encourage any Rhode Island business interested in expanding into international markets to reach out to RIEDC for customized export services."
"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, 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 Rhode Island companies as they build international business relationships, create business growth and add jobs to fuel the state's 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 2013 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: $675,000 • Number of serious business leads generated: 18 • Number of potential Distributors, Agents, End Users (Identified/Signed): 2 • Rating of the quality of service that companies received from RIEDC (1 lowest 10 highest): 10 • Rating of the quality of service that companies received from USDOC (1 lowest 10 highest): 8.3
Summary of China 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: $2,050,000 • Number of serious business leads generated: 33 • Number of potential Distributors, Agents, End Users (Identified/Signed): 15 • Rating of the quality of service that companies received from RIEDC (1 lowest 10 highest): 8.7 • Rating of the quality of service that companies received from USDOC (1 lowest 10 highest): 7.7
Comments from Companies (DEFSEC)
"Dynamic event with many meetings organized for primes, reps, shipbuilders, maintenance depots to discuss partnering arrangements, product capabilities, assistance with shipbuilding efforts and other Canadian opportunities. …..It was apparent there are opportunities to pursue. … I cannot commend the staff enough for the job they did organizing and educating on the opportunities available in Canada. The coordination between RIEDC's Kathy Therieau, Linda Woulfe at the Bryant Chafee Center and Luz Betancur Commercial Specialist with the Embassy and industry before and during the event was key to its success." – Paula Christina, sales director, Ametek SCP, Inc.
"The experience overall was very good. The meeting and organization of the event was excellent. While we are still assessing the viability of the meeting and contacts made, overall we were satisfied with the efforts of the STEP program and the U.S. Commercial Service." – Jim Cardillo, international sales and business development manager, Ferguson Perforating
"Our main objective was to meet with large defense manufacturers to begin a dialogue between our two companies. Yes, we met with some very large companies. The delegates we met with were very helpful and have said they will put us in contact with the right individuals." – John Antonacci, Advanced Chemical Company
"Great opportunity to meet OEM's, contractors and program engineers. … Both Linda and Kathy supported all the Rhode Island companies that attended 24-7. They made it a point to try to introduce/expose us to as many Canadian firms, whether at the show or at the show's social functions. Excellent job with all facets of their endless work." – Sales Director Joseph Marcoccio, Spectrum Coatings, Inc.
Comments from Companies (China)
"The Alex and Ani team traveled to three cities – Beijing, Shanghai and Hong Kong – to meet one-on-one with potential business partners and to gauge the market potential while learning more about the local culture. It was a great pleasure working with RIEDC in coordinating this trip, as there was a lot of communication, transparency, and full understanding of our company's requirements. The company's most important objective during the trade mission was to explore and understand the Chinese market, and this objective was met." – Dr. Christian Kalweit, senior vice president of international business development, Alex & Ani
"Through this trade mission to China, Cooley Group met with a wide variety of SOEW and private companies to investigate the geomembrane and oil containment markets." – Stephen Siener, vice president and general manager, Cooley Group
"This trade mission was very well planned and went off without a flaw. The Gold Key Program provided by the U.S. Commercial Service was impressive. The Rhode Island Tourism Division met with leading tour operators, travel media, social media outlets and education officials to discuss Rhode Island tourism product development. Through these meetings, the Rhode Island Tourism Division gained an understanding of the opportunity for Rhode Island tourism related business and learned how to strategically approach the Chinese market." – Mark Brodeur, director, Rhode Island Tourism Division