U.S. Deputy Secretary of Commerce Bruce Andrews today announced that the U.S. Department of Commerce is partnering with the Inter-American Development Bank (IDB) to make it easier for small and medium-sized businesses (SMEs) throughout the Western Hemisphere to enter new markets and grow. Deputy Secretary Andrews made the announcement with IDB President Louis Alberto Moreno at the Seventh Summit of the Americas in Panama.
“The Commerce Department is excited to join forces with the Inter-American Development Bank to make it easier for small and medium-sized businesses in the United States, Latin America and the Caribbean to take advantage of opportunities in new markets,” said Deputy Secretary Andrews. “This partnership demonstrates the Obama Administration’s commitment to generating broad-based economic growth and improving competitiveness across the Americas.”
In the United States, small businesses account for more than 60 percent of new private-sector jobs. The partnership announced today aims to bring that same job-creating power to the Western Hemisphere by promoting opportunities available to U.S. firms. The Commerce Department and IDB will work together, tapping into the expertise and reach of each organization, to increase small and medium-sized businesses trade and investment internationally by giving them better access to contacts abroad, as well as access to industry and market expertise. Specifically, Commerce and IDB will share information about the support services and information each provide, while fostering more connections between businesses in the United States, Latin America and the Caribbean.
Commerce’s contribution will be led by its International Trade Administration (ITA), which includes a global network of experts located in more than 100 U.S. cities and 13 countries throughout the Western Hemisphere. ITA’s team gives U.S. businesses access to services like counseling on developing a global business and increasing brand awareness abroad, as well as connecting businesses with new markets, business partners and customers. In addition, ITA’s Look South Initiative and Trade Americas Team provide exporters with the tools and knowledge to do business with companies from the United States’ free trade agreement partner countries. The Commerce Department also brings its SelectUSA initiative to the collaboration. SelectUSA was created by President Obama to showcase the United States as the world’s premier business destination and to provide easy access to federal-level programs and services related to business investment. The second SelectUSA Investment Summit in March 2015 saw a record number of attendees from 1,300 companies and more than 70 international markets, including strong representation from Latin America.
One of IDB’s key tools in the collaboration is the ConnectAmericas platform, a business-focused social media platform where business professionals can connect with peers throughout the hemisphere, and access tools and practical information designed to help them carry out international transactions. During its first year of operation, ConnectAmericas has been visited by more than 250,000 people from 170 countries and territories, and 24,000 people from 56 countries have created profiles on the platform. Through its collaboration with Commerce, the IDB expects to increase the participation of U.S. firms in ConnectAmericas, while using the platform to spread the word about the variety of programs that ITA offers to SMEs.
“To be able to trade and invest internationally, SMEs need better access to contacts abroad, as well as training, market intelligence, and finance, and that is what we provide in ConnectAmericas,” said Moreno, of the IDB. “Through this collaboration, we aim to reach more U.S. companies, while incorporating an additional source of high-quality information and tools that they can access.”
To learn more about the Commerce Department’s efforts to support U.S. businesses seeking to do business abroad, visit www.ita.doc.gov.
Additional Information:
On Wednesday, February 18th MBDA hosted an Access to Market: Connect Americas Webinar. Presenter Francisco Estrazulas, a consultant at the Trade and Investment Unit at the Inter-American Development Bank, provided a live demonstration and answered questions.
» Watch the webinar recording (Available until February 13, 2016)
