As President Barack Obama wrapped up the first-ever U.S.-Africa Leaders Summit this week in Washington, D.C., he urged more American companies and investors to get involved in African economies.
“Some of the fastest-growing economies in the world. A growing middle class. Expanding sectors like manufacturing and retail. One of the fastest-growing telecommunications markets in the world. More governments are reforming, attracting a record level of foreign investment. It is the youngest and fastest-growing continent, with young people that are full of dreams and ambition.” President Obama said in a Summit speech.
Maryland companies are at an advantage when it comes to interactions with African markets. Businesses interested in exporting internationally will find several resources available through the Maryland Department of Business and Economic Development (DBED), including the following:
- Governor Martin O’Malley created a Maryland trade office in Nigeria in August 2012, offering unique on-the-ground assistance to companies, from negotiating foreign contracts to discovering new trade opportunities.
- DBED employs a team of international investment and trade specialists, available to help companies navigate African markets. Reach out to DBED’s International Trade Coordinator at 410-767-0685 for more information.
- The ExportMD Program helps offset some of the costs of marketing internationally, offering up to $5,000 in reimbursement for expenses and up to 40 hours of assistance from DBED’s trade experts. For more information on the application process, contact DBED’s Office of International Investment and Trade at 410-767-6869.
- Maryland’s four Foreign-Trade Zones allow domestic activity involving foreign items to take place as if it were outside U.S. Customs territory. These unique areas can be found in Baltimore, BWI Airport, Prince George’s County and Washington County.
- DBED regularly hosts Global Trade Forums that bring together representatives of industry, academia and federal, state and local government. In 2013, the State hosted a forum dedicated entirely to doing business in Africa. For information on upcoming events, subscribe to the DBED mailing list.
- DBED is a sponsor of the Maryland/Washington D.C. District Export Council’s Celebration of International Trade, an annual conference where companies can find practical information and resources to help them reap the benefits of exporting.
- DBED also maintains a strong relationship with several agencies that provide assistance to exporters, from the U.S. Export-Import Bank to the Maryland Port Administration. Find a full list of these resources and their functions through the DBED website.
Looking for more business resources in Maryland? Find more information through the Maryland Department of Business and Economic Development.
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