| Last month, we identified economic development mega trends. International trade and investment were among those listed and the emphasis for this month’s article. Of the 68 Kitsap businesses surveyed in the past 15 months, 26 percent indicate they participate in international trade. One-third of those participating in international trade state their primary market is international.
The value of exporting products and services is the “new” money it brings to our community. In turn, that “new” money created by a business is turned over multiple times as it is spent by the business and its employees at various service, retail, healthcare and professional businesses in Kitsap County.
In conjunction with international trade, direct foreign investment also fuels economic development. This summer, the four economic development organizations representing Puget Sound responded jointly to an inquiry from a foreign investor seeking existing manufacturing space in the Northwest. While Kitsap County did not have a match for this particular inquiry, we were part of a regional response and plan to be engaged in future regional endeavors of this manner.
The Port of Bremerton, a strong KEDC partner, has been involved in the international trade field for several years. Pacific Northwest Trade Alliance (PNITA) is a non-profit organization sponsored by the Port of Bremerton and governed by a volunteer board of directors. The mission of PNITA is to facilitate trade through education and information. A free PNITA newsletter will be available in the coming weeks with articles on international trade terms and topics. You can sign up for the newsletter at — www.pacnorwesttrade.com.
The next informational program hosted by PNITA will be a special luncheon co-hosted by the Bremerton Area Chamber of Commerce and sponsored by the Business Journal featuring Governor Christine Gregoire. Governor Gregoire will be presenting a business update from her trade mission trip to South Korea and Taiwan. The event will be Nov. 8 at the Kitsap Conference Center. Contact the Bremerton Chamber at (360) 479-3579 to RSVP.
The Port of Bremerton also has airport and industrial properties that lie inside the designated Foreign Trade Zone 216 (www.ftz216.com). Locating inside an FTZ may save you tax dollars and improve your profit margin. You can learn more about FTZ’s in the PNITA newsletter and on the PNITA website.
Additional resources for businesses interested in international trade are abundant — a short listing is provided here for your review. Additional resources are found on the KEDC (www.kitsapedc.org) and PNITA (www.pacnorwesttrade.com) Web sites.
• Washington State Community Trade and Economic Development — International Trade Division — assists Washington state businesses in profitably accessing the global marketplace by providing training and assistance, building international trade relationships, and advocating the importance of international trade to Washington’s economy. www.exportwashington.com.
• SBA Office of International Trade — offers aid to current and potential small exporters through two major programs: business development assistance and financial assistance. These programs are provided through a network of field offices around the country, www.sba.gov/oit/export.
• Trade Development Alliance of Seattle — a partnership between the Greater Seattle Chamber of Commerce, Port of Seattle, Port of Tacoma, Metropolitan King County Government, Snohomish County Government, City of Seattle, City of Everett and union leadership. Its mission is to promote the Greater Seattle Region in targeted foreign and domestic markets as one of North America’s premier international gateways and commercial centers. www.seattle.gov/tda.
If your business is interested in international trade, please contact the KEDC for assistance and additional resources. We can be reached at (360) 377-9499 or edckc@kitsapedc.org. | 