International exports key for Minnesota companies
The Minnesota Department of Employment and Economic Development is making a $1.5 million investment and plans to open two new trade offices in Sao Paolo, Brazil and Seoul, South Korea. The two new offices join the recent opening of a trade office in Dusseldorf-Cologne, Germany while the trade office in Shanghai, China opened in 2005. The Minnesota Legislature allotted the Minnesota Trade Office the necessary $1.5 million dollars in the newly adapted state budget.
Brazil is an important trade opportunity for Minnesota companies. Brazil’s growing economy has led to export growth, and was up at least 10% in 2012 to $341 million. Brazilian companies spent $13.7 billion globally and targets renewable energy, mining, agriculture and food production, making it a great fit for many Minnesota companies.
The South Korean trade office is key for many Minnesota companies. In 2012, Minnesota companies exported around $707 million in products and services to South Korea. South Korea is also one of the State’s largest export markets in general, and the a large market for agricultural products. South Korean companies directly invested $23.2 billion last year internationally.
The German trade office is vital for Minnesota companies as an important export market. In 2012, Minnesota companies exported $728 million in products and services and German companies employ approximately 9000 people in Minnesota.
In 2012, Minnesota exporters set a record with $20.6 billion in products and service exports. The largest markets for Minnesota companies are led by products and services shipped to Canada, China and Mexico. The presence of Minnesota Trade Office’s help to increase Minnesota exports for both products and services, and attracts foreign direct investment into the State. Minnesota is not alone with the presence of oversea trade offices – more than 37 states international organizations focusing on global expansion.
Minnesota companies – large and small – are able to, and should, take advantage of the international market. Minnesota products and services are in high demand internationally. It’s important for companies to think strategically and prepare for their global expansion. INGCO International is an important partner for many organizations that have international presence, or hope to do so. INGCO International has a variety of products and services that are designed to guide companies through their international export plans. INGCO provides global marketing services and specializes in interpreting and translating services in 200+ languages. Our international trade experts have proven to be essential partners for all of our clients.