Syracuse economic development organization receives $225,000 U.S. grant to promote exports
By Rick Moriarty | firstname.lastname@example.org
on August 27, 2013 at 4:31 PM
Syracuse, NY — CenterState Corporation for Economic Opportunity, the nonprofit organization that promotes economic development in Central New York, is getting a $225,000 federal grant to help the U.S. digital electronic device industry increase exports.
Francisco Sanchez, U.S. under secretary of commerce for international trade, said the International Trade Administration’s Market Development Cooperator Program will provide the grant to help generate exports to Singapore, Indonesia, the Philippines, Thailand and Malaysia.
CenterState will provide $475,000 in matching funds and staff time over the three-year term of the program.
The grant is expected to generate an estimated $29 million in exports during the next three years, much of it by New York companies, Sanchez said.
“For many U.S. companies, exports can be the key to thriving in difficult times,” he said in a statement.
CenterState will use the funds to, among other things, match small companies with larger ones to build supplier and distributor networks, undertake marketing and networking analyses for companies, and arrange for smaller firms to share booth space with larger ones at international expositions.
CenterState Senior Vice President David Mankiewicz said the program will focus on helping companies sell their products in Southeast Asia because that’s where research has shown there is significant demand for electronic products.
He said the program is aimed at the cluster of defense, commercial, medical, environmental and information technology firms in the 12-county central Upstate New York region, which encompasses the metropolitan areas of Syracuse, Ithaca and Utica. However, if companies from other parts of the state ask to be part of the program, they will receive assistance, too, he said.
Companies that have a lot of experience exporting will mentor companies that have little or no experience with exports, Mankiewicz said.
CenterState launched an initiative last year to increase exports by local companies. It set a goal of increasing the region’s exports from $3.3 billion to $6.6 billion annually over five years.
The Brookings Institution estimates that for every $1 billion in increased export sales, more than 5000 jobs are created and workers earn 1 percent to 2 percent higher wages. Doubling exports in the Syracuse metro area from $3.3 billion to $6.6 billion offers the potential to create 18,000 new jobs, according to CenterState.
Six other nonprofit industry groups around the country are also receiving awards from the fund this year. In total, the projects are expected to generate $426 million in U.S. exports in the next three years in return for the one-time $1.9 million federal investment, according to the Commerce Department.
Contact Rick Moriarty at email@example.com or (315) 470-3148. Follow him on Twitter @RickMoriartyCNY and on Facebook at rick.moriarty.92.
For more information on exporting contact
Kelley Brady (firstname.lastname@example.org) or
Michelle Bonina (Mbonina@reedexpo.com)