For Immediate Release: August 27, 2013
Contact: Lorri Crowley (202) 482-3809
U.S. Commerce Department Awards $225k to Increase U.S. Exports, Create Jobs in New York
WASHINGTON – U.S. Under Secretary of Commerce for International Trade Francisco Sánchez today announced that the non-profit CenterState Corporation for Economic Opportunity (CSCEO) in Syracuse, N.Y., will receive $225,002 from the International Trade Administration’s (ITA) Market Development Cooperator Program (MDCP) to increase the competitiveness of the U.S. digital electronic device industry abroad by generating exports to Singapore, Indonesia, the Philippines, Thailand, and Malaysia. These funds are expected to generate an estimated $29 million in exports during the next three years, much of it by New York companies.
“For many U.S. companies, exports can be the key to thriving in difficult times,” said Under Secretary Sánchez. “Despite a slowdown in the world economy, U.S. exports hit an all-time record of $2.2 trillion last year. Our Market Development Cooperator Program awards to organizations like CSCEO are part of President Obama’s government-wide strategy to increase exports. Doing so strengthens America’s economy, ensures long-term, sustainable growth, and supports American jobs in New York and across the country.”
The MDCP award to CSCEO will be matched by an investment of $475,000 by the organization that pledged to pay a minimum of two-thirds of the project costs and to sustain the projects after the initial MDCP award period ends. Specifically, the funds will allow CSCEO to expand U.S. exports by: 1) matching small companies with larger ones to build supplier and distributor networks; 2) conducting an export audit on participating companies; 3) undertaking marketing and networking analyses for companies; and, 4) arranging for smaller firms to share booth space with larger firms at international expositions.
The MDCP awards include financial and technical assistance from ITA to support well-defined business plans aimed at enhancing U.S. competitiveness within certain industries by stimulating exports. An MDCP award establishes a partnership between ITA and non-profit industry groups to help strengthen global competitiveness and create jobs through exports. Since MDCP’s inception in 1993, the program has issued 128 awards. In an average year, MDCP projects generate $258 million in U.S. exports.
This year, six other non-profit industry groups around the country are also receiving awards from this fund. In total, these 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.
For more information about the Market Development Cooperator Program, please visit http://www.trade.gov/mdcp.