Helping Middle Market Companies Increase Overseas Revenue: ITA’s new partnership with American ExpressJune 30, 2015
This post contains external links. Please review our external linking policy.
Jillian Doody is the International Trade Administration’s Director of Strategic Partnerships.
Earlier today, Assistant Secretary Jadotte joined American Express Vice President of Business Development for Middle Market Southeast Franki Lupo Schmidt to announce a new partnership to help increase trade education and awareness of export opportunities for U.S. businesses. During the ceremony in Atlanta, Jadotte and Schmidt signed a memorandum of agreement (MOA) between the U.S. Department of Commerce’s International Trade Administration (ITA) and American Express (AmEx).
The joint effort will focus on small- and medium-sized enterprises (SMEs) and AmEx’s Grow Global program which targets middle market businesses – those generating between $10 million and $1 billion in revenues annually.
The MOA was signed during AmEx’s Grow Global kick-off event. During the kick-off, businesses heard from top industry experts and met one-on-one with agents, distributors, government and industry officials, and other business leaders who are already successfully exporting their goods and services to markets around the world.
Last month, American Express announced the launch of Grow Global at ITA’s Discover Global Markets event in Miami. AmEx’s program is designed for companies that are considering exporting as a growth opportunity, as well as business that are currently expanding their business into markets outside the United States with the goal of increasing goods and services exports to international markets.
As a part of our partnership, ITA and AmEx will work together to increase awareness of the economic benefits of trade; educate U.S. business about exporting as a job creation and growth strategy; generate awareness of ITA and U.S. government resources; and encourage businesses to seek ITA assistance.
With 96 percent of the potential consumers for U.S. goods and services living outside of the United States, ITA has a critical role in helping U.S. companies be more competitive in the global marketplace. In 2013, 59 percent of all small and medium-sized exporters posted sales to only one foreign market. Increasing the number of markets, even by a small percentage, could have a big impact on the U.S. economy, and create more jobs in communities across the country.
One way ITA helps increase the number of markets our clients export to is by partnering with companies like American Express. Our Strategic Partnership Program leverages partnerships with trade associations, private corporations, chambers of commerce, and state and local governments to broaden and deepen the U.S. exporter base. Through these innovative public-private partnerships, the U.S. Department of Commerce communicates with millions of U.S. businesses about global business and export opportunities.