Three Reasons to Apply to the U.S. Maritime Technology Export InitiativeDecember 14, 2016
Derrick Small is a Communications Specialist for the Pacific South Network for the U.S. Commercial Service
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Recently, the U.S. Commercial Service of the International Trade Administration (ITA) along with The Maritime Alliance (TMA) announced the first Maritime Technology Initiative to support U.S. Blue Tech companies with global expansion.
The press conference included TMA executives, Congresswoman Susan Davis (D-CA); Supervisor Greg Cox (First District) and Holly Vineyard, principal deputy assistant secretary for the U.S. Commercial Service.
“This is the first time that funding has been awarded to focus on maritime technologies, which we see as a growth opportunity for U.S exports given the increasing global demand of ocean technologies,” said Vineyard.
Three Reasons to Apply:
Financial Support to Increase Exports
The U.S. Maritime Technology Export Initiative aims to increase exports among U.S. maritime technology companies. The initiative received $297,000 in federal funding from ITA’s Market Development Cooperator Program (MDCP).
“Our goal is to position the United States to get ahead of that curve and support marine tech companies who have developed innovative ocean technologies to meet that growing demand,” said Victoria Yue, oil and gas trade specialist with ITA’s Office of Energy and Environmental Industries. “To do this, collaboration with organizations like The Maritime Alliance is essential.”
The Maritime Alliance will match the MDCP award with a $948,570 investment. Each MDCP award winner pledges at least two-thirds of the project costs and to sustain its project after the initial MDCP award period ends.
“The U.S. Maritime Technology Export Initiative will increase exports by assisting small companies to attend ocean technology related trade shows and trade missions over the next three years,” said Greg Murphy, executive director of The Maritime Alliance.
Aron Davidson, senior international trade specialist with the U.S. Commercial Service, adds that the MDCP gives additional resources for TMA members to take advantage of USCS services which may serve as a multiplier effect for export promotion.
“The MDCP has raised the profile of the marine technology sector which is a large and important industry throughout the US but particularly here in the San Diego region which plays host to 200+ marine technology-oriented businesses,” said Davidson.
Develop International Partnerships
The Organization for Economic Cooperation and Development (OECD) estimates that the value of the Ocean Economy is expected to reach $3 trillion annually by 2030 up from $1.5 trillion in 2010.
The U.S. Commercial Service’s Maritime Technology Industry Primer states that ITA anticipates that countries and communities will invest heavily in maritime, ocean and port infrastructure over the next decade. In particular, several strong trends in the marine technology industry offer opportunities for U.S. companies in maritime defense and security, shipbuilding, ocean observation and data management, offshore oil and gas and port infrastructure and services.
“The marine technology sector, made up in significant part of small and medium businesses, is inherently export oriented,” adds Davidson. “Many of the world’s nations touch the oceans and as such have a need for marine technology. This means that there is a tremendous market for US-made marine technology across the globe that will only increase over time.”
Open to all Small U.S. Maritime Technology Companies
According to Yue, any small maritime technology company from the United States may apply to join the initiative regardless of membership status with TMA.
“The MDCP specifically targets SMEs and intends to support companies that are first-time trade show participants,” said Yue. “Over the next three years, we anticipate that the U.S. Maritime Technology Export Initiative will fund up to 90 small and medium sized companies to participate in trade shows and trade missions, starting with Oceanology International North America, which is being launched at the San Diego Convention Center February 14-16, 2017.”
Other events include the Ocean Business trade show April 4-6, 2017 in Southampton, UK, Oceanology International, March 13-15, 2018 in London and Blue Tech Trade Mission to Europe in April 2017.
Applications will be available mid-November 2016, and due December 23rd, 2016 for consideration by a national advisory panel. For more information, visit www.bluetechexports.org or contact TMA Executive Director Greg Murphy at firstname.lastname@example.org.
The U.S. Commercial Service is the trade promotion arm of the U.S. Department of Commerce’s International Trade Administration. U.S. Commercial Service trade professionals in over 100 U.S. cities and in more than 75 countries help U.S. companies get started in exporting or increase sales to global markets. For information on the U.S. Commercial Service contact your local trade specialist.
Oceans span the globe – does your Marine Technology business? Keep your company growing by devising or expanding your international export strategy. The U.S. Commercial Service’s Marine Technology team can help your company take advantage of worldwide sales opportunities. Locate Marine Technology Specialist.