Companies that join the Wisconsin delegation for the virtual Global Trade Venture will receive personalized market insights and matchmaking.
MADISON, WI. APRIL 1, 2021—To help Wisconsin companies continue to grow their exports while international travel is limited, the Wisconsin Economic Development Corporation (WEDC) is organizing a virtual Global Trade Venture that will connect Wisconsin exporters with potential buyers, distributors and other partners in Poland.
The virtual Global Trade Venture to Poland will consist of online meetings taking place from June 14 to 25. This is the fifth virtual Global Trade Venture organized by WEDC; past ventures connected Wisconsin companies with potential partners in Canada, Germany, South Korea and Mexico.
Registration for the Poland virtual trade venture is open now through April 16. Interested companies are encouraged to register early so Wisconsin’s trade office in Poland has plenty of time to research potential partners and set up meetings.
“With a virtual trade venture, Wisconsin companies can continue to forge new relationships in overseas markets and strengthen their exporting efforts,” said Katy Sinnott, WEDC vice president of global trade and investment. “The one-on-one meetings with potential partners online and additional tools provided by WEDC ensure that the venture is a successful experience for all participating companies.”
Learn more about the virtual Global Trade Venture to Poland and find registration details at wedc.org/poland21.
As with other WEDC Global Trade Ventures, Wisconsin’s in-market trade representative will conduct a market assessment for each participating company. This research, conducted on a custom basis for each company, highlights market conditions and information on competitors, and identifies potential distributors, end users and customers for the company’s specific offerings. This customized matchmaking is one of the main benefits of joining a Global Trade Venture with WEDC. Participating companies benefit from the expertise of Wisconsin’s authorized trade representatives, who understand the market and already have connections within it.
To adapt to the pandemic, WEDC has converted its Global Trade Ventures into a virtual format that consists of online meetings between Wisconsin companies and potential customers, distributors and other prospective partners in international markets. WEDC will arrange these one-on-one meetings between Wisconsin companies and potential partners in the Polish market. Partners are chosen specifically for each participating company based on the company’s specific goals and objectives.
WEDC will handle all technology and scheduling, so participants can focus on showing up ready to make their pitch and determining if the potential partner is a good fit. Each participant in the trade venture will receive a Poland market assessment detailing considerations to keep in mind when introducing their product or service into the Polish market. WEDC will provide Wisconsin business participants with tips on how to best appeal to Polish customers and convey their value proposition, and will also arrange for interpreters with industry knowledge if they are needed.
Typically, WEDC’s Global Trade Ventures are limited to one or two cities to minimize the time spent on travel. The virtual format allows for expanding the scope of the trade venture to be countrywide, so Wisconsin companies can meet with partners located anywhere in Poland. Because of the time difference between Wisconsin and Poland, meetings will be held in the morning in Wisconsin/afternoon in Poland, over the span of a two-week period.
Another benefit of the virtual format is significantly reduced price. The cost of an in-person Global Trade Venture is often in the thousands given the price of airfare, lodging and meals. The participant fee for the virtual Global Trade Venture to Poland is just $500.
Poland ranks number one in Central and Eastern Europe in terms of both GDP and market size, with nearly 40 million inhabitants and a GDP of approximately $600 billion. Despite the country’s economic strength, its trade ties with Wisconsin have been underdeveloped, but they are growing rapidly. In January 2021, Wisconsin exports to Poland topped $14.1 million, whereas they reached just $5.8 million in January 2020 before the pandemic disrupted international trade.
Sectors of Wisconsin’s economy with the greatest export potential in Poland include industrial machinery, electronic equipment, optical products and medical equipment, plastics and chemicals. In general, Poland is a strong market for industrial and automation machinery, automotive parts, agricultural machinery, and food processing equipment and supplies.
A Wisconsin company looking to export to Poland should have an understanding of the export process and should also have its products CE certified. Since so many competitors for Wisconsin firms can be found in neighboring Germany, Wisconsin exporters need to have a strong value proposition with distinct market differentiators. Companies with previous exporting experience can receive guidance in developing their pitch for the Polish market as part of their participation in the virtual trade venture.