Visits to Germany and Austria in the spring and South Korea and Taiwan in the fall aim to boost trade
WEDC’s in-person global trade ventures, which help Wisconsin businesses tap into export success, are planning to resume in 2022, and two upcoming trips offer opportunities to connect Wisconsin exporters with markets in Europe and Asia.
“These regions represent key export markets for Wisconsin companies aiming to expand their reach in a variety of industry sectors,” said Katy Sinnott, WEDC vice president of global trade and investment. “Our in-person trade ventures are tailored to build connection with promising export partners in targeted, face-to-face meetings.”
A trade venture to Germany and Austria will take place May 14-21, with meetings taking place in Munich, Linz and Vienna.
Because the economies of Wisconsin, Germany and Austria overlap to a high degree, Wisconsin companies will often find their strongest competitors in the region, but also partners that easily integrate with their offerings. The numbers show the strength of the trading bond between these two European nations. Wisconsin exports to Austria grew by 85% from 2019 to 2020, and by another 32% in the first nine months of 2021. Meanwhile, Wisconsin businesses also exported goods worth $726 million to Germany in 2020.
Wisconsin’s established presence in these markets leads to connections that benefit attending companies. “WEDC has an authorized trade representative on the ground in Europe, helping Wisconsin companies find the most promising trading partners and eliminating some of the guesswork involved in starting and maintaining successful partnerships,” said WEDC Vice President of Global Trade and Investment Katy Sinnott.
A trade venture to South Korea and Taiwan, two strong Wisconsin trading partners, was originally scheduled for April but will now be held in the fall (exact dates to be announced). South Korea’s $508 million worth of imports from Wisconsin businesses in 2020 was a 41% increase from the $360 million worth of Wisconsin products that it purchased in 2010. As of Jan. 1, 2020, 98.8% of U.S. products enter South Korea duty-free. Taiwan purchased $200 million in Wisconsin products in 2020, a 5% increase over the preceding decade. Some targeted industries in the two markets include agriculture, advanced manufacturing, food and beverages, and biohealth.
WEDC’s trade ventures offer many benefits for Wisconsin companies as they look to enter or broaden their influence in export markets. WEDC will handle all arrangements to get Wisconsin participants to business meetings and will assign interpreters to accompany them.
Trade venture participation includes cultural and business insights relating to the two markets, as well as customized market research for each attending company and their products, allowing attendees to focus on the details of potential partnerships rather than dealing with logistics and scheduling.
The pandemic has forced WEDC’s Global Trade Ventures to adopt a virtual format for the past two years. With the return to in-person trade ventures, WEDC will follow whatever requirements for COVID-19 testing and vaccination are in place at the time of the trip, in both the U.S. and the destination country, and will assist attendees in complying with those requirements.