Trade missions offer Wisconsin businesses the chance to grow globally, read more

Global Trade Venture: Germany

September 7, 2023
Share This Story:
Global Trade Venture: Germany

April 6-13, 2024

A HIGHLY DEVELOPED ECONOMY WITH ESTABLISHED STRENGTH IN BIOHEALTH

Germany is consistently among Wisconsin’s top export destinations and ranked fourth in 2022. The healthy volume of trade reflects a history of immigration from German-speaking countries to Wisconsin; mutual strength in manufacturing; and shared emphasis on quality, productivity, and a strong work ethic. In all, Wisconsin exported more than $1 billion in goods to Germany in 2022.

To help Wisconsin exporters grow their exports to the market, the Wisconsin Economic Development Corporation (WEDC) will be leading a global trade venture to Germany in April 2024. This trade venture is specifically designed for companies in the biohealth sector and is timed to coincide with Analytica, a trade show that takes place every two years in Munich and brings together leaders in laboratory technology, analysis, and biotech.

Germany is the fourth-largest economy in the world and accounts for nearly one-quarter of the European Union’s GDP. This economic powerhouse imports $1.5 trillion worth of products each year, $73 billion of this from the U.S. It has a GDP exceeding $4 trillion and logged its 10th consecutive year of GDP growth in 2019; after declining by 4.9% in 2020 due to the global pandemic, it posted positive growth of 2.6% in 2021 and 1.9% in 2022. Germany’s path to prosperity over the past decade has focused on developing new technologies, driving innovation, and leveraging a highly skilled workforce that demands higher wage rates.

This trade venture will focus primarily on biohealth, a sector where both Wisconsin and Germany have established strength and leadership. Germany is home to some of the world’s leading universities and research institutions in biohealth and medical technology; therefore, this trade venture will offer the opportunity not just to find buyers but to establish meaningful partnerships.

BUSINESS CONNECTIONS

Within the biohealth sector, certain types of companies in particular may benefit from participating in this trade venture. Those include pharmaceutical, medical instrument, medical technology, and medical diagnostics companies, as well as companies that develop:

  • Vaccines and other medical products to prevent and treat diseases
  • Diagnostic tests to identify diseases
  • Gene therapies to treat genetic diseases
  • Cell therapies to treat cancer and other diseases
  • Medical devices to improve the diagnosis and treatment of diseases

The COVID-19 pandemic has led to the creation of new opportunities in the biohealth sector—for example, increased demand for vaccines, treatments, and diagnostics for the novel coronavirus; increased demand for medical supplies and equipment; and a broader trend toward online shopping across all sectors. Wisconsin companies are well positioned to help meet the demand in this large, affluent, and innovation-oriented market.

Beyond biohealth, companies in other sectors may also benefit from participating in this trade venture; specific sectors of interest include manufacturing; consumer goods; water technology; aerospace; energy, power, and controls; and agriculture. This trade venture is suitable for companies that are new to exporting. For companies looking to break into exporting into the region more broadly, Germany is an ideal first market with its stable political and economic climate and integration into the euro zone. The German market can provide an orientation to the EU regulatory environment, facilitating subsequent export expansion elsewhere in the region.

EXCLUSIVE ACCESS

The trade venture will begin in Frankfurt, which has a population of 5.8 million in the surrounding metro area; the city is located in the Hessen region, which has had a sister state relationship with Wisconsin since 1976. The program will continue in Munich (metro area population: 6 million) with individual business meetings as well as attendance at Analytica, which attracts more than 60,000 visitors and 2,500 exhibitors from more than 100 countries.

In addition to having your appointments arranged for you and potential business partners identified, each participant in the Global Trade Venture will also receive a market assessment for Germany specific to your company, detailing considerations to keep in mind when introducing your product or service into the market. WEDC has eyes and ears on the ground in Europe in the form of Wisconsin’s authorized trade representative—thus making it easier for Wisconsin companies to find partners they can trust and taking some of the guesswork out of launching in a new market. With all your appointments arranged for you, you can focus on business rather than logistics and scheduling.

The registration deadline for this Global Trade Venture is Jan. 26, 2024.

Related Posts

Go to Top