RICHMOND - The Virginia Economic Development Partnership’s (VEDP) International Trade division today announced the release of “Export Opportunities for Virginia’s Defense Industry.” VEDP-International Trade’s focus is to promote the exports of Virginia companies with the goal to grow jobs and increase the state’s tax base. As the U.S. Federal Government cuts back on defense spending, there are significant opportunities for Virginia’s defense companies to grow sales abroad. VEDP developed the guide to help Virginia’s defense companies reduce their dependence on sales to the Federal Government by growing sales in foreign markets.
Foreign Military Sales through the U.S. Government doubled from FY2011 to FY2012, and by the end of October 2012 the U.S. Department of State had received 73,000 license requests during that calendar year, 2,000 more than at the same point during the previous year.* As foreign countries increase their defense spending, they are purchasing the latest technologies in defense articles and services. These technologies are often sourced from U.S. companies. VEDP-International Trade’s guide will assist Virginia’s defense companies in taking advantage of these opportunities to grow sales through exports. This guide introduces new exporters to the processes, considerations, and strategies for making defense sales abroad.
The following key points for defense companies are examined in the guide:
- Assessing export readiness
- Understanding export regulations
- Market entry via Foreign Military Sales and Direct Commercial Sales
- Selecting International Markets
- Defense Trade Financing
- Commercializing Defense Technologies
“The growth opportunities for Virginia’s defense companies lay in international markets,” said VEDP Vice President of International Trade Paul Grossman. “We have a timely opportunity to help these companies grow sales through exports and keep their high-paying jobs in the Commonwealth. The “Export Opportunities for Virginia’s Defense Industry” report is one of the first resources out that provides historically U.S. Government contractors with instructions on how to get started and best practices for exporting. We are confident that this guide will help lead more of Virginia’s defense companies into the export game.”
To access VEDP-International Trade’s defense export guide, click here: http://exportvirginia.org/resources2/publications/
The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. The Partnership is a state authority, which is governed by a 25-member Board of Directors appointed by the Governor and the Virginia General Assembly. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, Belgium, Shanghai, Mexico, Japan, India and the United Kingdom.
* Schapiro, A. J. (2012, November 28). Remarks to the Defense Trade Advisory Group. Retrieved May 7, 2013, from U.S. Department of State: http://www.state.gov/t/pm/rls/rm/201157.htm