RICHMOND - The Virginia Economic Development Partnership (VEDP) today announced the release of the Virginia Maritime Security Export Market Report. Old Dominion University prepared the study as part of VEDP’s ‘Going Global’ Defense Initiative to mitigate the impact of defense spending cuts on Virginia’s economy, the nation’s leading state recipient of defense spending. VEDP’s International Trade program focuses on assisting Virginia businesses in capturing export opportunities overseas. As the U.S. Federal Government cuts back on defense spending, there are significant opportunities for Virginia’s defense companies to grow sales abroad. The initiative helps to promote the diversification of Virginia defense companies into new international markets, thereby ensuring long-term economic survival and continued ability to supply U.S. defense forces.
The U.S. military is shifting its maritime activities focus to the Pacific Rim. Ship conversions and deactivations, privatized naval and port security, unmanned underwater vehicles, and anti-piracy activities are projected areas of business opportunities for Virginia maritime companies.
An abundance of export opportunities exists for maritime companies, in both products (sensors and chemical detection devices) and services (systems engineering and information technology services). These market openings have been augmented by the need for numerous countries to counteract the increasing frequency of piracy in critical commercial lanes around the world.
Sponsored by VEDP, Old Dominion University’s study identifies the top 10 foreign markets that offer the best opportunities for exports of maritime security goods, services and technologies by companies located in Virginia. The report evaluates not only the economic opportunities in the 10 countries, but also their social and political structures, along with the ease and ability of Virginia firms to sell in these countries. Specific information is supplied for each of the countries’ procurement and command structures.
Top 10 Markets for U.S. Maritime Security Exports:
1. Japan
2. Australia
3. United Kingdom
4. South Korea
5. Israel
6. India
7. Turkey
8. United Arab Emirates (UAE)
9. Mexico
10. South Africa
“The Commonwealth boasts a rich maritime history, and maritime security is a tremendous opportunity for many Virginia defense firms that are expanding into this area due to the increasing frequency of piracy in commercial lanes around the globe,” said Paul Grossman, VEDP Vice President of International Trade. “VEDP’s ability to work with Old Dominion University to complete this industry study is a valuable component of the ‘Going Global’ Defense Initiative. This is a timely, invaluable report that helps Virginia defense-related companies grow in international markets.”
To download the Maritime Security Export Markets report, visit http://exportvirginia.org/resources2/publications/top-maritime-opportunities-va/.
To learn more about the ‘Going Global’ Defense Initiative, visit http://exportvirginia.org/defense/.
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 24-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, China, Germany, Japan, India and the United Kingdom.