The partnership aims to make it easier for small and midsized businesses throughout the Western Hemisphere to enter new markets.
The U.S. Commerce Department and Inter-American Development Bank (IDB) have formed a partnership to make it easier for small and midsize businesses throughout the Western Hemisphere to enter new markets and grow. The announcement was made Thursday at the Seventh Summit of the Americas in Panama.
Through this partnership, Commerce and IDB will share information about their respective support services while fostering more connections between businesses in the United States, Latin America and the Caribbean.
Commerce’s contribution to the partnership will be led by its International Trade Administration, which includes a global network of experts in more than 100 U.S. cities and 13 countries throughout the Western Hemisphere. ITA provides companies with services such as counseling on developing a global business and increasing brand awareness abroad, as well as connecting firms with new markets, business partners and customers.
In addition, ITA’s “Look South Initiative” and Trade Americas team provide exporters with tools to do business with companies in countries that have free trade agreements with the United States.
The Commerce Department also brings its SelectUSA initiative to the partnership with IDB. SelectUSA was created by President Obama to promote the United States as a desirable business destination and provide easier access to federal-level programs and services related to business investment.
One of IDB’s programs for the partnership is its ConnectAmericas platform, a social media outlet where business professionals can connect with peers throughout the hemisphere, and access tools and practical information designed to help them carry out international transactions. During its first year of operation, ConnectAmericas has been visited by more than 250,000 people from 170 countries and territories, and 24,000 people from 56 countries have created profiles on the platform, the Commerce Department noted. Through its collaboration with Commerce, IDB expects to increase the participation of U.S. firms in ConnectAmericas and use the platform to spread the word about the variety of programs that ITA offers to small and midsize companies.
“To be able to trade and invest internationally, SMEs (small and medium-sized enterprises) need better access to contacts abroad, as well as training, market intelligence, and finance, and that is what we provide in ConnectAmericas,” said IDB President Louis Alberto Moreno in a statement. “Through this collaboration, we aim to reach more U.S. companies, while incorporating an additional source of high-quality information and tools that they can access.”
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