New Initiative to Expand Exports Targets Experienced Foreign Buyers
The Department of Commerce announced Nov. 10 a new effort to help increase exports by U.S. small and medium-sized businesses. The Global Buyers Initiative will help identify experienced foreign buyers and help to connect them to U.S. suppliers. A pilot program will be launched in Canada, France and Korea this year followed by Australia, Colombia, Japan, Mexico, Panama and Singapore, with several additional markets targeted soon thereafter.
According to DOC press release, the GBI will be piloted by FedEx, which will seek out experienced importers in National Export Initiative-focused markets and sectors that have traditionally not sourced products or services primarily from U.S. businesses. Once a specific buyer with a specific need is identified, DOC will help connect the buyer with a U.S. supplier and let the overseas importer know what DOC resources are available to help them.
The press release notes that FedEx, along with UPS, the U.S. Postal Service and the National Association of Manufacturers, is already a partner in DOC’s New Market Exporter Initiative, which has identified more than 1,400 small and medium-sized U.S. companies that already export to one foreign country but are looking to expand into additional markets.