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United States : International Trade Administration Awards $297k To The Maritime Alliance To Increase Exports To France, Ireland, U.K.

Acting U.S. Under Secretary of Commerce for International Trade Ken Hyatt today announced that San Diego-based The Maritime Alliance (TMA) will receive $296,705 from the International Trade Administration's (ITA) Market Development Cooperator Program (MDCP). The award will allow TMA to continue to encourage providers of U.S. marine technology goods and services to increase exports, particularly to France, Ireland, and the United Kingdom. With the Federal resources, TMA aims to increase exports to Korea by $44 million during the next three years.

"With 96 percent of the world's consumers living outside of our borders, exports are a critical driver of the U.S. economy, supporting millions of U.S. jobs," Hyatt said. "TMA recognizes the positive impact exporting can have for their member organizations. MDCP awards to groups like TMA are part of President Obama's government-wide strategy to strengthen America's economy by increasing exports."

TMA will match the MDCP award with an investment of $948,570 of its own resources. Each MDCP award winner pledges at least two-thirds of the project costs and to sustain its project after the initial MDCP award period ends. The funded project will allow TMA to help more U.S. firms export more U.S. products and services by: 1) underwriting the cost of U.S. firms participating at foreign trade shows and missions, and 2) paying part of the costs for U.S. firms to network with foreign buyers at a new U.S.-based trade show.

Each MDCP award includes financial and technical assistance from ITA to support well-defined business plans aimed at strengthening an industry by increasing exports. MDCP partnerships between ITA and nonprofit industry groups create U.S. jobs through exports.

This year, five non-profit industry groups are receiving MDCP awards. In total, these projects are expected to generate or preserve more than $359 million in U.S. exports in the next three years in return for the one-time $1.3 million Federal investment.

Since the Market Development Cooperator Program's inception in 1993, ITA has granted 146 awards to 112 organizations in 32 states. The program has helped to generate more than $11 billion in exports. In an average year, MDCP projects generate $567 million in U.S. exports.

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Publication:Mena Report
Date:Sep 15, 2016
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