Commerce.gov is getting a facelift soon. See the new design.
Syndicate content

Blog Category: International Trade Administration

Secretary Pritzker Kicks Off Second Day of West Africa Energy Business Development Mission and Visits Electric Company of Ghana

Secretary Pritzker Visits Electric Company of Ghana

Today, Commerce Secretary Penny Pritzker kicked off her second day in Ghana at the Electric Company of Ghana (ECG) as part of the Commerce Department’s West Africa Energy Business Development Mission.  During the site visit, she spoke about the strong relationship between Ghana and the United States and the importance of partnering with private sector businesses to help Ghana reach its energy potential.

During the site visit, Secretary Pritzker specifically addressed the importance of the Administration’s Power Africa initiative and reiterated the U.S. commitment to improving economic prosperity in West Africa through investment in the energy sector.

President Obama announced Power Africa last year as an initiative to double the number of people with access to power in Sub-Saharan Africa.  With more than 600 million people in sub-Saharan Africa lacking access to reliable electricity, the power development challenge is enormous. More than two-thirds of the population is without electricity, including more than 85 percent of those living in rural areas. According to the International Energy Agency, sub-Saharan Africa needs more than $300 billion in investments to achieve universal electricity access by 2030 – far beyond the capacity of any traditional development program.  As part of Power Africa, the United States will commit more than $7 billion in financial support over the next five years to this effort.

The trade mission, Secretary Pritzker’s third since taking office last summer, will promote U.S. exports to Africa by helping U.S. companies’ launch or increase their business in the energy sector in West Africa.  The firms joining the mission have the expertise to help African countries develop and manage energy resources and systems, as well as build out power generation, transmission, and distribution.

Africa is home to seven of the ten fastest growing economies in the world, and helping U.S. business expand their presence in these African markets is a top priority for the Department of Commerce and the Administration. 

Secretary Pritzker Discusses Trade and Investment with Ghanaian President Mahama and Other Officials

President Mahama greets Secretary Pritzker on her first official visit to Ghana

Building on a strong bilateral relationship with Ghana, the United States is committed to partnering with the country as a beacon of stability and democracy in West Africa.

As part of that partnership, the United States is working to increase trade and investment, cornerstones of the Strategy toward Sub-Saharan Africa that President Obama announced in June 2012. On her trade mission to West Africa this week, U.S. Secretary of Commerce Penny Pritzker is talking with Ghanaian leaders about the many opportunities available for U.S. businesses to partner with Ghana to help meet their energy development objectives.

This morning, Secretary Pritzker met with Minister of Trade and Industry Haruna Iddrisu. She discussed policies that would facilitate U.S. companies’ participation in developing Ghana’s energy sector and helping the country meet its goal of generating 5,000 megawatts of power by 2016.  Secretary Pritzker pointed out that the United States’ Power Africa initiative to double access to electricity in Sub-Saharan Africa aligns with Ghana’s broad goals to increase power generation capacity in the near term.

Secretary Pritzker also met with Minister of Finance Seth Terkper and discussed some of the challenges facing the business community in the current fiscal climate. Noting that the strong trade relationship between Ghana and the United States continues to grow, Secretary Pritzker highlighted some of the Commerce Department’s initiatives focused on expanding U.S.-Ghana trade. This week’s trade mission is an opportunity to build upon our two country’s strong trade relationship by facilitating introductions of U.S. companies eager to learn about the energy needs of Ghana.

Finally, in the afternoon, Secretary Pritzker met with Ghanaian President John Dramani Mahama and discussed the strategic importance of strong U.S.-Ghanaian economic and commerce relations. Secretary Pritzker highlighted that U.S. companies have a lot to offer in terms of management and technical expertise, and capital that might prove to be very useful for Ghana. 

Secretary Pritzker and President Mahama briefly discussed the upcoming World Cup and the United States’ opening round match-up against Ghana. 

Acorn Energy, Inc., Joins Commerce Department Sponsored Trade Mission Because of Enormous Potential in West African Energy Market

Acorn Energy, Inc., Joins Commerce Department Sponsored Trade Mission Because of Enormous Potential in West African Energy Market

Guest post by Walter Czarnecki, President and COO of OmniMetrix, an Acorn Energy division.

On behalf of Acorn Energy, Inc., I am honored and excited to join US Commerce Secretary Penny Pritzker on her upcoming West Africa Energy Business Development Trade Mission to Ghana and Nigeria. Acorn Energy is an energy technology investment group and holding company focused on M2M/Internet of Things remote monitoring technologies and includes four divisions: OmniMetrix, GridSense, DSIT and US Seismic Systems. Our technologies are deployed globally, including sites in Kenya, South Africa, Turkey and elsewhere, and we see West Africa as an important international market in which to expand and serve.

We have been following the vast potential for market growth in Ghana and Nigeria for each Acorn technology. Last month Nigeria surpassed South Africa to become Africa’s largest economy, yet Nigeria experiences near-daily blackouts and plans to invest $3.5 billion this year to improve its energy and electricity infrastructure. Likewise, grid failures are common and have persisted for decades. GridSense, our transformer and distribution network monitoring division, works with utilities globally to specifically address this problem, and we look forward to exploring how GridSense can help West African utilities make their networks more reliable.

When utility power is lost, backup generators come online, and Nigeria has nearly 60 million backup generators. OmniMetrix, the Acorn division that provides M2M remote monitoring and control for backup generators, is well positioned to increase the reliability and reduce failures across Nigeria’s backup generator fleet. Backup generators globally fail 10-15% of the time when called upon. It is now possible to diagnose and predict common problems that prevent backup generators from running when needed. We look forward to exploring how we can eliminate this problem in Ghana and Nigeria.

What’s NEXT for U.S. exports?

New data-based, customer service-driven initiative to ensure that more American businesses can fully capitalize on markets that are opening up around the world.

Exports are critical to the U.S economy. They fuel economic growth in our communities, support good middle class jobs, and unlock opportunity for American companies, entrepreneurs, farmers, ranchers, and workers, enabling U.S. companies to compete in the growing global marketplace. By selling Made-in-America goods and services to international customers, U.S. businesses – including small and medium-sized and minority- and women-owned businesses – are able to grow faster, hire more employees, pay higher wages, and help spread American ideas, innovation and values.

Recognizing the many opportunities exports create for our economy, U.S. Commerce Secretary Penny Pritzker today announced that the Obama Administration will build on the success of the National Export Initiative (NEI) by launching NEI/NEXT: a new customer service-driven strategy with improved information resources that will ensure American businesses are fully able to capitalize on expanded opportunities to sell their goods and services abroad. NEI/NEXT will help more American companies reach more overseas markets by improving data, providing information on specific export opportunities, working more closely with financing organizations and service providers, and partnering with states and communities to empower local export efforts.

In 2010, President Obama launched the National Export Initiative (NEI), a comprehensive government-wide effort to help U.S. companies increase exports, expand into new markets, and compete globally. Under the NEI, the United States has had four straight record-breaking years of exports – hitting an all-time high of $2.3 trillion dollars last year – up $700 billion from 2009. A new economic report released today by the Department of Commerce, shows that nearly one-third of the country’s economic growth since mid-2009 has been driven by exports. Nearly 30,000 businesses have started exporting for the first time. And most importantly, since 2009, the number of jobs supported by exports has grown by 1.6 million to more than 11.3 million – the highest in 20 years.

Even with all this success, far too many American companies remain focused on domestic markets. Less than 5 percent of U.S. companies export, and more than half of those exporters sell to only one market. To help bridge that gap, and look for new opportunities to help U.S. businesses export, the Department of Commerce, along with 20 federal agency partners last year began to take a fresh look at the NEI. This interagency group solicited extensive stakeholder feedback and incorporated lessons learned under the NEI, to develop an economic growth strategy that would help make trade a central part of America’s economic DNA. The end product of that interagency review, NEI/NEXT will take the NEI strategy to next level by institutionalizing our progress from the past four years and serving as a framework to guide the development of new, innovative initiatives.

NEI/NEXT will be implemented through the Export Promotion Cabinet and Trade Promotion Coordinating Committee (TPCC), which consists of representatives from 20 federal departments and agencies with export-related programs. The Secretary of Commerce chairs the TPCC.

Secretary Penny Pritzker Announces Next Phase of the National Export Initiative -- NEI/NEXT

Today, Secretary of Commerce Penny Pritzker announced NEI/NEXT – a data-based, customer service-driven initiative to ensure that more American businesses can fully capitalize on markets that are opening up around the world. Through five core objectives, NEI/NEXT will build on Administration-wide achievements under the National Export Initiative (NEI), to help all businesses reach the 95 percent of consumers who live outside the United States.

If you missed her speech, below is a collection of tweets from her account and audience members that summarizes her remarks.

May is World Trade Month 2014

Guest blog post by Ken Hyatt, Acting Under Secretary of Commerce for International Trade.

Happy World Trade Month!

For years, May has been the time to not only recognize the benefits of international trade, but also for organizations around the country to support more American companies competing overseas.

For the United States, the benefits of trade have been great, as have our successes. We recently announced that for the fourth straight year, the United States set a record for annual exports in 2013, at $2.3 trillion. That is a 40 percent growth in total exports since 2009.

Behind those exports are millions of well-paying American jobs – a record 11.3 million jobs to be exact. That number is an increase of 1.6 million from 2009.

As more American businesses compete and succeed in the global marketplace, the entire national economy reaps benefit.

New Expansion to Support New Opportunities

Guest blog post by Arun Kumar, Assistant Secretary for Global Markets and Director General of the U.S. and Foreign Commercial Service

Last week, Commerce Secretary Pritzker made an important announcement that demonstrates the United States’ commitment to supporting developing economies and the Department of Commerce’s commitment to U.S. businesses competing overseas.

The Department’s International Trade Administration will open offices in five new markets, bringing Foreign Commercial Service (CS) officers into some of the world's most rapidly developing economies. In cooperation with the U.S. State Department, we will open offices in Angola, Ethiopia, Mozambique, Tanzania, and Burma this calendar year.

These new offices, and our staff additions in other offices around the world, will make us more capable of supporting U.S. exporters. We can support more Gold Key Matchmaking, we can conduct more market research, and we can help connect U.S. companies to more global markets.

As a new member of the Department of Commerce team, I'm very excited to be a part of this major expansion - especially in such important markets for U.S. businesses.

Driving German FDI – the U.S. as a Manufacturing & Distribution Hub, and an Export Platform

Inward foreign direct investment (FDI) stock totaled $2.7 trillion in 2012, a 6 percent increase from the prior year, which equals the average annual growth rate between 2001-2011.

Guest blog post by Amy Zecha, International Investment Specialist with SelectUSA. Her portfolio covers Central and Eastern Europe, including Germany. 

SelectUSA just finished another successful event at the Hannover Messe manufacturing trade fair – the largest in the world – and now we’re gearing up for another big event in Germany.  In September, we’ll be participating in Automechanika, a global trade show for the automotive industry.  We hope you’ll join us!

It’s been a great couple of months for German investment in the United States, and we’ve had some exciting news in the auto industry.  In a post last month, ITA’s Tradeology blog highlighted some impressive figures – including the 115% growth in U.S. auto exports of passenger vehicles between 2009 and 2013.

It is therefore no surprise to see international automakers – such as Germany’s BMW – continue to grow their U.S. manufacturing operations. At the end of March, Commerce Secretary Penny Pritzker joined BMW officials and others in Spartanburg, SC in celebrating the start of production of the X4 – and the announcement of the brand new X7. The addition of this model line will make Spartanburg BMW’s largest manufacturing facility in the world.

BMW, as a business, knows the value of manufacturing in the United States, and also the advantages of using the U.S. as an export platform. Today, BMW is one of the top auto exporters in the United States. More than half of all the cars produced by BMW at their Spartanburg plant are shipped to other markets beyond our borders. BMW has clearly harnessed the power of U.S. manufacturing and successfully coupled it with the export opportunities offered by U.S. trade agreements to maximize the potential of their U.S. operations.

This is just one case study of German success in the U.S. market. Success comes in many sizes - sometimes it's the small or medium-sized enterprise (SME) that makes the commitment to the United States, like PTF Pfuller, a manufacturer of precision parts and assemblies for the semiconductor, food, medical technology, laser and aerospace industries. The CEO, Mr. Oliver Zintl spent two years working with Jenny Trick of Racine County Economic Development Corporation, after an initial meeting at the USA Investment Center organized by SelectUSA and CS Germany at Hannover Messe 2011. PTF established its U.S. division in Sturtevant, Wisconsin in August 2013 with initial plans to start with a small sales staff – but then noted the potential to add manufacturing and a distribution center within five years, creating at least 50 jobs. PTF cited the tremendous work of Racine County and Milwaukee 7 (a regional economic development organization), as well as the central location, access to existing customers in the region, and the quality of the Gateway Technical College – which offers the potential for a nearby source of talent for the company.

Secretary Pritzker Delivers Remarks on America’s Economic Future in the Asia-Pacific

In her remarks, Secretary Pritzker discussed the United States’ commitment to strengthening commercial and economic ties throughout the Asia-Pacific, which is a critical dimension of the president’s rebalance toward this fast-growing region. The Asia-Pacific region presents rapidly growing opportunities for American businesses and workers. The region accounts for nearly 60 percent of world GDP and 40 percent of global trade. Secretary Pritzker highlighted the United States’ leadership role in efforts such as the Trans Pacific Partnership, and she also emphasized the growing U.S. ties with both longstanding and emerging trade partners.

Read a summary of her remarks and audience tweets below.

First Americas Competitiveness Exchange Encourages Collaboration, Drives Innovation and Entrepreneurship in the Western Hemisphere

Guest Blog Post by Walter Bastian, Deputy Assistant Secretary of Commerce for The Western Hemisphere

Competition and collaboration aren’t typically mentioned in the same breath. For nations and businesses competing to innovate and prosper in a global marketplace, these concepts seem completely antithetical to one another.

That’s why the first Americas Competitiveness Exchange on Innovation and Entrepreneurship (Exchange) is such a unique and exciting partnership.

As part of the Exchange, senior officials from the U.S. Department of Commerce’s International Trade Administration (ITA) and Economic Development Administration (EDA) last week led a delegation of 45 business and government leaders from 20 Latin American and Caribbean countries on a tour across the Southeast United States. They visited five cities in four days with stops in Atlanta, Ga., Greenville, S.C., Conover, Kannapolis, and Charlotte, N.C.

The delegation toured technology centers, innovation hubs, and investment zones to see how U.S. companies are working to create some of the most advanced products in the world. The tour was geared to help make the interpersonal and inter-governmental connections that can lead to future international trade and investment deals.

The Americas Competitiveness Exchange for Innovation and Entrepreneurship provided a great opportunity for decision and policy makers in the Americas to see the results of economic development initiatives and meet high level authorities, leaders of private sector associations, public and private universities with research and innovation centers, looking to explore and expand the links between our economies and key stakeholders.

The United States and Latin America maintain a very special and very important investment relationship. In 2012, the total stock of Latin American foreign direct investment (FDI) in the United States was nearly $96 billion. And every day, 259,000 workers in the United States go to work in U.S. subsidiaries of Latin American firms.