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Blog Category: Fred P. Hochberg

Secretary Locke Speaks at the Virginia Summit on Export Opportunities

U.S. Commerce Secretary Gary Locke - joined by Senator Mark Warner and Export-Import Bank President Fred P. Hochberg - today delivered the keynote address at the Virginia Summit on Export Opportunities in Richmond. Locke highlighted President Obama's National Export Initiative (NEI) and gave an update on the NEI, and its goal of doubling exports and supporting several million jobs over the next five years.

The Summit focused on ways in which the federal government can coordinate with local government and private-sector partners to promote trade and export opportunities in Virginia. In 2009, Virginia companies exported more than $15 billion of merchandise overseas, up from $2.8 billion in 2005. 18.1 percent of manufacturing jobs in Virginia depend on exports.

President Obama announced the NEI during his State of the Union earlier this year. The NEI will provide more funding, more focus and more cabinet-level coordination to grow U.S. exports, and represents the first time the United States will have a government-wide export-promotion strategy with focused attention from the president and his cabinet. NEI site: http://export.gov

Exports remain an integral part of the U.S. economy. In 2008, American exports accounted for nearly 7 percent of our total employment and one in three manufacturing jobs. In the first four months of 2010, exports grew almost 17 percent compared to the same period last year.  Remarks