International Business Council Holds Global Trade Expo
The International Business Council of Greater Rochester is helping local companies succeed internationally. IBC hosted the 21st Annual Trade Banquet and Expo Tuesday.
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It was a chance to network and ask questions. Local trade doing big business on a global level.
"Hundreds of smaller companies who would have never even considered shipping out of the New York State, New York metropolitan area or the Northeast have learned to expand business and increase jobs, and learning that international business is an excellent opportunity for them," said Daniel Duffy, VP of global trade for JP Morgan
It was all part of the 21st Annual Trade Banquet and Expo in downtown Rochester.
The U.S. Department of Commerce says that Rochester area exports totaled $5.5 billion last year, an increase of 7.4% in 2011. Rochester is one of the top 25 export communities in the country, outranking major cities like Chicago and Boston.
"I think what's important is that we have our own setup of foreign trade zones and ability to clear customs right here in our own community and not have to worry about waiting for the Port of New York or some other place and we have a host of international experts right here in this community," said Mark Peterson, president and CEO of Greater Rochester Enterprise.
Experts credit Rochester's top ranking to the high concentration of manufacturers in the region. The Expo featured local experts including Harris RF Communications, Pictometry and Sutherland Global Services.
International trade in the area is expected to bring an increase of jobs locally.
"If you're exporting more products and raising more revenues and you're generating more product development, you're going to have more opportunities to create new jobs to create new products," said Duffy.
Duffy says it's no longer an economy where local owners can succeed on regional business alone. For the products developed right here, from agriculture and optics to aerospace, there is a demand worldwide.