Virginia Economic Development Partnership, International Trade

Beyond Virginia

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SPECIAL FEATURES - June 16, 2010

 

Welcome to the Summer 2010 issue of Beyond Virginia - a quarterly e-newsletter published by your international experts here at VEDP.  With the start of Fiscal Year 2011 just around the corner, we have enhanced some of our signature progams and services, including VALET, Global Network and Export 3.0 and hope that you will take the time to learn how we can serve you in your quest to grow your international market share.  Beyond Virginia is one way we are trying to improve our communications with you, by keeping you up to date on topics of international interest and the latest achievements of our clients.

In this issue, you will read about Incoterms and Letters of Credit, the Foreign Corrupt Practices Act, and the importance of multimodal shipping among other things.  We have recently released our line up of Group Market Visits for FY11 and registration is now open for the 62nd Virginia Conference on World Trade.  We hope you will join us!  Also, don't forget to check out our new blog and become a fan and follower on Facebook and Twitter.  I hope you enjoy reading Beyond Virginia and welcome your comments and suggestions for future issues.

 

 

Paul H. Grossman, Jr.
Director of International Trade & Investment
Virginia Economic Development Partnership

Understanding the Importance of Incoterms when Exporting under Letters of Credit

Why are most US exporters still shipping "Freight Collect" when securing payment under a letter of credit (LC)? "We’ve always done it that way," some will say. "We didn’t know it made a difference." Or maybe it’s because they used these domestically, and kept it that way when they began selling internationally. Either way, this can be financially risky.  Here are seven critical factors to keep in mind with the transitiion from the Uniform Commercial Code (UCC) to Incoterms.

>> Read more

 

What's Considered a Violation of the Foreign Corrupt Practices Act?

Times are tight—that pretty much seems to be the case across the board.  We have all heard the old adage, "You’ve got to spend money to make money."  While I firmly believe this is true, there is a right way to spend money, and then there’s the way to spend money that lands you in a federal prison for a really, really LONG time.  That would be spending money in any way that violates the Foreign Corrupt Practices Act (FCPA).  

>> Read more

 

Service exports are the wave of the future, particularly in Virginia

Service exports are critical for Virginia’s future.  Recent estimates put the dollar value of services exported from the Commonwealth around $11.9 billion, with service industries employing approximately 2.5 million people, about 82% of the workforce. (BEA)  Undoubtedly, this reflects the importance of services to Virginia’s economy. Virginia has a few particularly strong service sectors including information technology, telecommunications and business, technical, and professional services, and growth is seen in such industry segments as security, engineering, and environmental consulting, which are in high demand in countries around the world.

>> Read more

 

Multimodal Transportation Solutions – A Belt and Suspenders Strategy

Over the years, you probably worked with many transportation companies before you selected a stable of carriers for your shipping needs.  These "house carriers" generally provide the best freight service for your shipments at a price that meets your budget.  You know their service capabilities and limitations and you are familiar, even friendly, with the people that handle most of your shipments.  It makes sense to pool the shipments you control with one or two carriers so you can negotiate volume discounts and minimize who is backing up to your dock.  The problem comes when there is a service disruption, be it a labor strike, a carrier bankruptcy, or of all things, a volcano!  Think about these strategies like wearing a belt and suspenders.

>> Read more

 

Update On International Business Compliance

The Internaitonal Business Compaliance Update from Williams Mullen covers everything from ITAR to EAR to OFAC to Customs And Trade Law, and boils it down into helpful, easy-to-read summaries. 

>> Read more

 

Group Market Visit Schedule for Fall 2010 Set

VEDP – International Trade has identified the top hot markets for Virginia exporters and will lead Group Market Visits to these countries in the coming year.  Beginning in Fall 2010, VEDP will travel to Poland and Czech Republic, Canada (Montreal and Toronto), Brazil and Chile, and Saudi Arabia. 

>> Read more

 

Exhibit at Paris Air Show with VEDP

Accelerate your international sales! Join VEDP - International Trade at the International Paris Air Show - Le Bourget June 20 – 26, 2011. Enjoy the convenience of Virginia personnel in the booth at all times to take messages, greet visitors while you are away and connect you with relevant prospects. VEDP’s 15 square meter booth is the ideal ‘home base’ while you walk the Show and network with prospective customers and partners.

>> Read more

 

Learn "17 Ways to Increase Your International Sales" at the 62nd Virginia Conference on World Trade

"Today, globalism drives successful business strategy. It is important that we help our companies align their businesses with the realities of the international marketplace," Paul Grossman, Director of International Trade and Investment at VEDP said. "I’m pleased that we are able to provide a forum for Virginia companies to gain expert advice and insight during these critical economic times." 

>> Read more

 

CEE poised for success, if the world goes along

Central and Eastern European stock markets are the new champions. They grew by 39 percent while the overall growth of emerging markets was 24 percent and the emerged markets recorded a hike of a mere 17 percent in the July to December period.  And some analysts claim the potential of the region has yet to be exhausted.

>> Read more

 

Bode Technology Receives Presidential "E" Award

NEW YORK, May 17, 2010 (BUSINESS WIRE) --GlobalOptions Group, Inc. (NASDAQ: GLOI), a leading provider of domestic and international risk management services, today announced Bode Technology, its forensic DNA analysis and solutions unit, are awarded the President's "E" Award by Secretary of Commerce, Gary Locke. The President's "E" Award is one of the most prestigious forms of recognition offered by the U.S. government to U.S. businesses who make significant contributions to the expansion of exports from the United States. The award ceremony was held May 13 at the Department of Commerce in Washington, D.C.

>> Read more

 

Blogging, tweeting and friending-oh my.

It’s a social media world and VEDP - International Trade is right in the middle of it.  Check us out on Facebook, LinkedIn and Twitter.  Follow us, friend us and become a fan, and we’ll gladly do the same for you.  And, take a few minutes to read our newly launched blog, Virginia Exports, at www.exportvirginia.org/blog. 

 

EDL, Inc. Attends TEMPMEKO Conference in Slovenia

EDL, Inc., a Danville, Virginia company and an established manufacturer of high-precision temperature instrumentation and sensors, calibration products and compression fittings, recently participated in the TEMPMEKO Conference in Portorož, Slovenia.  Mr. Kenneth Sloneker, Lab Director at EDL, presented his research, the culmination of a two-year study titled "The Life Expectancy of Small Diameter Thermocouples Above 1000 °C in Air."  TEMPMEKO is an international symposium on temperature, humidity, moisture and thermal measurements in industry and science that attracts in excess of 200 delegates from more than 35 countries. 

EDL, Inc. is a graduate of the VEDP – International Trade Accessing International Markets (AIM) program. The company has also participated in a number of VEDP-sponsored events and taken advantage of VEDP’s research resources.

RESOURCES

Ever wondered what was being exported to China from your district?  The US China Business Council has figured it out.  Virginia's Exports to China by Congressional District

Create your own insurance policy against potential weather issues for any type of event...and this is on top of travel insurance.  http://www.weatherbill.com/

How to Improve Your E-Mail Marketing (Inc.)
Your customers and clients are overloaded with e-mail every day. We asked experts for their tips and tricks for more effective e-mail marketing.

 

UPCOMING EVENTS

Fall 2010  VCU's International Business Certificate Program More

June 24  Exporting Environmental and Renewable Energy Services:
A Seminar on Doing Business Internationally More

June 29  Spain: What Your Business Should Know Webinar  More

June 30  Accelerating inclusive growth:
The future of the U.S.-India Commercial Relationship More

October 4-8  Group Market Visit to Czech Republic & Poland More

October 13-14  Virginia Conference on World Trade More

October 12-15  Made in the USA-Qatar More

October 18-22  Group Market Visit to Canada - Montreal & Toronto More

November 8-12  Group Market Visit to Brazil & Chile More

December 4-7  Group Market Visit to Saudi Arabia More

 

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Visit us on the web:  www.ExportVirginia.org

More VEDP - International Trade Information...

• Certificates of Free Sale
• Export 3.0
• Global Network
• Market Visits
• VALET
• Virginia's Service Export Network

Questions or comments?  Email Theodora Noll, Client Services Manager at TNoll@YesVirginia.org.