The Virginia Economic Development Partnership (VEDP) today announced that several Virginia companies anticipate business success following participation in the 2015 Southeast Asia Trade Mission that took place October 26-30, 2015. VEDP led the Virginia delegation that included Cask LLC; ComSonics, Inc.; MarkLogic Corporation; Northland Forest Products; Pixia Corp; and Trex Company, Inc. The countries visited were Indonesia, Malaysia, Singapore and Vietnam.
Companies participating in the mission are seeking international sales opportunities in consumer products, wood products and defense-related services. Four of the six companies are participants in VEDP’s Virginia Leaders in Export Trade (VALET) Program, its marquee international business development program. The other two companies are participants in Virginia’s Going Global Defense Initiative (GGDI), the Commonwealth’s only program that replaces U.S. Department of Defense revenue streams for Virginia’s defense companies, which in turn preserves jobs and replaces declining state tax revenues for Virginia.
Secretary of Commerce and Trade Maurice Jones stated, “International trade is a contact sport. I am grateful to VEDP’s trade team for helping Virginia companies make the contacts to obtain international business and help them diversify their customer base. I look forward to seeing the results of their hard work.”
The Association of Southeast Asian Nations (ASEAN) is one of the most dynamic business regions in the world, having enjoyed sustained economic growth and financial stability over the last 15 years. Together, ASEAN’s 10 members states – Singapore, Malaysia, Indonesia, Thailand, the Philippines, Vietnam, Brunei, Myanmar, Laos and Cambodia – have a combined GDP of $2.4 trillion and a consumer base of 620 million. By 2050, ASEAN is projected to rank as the fourth largest economy in the world.
The implementation of the ASEAN Economic Community (AEC) at the end of 2015 will initiate a single market, with free flow of goods, services, investments, capital and skills between the member states. ASEAN is now at a turning point in its economic development, making it the right time for Virginia businesses to tap the potential of the region as an integrated and single investment destination.
As ASEAN grows, its scale and diversity present business opportunities for a broad spectrum of Virginia companies, such as aerospace, energy, environment, life sciences, healthcare, and ICT. The emergence of a strong consumer appetite in the region also provides a promising outlook for consumer goods manufacturers and service providers. Virginia is well-positioned to take advantage of the major growth opportunities in ASEAN.
The Virginia Economic Development Partnership, a marketing organization, was created by the Virginia General Assembly in 1995 to encourage, stimulate, and support the development and expansion of the economy of the Commonwealth. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP offers numerous programs to help Virginia companies sell into the global marketplace.