Governor Bob McDonnell today announced that the Virginia Economic Development Partnership (VEDP) has launched its 'Going Global' initiative to mitigate the impact of defense spending cuts on Virginia's economy, the nation's leading state recipient of federal spending. VEDP- International Trade's focus is to assist Virginia businesses in capturing export opportunities overseas. As the U.S. Federal Government cuts back on defense spending, there are significant opportunities for Virginia's defense companies to grow sales abroad.
VEDP has received nearly $2 million in federal and state funding to assist Virginia's defense-related companies that have been adversely affected by defense budget reductions. This grant will leverage the funds with VEDP's International Trade programs to promote the diversification of Virginia defense companies into new international markets, thereby ensuring long-term economic survival and continued ability to supply U.S. defense forces.
The 'Going Global' initiative will promote international sales for Virginia's defense companies by providing the following:
- Market Research
- International Certification and Standards
- Export Compliance
- Search Engine Optimization, Website Translation, and Digital Marketing
- Security Market Reports
- Export Training
Speaking about today's announcement, Governor McDonnell said, "The Virginia Economic Development Partnership's 'Going Global' initiative is truly game-changing in a time when Virginia defense-related companies face significant job and revenue losses due to sequestration. VEDP will work with defense companies on export opportunities and provide them with the knowledge and resources needed to grow sales through exports. This innovative program will help offset decreased contracts by assisting those companies in finding alternative markets in foreign countries and thus reducing dependency on the Federal Government."
"VEDP is excited to launch this timely opportunity to help Virginia defense-related companies grow in international markets," said VEDP President and CEO Martin Briley. "Our International Trade program is one of the nation's top-rated international export development programs, and we look forward to expanding its current base of defense-related companies through this initiative. The expertise of the VEDP-International Trade staff will benefit Virginia companies as they identify foreign markets and walk through the processes, considerations and strategies for making defense sales abroad. 'Going Global' is the first initiative of its kind in the nation."
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. The Partnership is a state authority, which is governed by a 25-member Board of Directors appointed by the Governor and the Virginia General Assembly. To accomplish its objectives of promoting economic expansion within the Commonwealth, the Partnership focuses its efforts on business recruitment, expansion and international trade. VEDP has offices in Virginia, China, Germany, Mexico, Japan, India and the United Kingdom.
To learn more about the 'Going Global' defense initiative, visit www.ExportVirginia.org.