By SEMA Editors
U.S. Under Secretary of Commerce for International Trade Stefan M. Selig has announced that SEMA will receive $300,000 from the International Trade Administration’s (ITA) Market Development Cooperator Program (MDCP) to help the automotive specialty-equipment industry to generate exports to Russia. These funds are expected to bring an estimated $40 million in exports during the next three years by companies across the United States.
“Nearly one-third of America’s economic growth since mid-2009 has been driven by exports. More and more industry groups, like SEMA, are recognizing the importance of exporting,” Selig said. “Since 2009, the number of jobs supported by exports has grown by 1.6 million to more than 11.3 million—the highest in 20 years. Our Market Development Cooperator Program awards to organizations like SEMA are part of President Obama’s government-wide strategy to strengthen America’s economy by increasing exports.”
SEMA will match the MDCP award with an investment of $929,000 of its own resources. Each MDCP award winner pledges at least two-thirds of the project costs and to sustain its project after the initial MDCP award period ends. The funded project will allow SEMA to expand U.S. exports by:
- Creating a Russia business-development conference.
- Building a CAD/CAM library of popular foreign customizable vehicles.
- Sharing information on market prospects, regulation and distribution networks.
Each MDCP award includes financial and technical assistance from ITA to support well-defined business plans aimed at strengthening an industry by increasing exports. MDCP partnerships between ITA and nonprofit industry groups help to create U.S. jobs through exports.
This year, eight non-profit industry groups are receiving MDCP awards. In total, these projects are expected to generate more than $3.3 billion in U.S. exports in the next three years in return for the one-time $2.2 million Federal investment.
Since the Market Development Cooperator Program’s inception in 1993, the program has issued 136 awards to 106 organizations in 32 states. The program has helped to generate more than $9 billion in exports. In an average year, Market Development Cooperator Program projects generate $572 million in U.S. exports.
For more information about the Market Development Cooperator Program, visit www.trade.gov/mdcp.