Maryland’s 18th annual Embassy Day drew more economic development representatives from the international community than ever before as the state continues to build its image as a global center for bioscience, technology and other knowledge-based industries.
The fair, sponsored by the Maryland chapter of the World Trade Center Institute, is an opportunity for local companies to find overseas business opportunities.
This year’s fair included 165 diplomats representing 65 countries, 20 of them new to the fair.
In addition to the fair, the World Trade Center works with about 3,000 local companies each year that are looking to expand their operations abroad.
“You don’t need to travel to Thailand anymore to make that connection,” said Mark Davis, director of sales and business development for the World Trade Center Institute. “We connect the major players to set up those relationships.”
Maryland has grown its overseas exports by more than 60 percent since 2002. In 2005, the state exported $7.1 billion in goods. That figure is likely even higher, said Davis, because it doesn’t reflect many of the services Maryland businesses export.
“The intangible businesses don’t get calculated,” he said, which is much of what comes from the state. For example, law firms and consulting services that work overseas aren’t included. “[[Maryland] is a knowledge-based economy. It’s been a slow process, but the state, and especially Montgomery County, has been focusing on it.”
Montgomery County’s strong biotechnology sector has helped the state attract international companies. Israel, for example, has about 35 companies with offices in Maryland, many of them focused on biotechnology.
“It’s a good start,” said Sharon Regev, an economic andtrade officer with the Israel Embassy. “We’re working very hard to introduce the area to Israeli companies and the advantages here.”
Canada, which does more business with Maryland than any other country, has also shifted its focus to bioscience and other technology-based industries, according to representatives from the Canadian Embassy.
Marie-Angelica Vargas, an investment and trade specialist with Maryland’s Department of Business and Economic Development, said the department has outreach offices in eight countries chosen because of local business interest: Israel, South Africa, India, France, Brazil, China, Singapore and Mexico. It also has an office in Taiwan.
“These are the countries we need to be in,” she said.
A sampling of countries represented at the fair:
» Afghanistan
» Bangladesh
» Canada
» Ecuador
» Egypt
» Greece
» Honduras
» Israel
» Kingdom of Lesotho
» Latvia
» Morocco
» Slovenia
