Business & Tech

International Trade Summit In Lake Elsinore Attracts Standing Room-Only Crowd

Lake Elsinore Mayor Bob Magee said Thursday's Summit was a win for his city.

More than 225 people showed up at The Diamond Stadium Club in Lake Elsinore Thursday to hear top international trade leaders discuss the advantages of doing business in the global marketplace. 

Spearheaded by Riverside County Foreign Trade Commissioner Tom Freeman and Riverside County First District Supervisor Kevin Jeffries, the World Trade and International Summit attracted an array of people looking to see Riverside County become a leader in foreign trade. 

Jeffries said Thursday’s event, which was no-charge to attendees, served as a jumping-off point. 

“I think it sets the stage for our businesses in Riverside County -- to let them know we want to reach out to economic partners around the world,” he said. “I think we have an obligation to do this -- to broaden our economic base in Riverside County.”

Jeffries was optimistic about the county’s near-term foreign trade opportunities.

“It’s a niche that Riverside County can grab on to and run with as well as any other county in California,” he said. “We’re breaking new ground here.”

Lake Elsinore Mayor Bob Magee said Thursday’s Summit was a win for his city.

As visitors strolled through The Diamond Stadium Thursday with the lake as a backdrop, the mayor said he looked forward to continuing to introduce Lake Elsinore  business owners to Freeman. 

“It’s an incredible resource,” Magee said of the Riverside County Foreign Trade Office, which offers services such as loan underwriting and contacts in foreign markets.

Earlier this month, the Riverside County supervisors signed off on plans for a compact with the U.S. Trade & Development Agency that is intended to bolster area businesses' efforts to expand their goods and services into overseas markets.

Jeffries sought approval of the USTDA agreement, which was formalized during a ceremonial signing at the Summit.

Thursday’s guest speaker list included an impressive lineup, featuring keynote Leocadia Zak, director of the USTDA. She was flanked by Philippines Ambassador Hellen De La Vega; Lee Fraser, executive director of Finance & Budgeting for Warner Bros. Worldwide Television Marketing and president of the Canada California Business Council; David Josephson, regional director of U.S. Export Import Bank; Troy Stangarone, director, Korea Economics Institute of America; and Subrina Chow, director of the Hong Kong Economic & Trade Office in Singapore. 

According to Zak, “Competitors for U.S. businesses are no longer across the street, they are around the world. Ninety-five percent of the world’s consumers live outside of our borders.”

She encouraged business owners and government leaders in Thursday’s audience to take advantage of President Barack Obama’s pledge to create U.S. jobs by growing foreign trade.

The president’s National Export Initiative launched in 2010 calls for doubling American exports to $3.14 trillion over the next two years in order to create an additional two million U.S. jobs.

Those jobs, Zak said, are well paying.

“Data show that jobs related to exports are actually higher paying,” she offered.

To meet the president’s initiative, Zak’s office is making government grants available to would-be exporters who are seeking financial backing but need feasibility studies to show investors.

“We’re helping businesses get those studies done so they can get the financing they need,” she said.

Zak said the president's initiative is being fueled by an emerging middle-class in developing countries.

“It’s the perfect time to be an exporter,” she said.

Kusum Kavia agrees. Her Corona-based business, Combustion Associates Inc., manufactures modular power plants. Kavia’s primary markets are developing countries that have an emerging middle class, she explained.

Combustion Associates Inc. partners with dozens of other Riverside County manufacturers, Kavia explained.

Thursday’s Summit was a “must attend,” she said. “It’s an event for collaboration.”

Silicon Valley is known for technology, Los Angeles is known as the media and entertainment capital, Kavia continued. 

“Riverside County should be known around the world for manufacturing innovation,” she said.


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