President and CEO of RIFE, Kwabena Osei-Sarpong, attended the launch of a partnership, to facilitate export-led growth between the US Department of Commerce and Goldman Sachs 10,000 Small Businesses at a roundtable discussion at Morgan State University.Under the theme “New Year, New Growth, New Global Sales” is a three-part educational series led by Goldman Sachs 10,000 Small Businesses and the United States Department of Commerce’s International Trade Administration.
What is the importance of this partnership?
Despite the numerous programs available, to assist managers with the technical aspects of international trade and export, many firms’ challenge with “perceived barriers” go unattended, representing a real disincentive for small business to export.
Firms that fail to become active in international trade may begin to experience financial difficulties as foreign competition for slowly expanding domestic markets intensifies. This trend is especially alarming to small U.S. businesses as less than 10% of them are actively involved in international trade despite having export potential. With small businesses employing more than 50% of the US private sector workforce and with the spread of factors of production globally, there is a significant opportunity for America’s small businesses.
The next two sessions of the three-part educational series will be held on February 22 and March 1, during which small business owners will learn how to enter new international markets, globalize their digital brand, and develop export finance strategies with the help of trade specialists from the US Department of Commerce’s International Trade Administration. Participants will also learn from other small company owners and 10,000 Small Businesses alumni who are effectively exporting.