Welcome from Melinda Goforth, head of UK Trade & Investment, Washington
Greetings,
As this enewsletter reaches you, UK Trade & Investment are looking forward to the return of International Business Wales to Washington - both ‘new to market’ companies and returning members of the Washington80. In particular, we’re anticipating building on the relationships forged in 2009 during Wales Week at the Smithsonian Festival, where we celebrated the culture, traditions and business-friendly environment of Wales on the National Mall.
In fact, this is one of three missions planned to this area by IBW this year, emphasizing just how important this region is to us. So what awaits those companies?
While the global economy has endured challenging times over the past year, here in the Greater Washington region we are witnessing steady growth and improvements in the regional economy overall. According to a study just released by the Greater Washington Board of Trade, the Washington region's economy has reached its highest point since February 2009. Jim Dinegar, president and CEO of the Greater Washington Board of Trade, commented that the Washington region is seeing the highest level of economic confidence in the business community since the beginning of the economic downturn.
Through the promotion of trade and investment in multiple sectors - from life sciences and pharmaceutical sectors through to industrial collaborations in aerospace and advanced technologies and engineering - the US and UK continue to work together to create jobs and economic opportunities for people on both sides of the Atlantic.
We are seeing this in investments by major multinational corporations such as General Dynamics and Amazon.com into Wales, and by Welsh companies winning business here in the US market, such as Washington80 missioners like Kuecept and AB Connectors. Research collaborations and university partnerships are also on the rise, which underpins our shared value around the importance of innovation and discovery to economic prosperity.
Make no mistake, the United States recognizes the huge benefits of strengthening trade ties with overseas businesses. Foreign direct investment into the United States from companies abroad totals more than $2 trillion, sustaining more than five million American jobs with an annual payroll of over $350 billion.
Missions like the upcoming one introduce new opportunities for collaborations and trading relationships that will add wealth and create jobs for both our economies.
The United States is a country open for business, especially with strong investment partners such as the United Kingdom, and increasingly, Wales in particular. We look forward to welcoming the return of Welsh business to Washington this June, and we hope you will call upon us as you continue to grow and expand your presence here in the US market.
Melinda Goforth
melinda.goforth@fco.gov.uk
