For Immediate Release: August 27, 2013
Contact: Lorri Crowley (202) 482-3809
WASHINGTON - U.S. Under Secretary of Commerce for International Trade Francisco Sánchez today announced that the Center for International Trade Development at Long Beach City College (CITD-LBCC) in Long Beach, Calif., will receive $300,000 from the International Trade Administration's (ITA) Market Development Cooperator Program (MDCP) to increase the competitiveness of the U.S. cosmetics and personal care products industry abroad by generating exports to China, Brazil, and the Arabian Gulf States. These funds are expected to generate an estimated $36 million in exports during the next three years, most of it by California companies.
"For many U.S. companies, exports can be the key to thriving in difficult times," said Under Secretary Sánchez. "Despite a slowdown in the world economy, U.S. exports hit an all-time record of $2.2 trillion last year. Our Market Development Cooperator Program awards to organizations like CITD-LBCC are part of President Obama's government-wide strategy to increase exports. Doing so strengthens America's economy, ensures long-term, sustainable growth, and supports additional American jobs in California and across the country."
The MDCP award to CITD-LBCC will be matched by an investment of $600,000 by the organization that pledged to pay a minimum of two-thirds of the project costs and to sustain the projects after the initial MDCP award period ends. Specifically, the funds will allow CITD-LBCC to expand U.S. exports by training 80 small and medium-sized enterprises (SMEs) to enter target markets. As part of the project, CITD-LBCC will take 60 SMEs as sponsored delegations to three trade shows in three different foreign markets.
The MDCP awards include financial and technical assistance from ITA to support well-defined business plans aimed at increasing U.S. competitiveness within certain industries by stimulating exports. An MDCP award establishes a partnership between ITA and non-profit industry groups to help strengthen global competitiveness and create jobs through exports. Since MDCP's inception in 1993, the program has issued 128 awards. In an average year, MDCP projects generate $258 million in U.S. exports.
This year, six other non-profit industry groups around the country are also receiving awards from this fund. In total, these projects are expected to generate $426 million in U.S. exports in the next three years in return for the one-time $1.9 million Federal investment.
For more information about the Market Development Cooperator Program, please visit www.trade.gov/mdcp
International Trade Administration
The International Trade Administration (ITA) is the premier resource for American companies competing in the global marketplace. ITA has 2,400 employees assisting U.S. exporters in more than 100 U.S. cities and 70 countries worldwide. www.trade.gov.