The U.S. Commerce Department has praised the Commonwealth of Virginia for providing amazing support to enable U.S. Small and Medium Enterprises (SMEs) seeking to expand their operations internationally.
Specialist, U.S. Department of Commerce, Dusan Marinkovic noted, “Virginia has an amazing program, one of the best, I would say, in the country, with all sorts of resources for US companies, especially small, medium sized companies, to help them go overseas.”
Marinkovic participated in a panel discussion titled, “Expanding Business Internationally: Global Business Opportunities,” during the 15th Asian American Business Summit, organized by the Asian American Chamber of Commerce on October 18, 2024, in McLean, Virginia.
In response to a question from South Asian Herald, regarding the Commerce Department’s role in supporting Virginia SMEs as they enter markets in India and other South Asian countries, Marinkovic stated, “India is one of our huge markets. We put a lot of resources into India.”
He emphasized that the Commerce Department has approximately seven offices in India to cater to its vast market. Depending on the needs of U.S. companies and the specific nature of their products, the department facilitates connections with various regions to aid these businesses.
During his presentation, Marinkovic highlighted the upcoming Global Diversity Expert Initiative (GDEI) Trade Mission, scheduled to be held between March 2-8, 2025, in India, Singapore, and Hong Kong. He emphasized that GDEI was established with a particular focus on enabling minority-owned, and otherwise underrepresented businesses.
“I mean, we provide the same level of service regardless of the company we work with, but we’re doing sort of an extra effort in trying to reach out to minority companies throughout the US,” he remarked noting the department improves engagement in international trade by offering easier and more affordable options.
Marinkovic also mentioned that the department regularly reviews the activities of medium-sized companies operating in more developed markets, such as Canada and the United Kingdom. “We see that a lot of their companies are doing much more comparatively when you look at their percentage of GDP generated by exports. So, we know we’ve got more work to do here in the US, which is why we try to reach out,” he added.
He stressed that 95 percent of the department’s efforts are dedicated to helping companies expand their market share in specific areas or venture into new markets abroad.
He also underscored the significance of the annual SelectUSA Summit held in the United States, which connects international companies seeking expertise and consultants domestically. “It’s a great Summit. Matchmaking is phenomenal at that Summit,” he noted, highlighting that every year approximately a dozen governors deliver keynote addresses focused on workforce development and other relevant topics.
The Commerce department operates about 100 offices across the United States, and over 120 offices globally, engaging with more than 80 international markets. The department also supports trade missions organized by various states and facilitates events such as webinars, in-person gatherings, trade shows, and seminars.
Regional coverage gaps are handled through established Memorandums of Understanding (MoUs) with the Economic Section of the US State Department to assist companies located in those regions.
Lead Business Development Specialist at Export Import (EXIM) Bank, Jonathan Brady, highlighted that the Bank’s primary goal is to focus on the underserved and underutilized business communities, ensuring equitable access to services throughout the US.
He added, “We like to support our partners in various communities, minorities, women, women owned businesses, veterans, veteran owned businesses, and service-disabled veterans and business owners with disabilities.”
On another panel, “Expanding US-Asia Trade: Unlocking New Markets and Opportunities,” experts gathered to discuss trade partnerships between the US, Indonesia, and Vietnam. The panel featured Trade Attaché at the Embassy of Indonesia, Ranitya Kusumadewi; Commercial Counsellor and Head of the Vietnam Trade Office at the Embassy of Vietnam, Do Ngoc Hung; Senior International Trade Manager at the Virginia Economic Development Partnership, Ellen Meinhart; and Managing Partner and Wealth Advisor at B&L Wealth Group LLC, Laura Beldin.
When asked about Virginia’s role in promoting SMEs internationally, Meinhart told South Asian Herald, “Virginia helps SMEs successfully enter the India market through customized research, trade missions and grants to reimburse international business expenses. I am proud to have led the 2020 India Trade Mission which resulted in Windpact’s Crash Cloud padding being integrated into Forma cricket helmets.”
President of the Asian American Chamber of Commerce, Cindy Shao, told South Asian Herald, “This is the Chamber’s signature event every year. We bring together business leaders, government officials and agencies, and diplomats to help foster economic growth and opportunities for the Asian business community in the US.”
