Economically Speaking: Missouri businesses prepare for global challenge

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Kelvin Simmons is director of the Missouri Department of Economic Development.|ret||ret||tab|

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In the past two decades, there has been a great emphasis on globalization. Technological advances are opening global markets rapidly, creating new opportunities in marketplaces around the world that have long been untapped and under-served. These new marketplaces represent an engine for economic growth and development, and higher living standards for people in Missouri and across the globe. |ret||ret||tab|

This month, during the week of May 17 through 21, World Trade Week takes place to help the global business community stay informed about where the hottest market opportunities exist, and to learn more about what resources and networking opportunities exist to help ease entrance or expansion into different markets. |ret||ret||tab|

World Trade Week gives us an opportunity to reflect on how globalization impacts Missouri and how the Department of Economic Development's efforts are helping Missouri's businesses, communities and workers remain competitive and advance economically in this global economy. |ret||ret||tab|

Globalization has a direct impact on the economies of our state and local communities, as well as our families whose wages are paid by U.S. subsidiaries located here or by Missouri companies whose workers' salaries are supported by export sales. |ret||ret||tab|

Missouri is an attractive location for international employers. According to the Organization for International Investment, the Show-Me State ranks 18th nationally in the number of employees supported by U.S. subsidiaries. |ret||ret||tab|

In 2003, U.S. subsidiaries employed 114,000 Missouri workers or nearly 5 percent of the state's private-sector work force an increase of nearly 36 percent over the past five years. Approximately 49 percent of those jobs were in the manufacturing industry. |ret||ret||tab|

Another 75,000 jobs were directly tied to Missouri companies exporting abroad last year and these were good paying jobs. The state's top 10 exporting industries paid annual average wages of $41,894, nearly 25 percent higher than the statewide average wage of $33,600. |ret||ret||tab|

Last year Missouri exports increased by 6.5 percent to $7.23 billion, which may indicate that international sales are returning to levels near where they were prior to the recession. We expect that as Missouri's economic conditions continue to improve, international sales of our products and services should remain strong. |ret||ret||tab|

The department, primarily through its International Trade and Investment office, is committed to helping Missouri's businesses and communities globalize, while at the same time, attracting more foreign investment into the state. |ret||ret||tab|

Since its inception, the ITI office has always taken a proactive approach, helping forge international relationships that broaden Missouri's educational, cultural and business ties with other countries. Our staff is dedicated to promoting Missouri's various, diverse regions, attracting direct investment by international companies, and enhancing global opportunities and education in every community across the state. |ret||ret||tab|

As globalization and new technologies continue to shrink the world we live in, it is increasingly important to ensure that Missouri is well prepared to take its place in the global economy. The department is highly experienced, ready and able to work as your partner and help you achieve greater economic prosperity through globalization. For more information, contact the Missouri International Trade and Investment office at 573-751-4855. |ret||ret||tab|

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