Top photo, the Africa Business Day Forum in 2022. The bottom photos are attendees at the 2023 African Trade Conference as they explored trade opportunities and toured the region’s entrepreneurial ecosystem, including a visit to the Lacey MakerSpace.
Thurston County – impacted by international trade and opportunities
In 2003, the Thurston Economic Development Council (EDC) participated in a two-day international trade conference at Saint Martin’s University. Experts from around the globe gathered to discuss opportunities and trends in international trade. As a result of that conference, our organization has been engaged in developing and hosting trade missions. Over the next 15 years, the EDC, in partnership with Saint Martin’s University, Port of Olympia, the Thurston Chamber of Commerce and private sector leadership, conducted a dozen foreign trade missions and hosted nearly two dozen delegations here. These efforts resulted in the actualization of foreign direct investment, increased trade with international markets, and expansion of the regional economy.
As we reported in prior articles, our regional economy has been identified as one of the more dynamic economies in terms of resiliency, inclusivity, and growth. These accolades result from a multi-faceted strategy for expanding markets, knowledge of opportunities, and operational platforms for increased economic activities.
Washington State has historically ranked either at the top or at least close to the top of all indexes in terms of exported goods and product valuation of goods and services. Thurston County is uniquely positioned to take advantage of these statewide opportunities. The Port of Olympia is a critical piece of the infrastructure and support mechanisms for international trade, which drive a significant portion of our economy. In late 2019, the Port of Olympia, as the US Trade Representative reported, generated over $253M in economic benefits from exports.
The EDC is committed to supporting the environment and capabilities for export goods – as goods are exported, income is imported in the form of supportive services, wages, and taxation for local governments.
Next month the EDC will be participating in and supporting a conference that has the focus of building trade and connections with African countries via the African Diaspora Development Council. The conference, scheduled for May 17 –18 seeks to build an awareness and understanding of the positive impacts of international trade. Sessions will explore the transformative power of technology and innovation. The ADDC has built a conference agenda on the belief that sharing is caring. Areas of emphasis will be on the development of affordable telecommunications, infrastructure that supports trade and community building, food sustainability, and health initiatives. Registration can be found through the ADDC website of www.addcusa.com. Last year’s conference attracted delegates and business leaders from Togo, Democratic Republic of the Congo, Equatorial Guinea, Nigeria and Republic of Congo.
This conference represents another significant effort and opportunity for our business community to explore and identify new markets and new business partners.