Senator Pryor shares his "Six Point Solution" at the World Trade Center Arkansas

On October 25th, Senator Mark Pryor visited the World Trade Center Arkansas for a scheduled press conference introducing his “Six Point Solution” towards economic growth and deficit reduction.  Senator Pryor’s points brought light to the economic potential for Arkansas through National reform needed in Washington.

In his solution, Pryor called for: the reduction in deficit, expanded market access, the advancement of nanotechnology, expansion of clean and domestic energy and expansion of the production of products through the American Opportunity Act.  Within each area of the six point plan, Senator Pryor highlighted what the individual change could do for Arkansas’ job growth.  ‘’Lifting export restrictions in Cuba alone could potentially generate 480 new jobs for Arkansans”, says Pryor.   The Senator’s proposal for advancement of nanotechnology is estimated to bring in $1 trillion by 2015.  This technology would help support science parks in Fayetteville and Little Rock.

What would the reductions in budget be able to do for our national deficit?  Senator Pryor’s proposed cuts show just how much can be saved through a few of the following Acts:

• Government Excess Prevention Act (Saves $8 b.)       http://www.govtrack.us/congress/bill.xpd?bill=s112-477
• Federal Contractors Accountability Act (Saves $1.5 b.)http://www.govtrack.us/congress/bill.xpd?bill=s112-478
• Federal Real Property Disposal Act (Saves $1 b.)       http://www.govtrack.us/congress/bill.xpd?bill=s112-479
• Broadcast Savings Act (Saves $30m./year)                 http://www.govtrack.us/congress/bill.xpd?bill=s112-476
• Prisoner Fraud Reduction Act (Saves $134m./year)     http://www.govtrack.us/congress/bill.xpd?bill=s112-1367

 

Within all of the reform changes proposed by Pryor, the Arkansas Senator emphasized the solutions needed to invest in Arkansas’ infrastructure.  “Now is the time to make major investments’’, says Pryor.  “Modernizing our roads, rails, waterways and runways will create good-paying jobs in the near-term, while increasing productivity and expanding our exports in the long-term.”

World Trade Center Arkansas Brazil Trade Mission: October 9-12

The below story was included in University of Arkansas Newswire, September 29.

World Trade Center Arkansas Goes South Of Equator in October

On October 9-14, the World Trade Center Arkansas will lead a trade mission to Brazil and attend the 42nd World Trade Center Association General Assembly.

The WTC Arkansas professionals leading the trade mission are: Dan Hendrix, President and CEO; Herbert Morales, Director of Latin America Trade Development; Boon Tan, Director of Asia Trade Development; and Natalia Moreno, Latin America Trade Development Intern.

The trade mission delegation will include corporate representatives, professionals and educators. Businesses represented will include Rebounces, LLC , HP Engineering, and FRI Consulting. Dr. Andrew Horowitz, Professor of Economics at Sam. M. Walton College of Business and two Walton college students will also accompany the trade delegation.

Brazil is now well known in the business world as a member of the fast- growing BRICS (Brazil, Russia, India, and China). According to the World Economic Forum, Brazil went up 5 positions in the rank for global competitiveness, giving it a current rank of 53 out of 142 countries.

Adding to this strategically competitive position, Brazil has been scheduled to host the FIFA World Cup in 2014 and the 2016 Olympic Games. The FIFA World Cup 2014 will held in twelve of Brazil’s cities: Belo Horizonte, Brasilia, Cuiaba, Curitiba, Fortaleza, Manaus, Natal, Porto Alegre, Recife, Rio de Janeiro, Salvador, and Sao Paulo.

Consequently, Brazil is undertaking many infrastructure projects in preparation for these events.. The Brazilian National Development Bank programs assure that projects related to the World Cup will be built with particular emphasis on power efficiency and environmental sustainability.

Current projects underway include, but are not limited to the following:

· Olympic Village Clinic (three state-of-the art hospitals)
· Modernizing and enlarging two airport terminals
· Highway widening to accommodate “Olympic Lanes”
· Revitalization of the Port of Rio
· High speed transportation from Rio to Sao Paulo

· Green building initiatives
· Balneariu Camburiu Shopping Complex expansion
· Water sanitation
· Numerous stadiums and hotels

These projects provide ideal opportunities for U.S. companies in the construction, security technology, accommodation, transportation, and service sectors. Nevertheless, challenges to foreign investment still exist in the form of inflexible labor laws, local content requirements and a complex tax system. World Trade Centers, Chambers of Commerce, and commercial services can aid in navigating these complexities, as well assisting with research and networking connections.

The World Trade Center Arkansas’ October trade mission will include visits to the cities of Sao Paulo and Belo Horizonte in the state of Minas Gerais, located in the southeastern region of Brazil. WTC Arkansas will provide one-on-one business matchmaking services and networking opportunities for the Arkansas delegation.

In addition, the delegation will have the opportunity of attending the 42nd World Trade Center Association General Assembly at which world trade center delegations from around the world meet, providing additional global resources, investment prospects and trade opportunities.

~submitted by Mary Otilia Rash, Marketing and Communications Intern

Trade Trends: Shifts in the Global Apparel Industry?

The average American consumer is probably well familiarized with China's dominance

in the apparel industry. According to the August 3, 2011 edition of Women's Wear Daily, little has changed in this trend statistically, as China still makes up 40.9 percent of U.S apparel imports.

"I think there is this misnomer out there that the Western Hemisphere can provide only T-shirts and socks", said Kim Glas, the deputy assis

tant secretary for textiles and apparel at the Commerce Department.

However, this perception seems poised to change. U.S. textiles exports alone increased by 20 % last year, and investment for apparel and footwear appears to be increasingly directed to the Western Hemisphere.

Obama administration officials seem to be taking an active role in diversifying and expanding the U.S. apparel industry as a viable alternative to the rising costs in China. From August 21 to August 24, the Sourcing in the Americas summit was held in Las Vegas. This inaugural Americas summit was the result of a collaborative effort between the U.S. Commerce department and numerous trade associations and retailers. The summit presents and explains aspects of supply chain management and how sourcing domestically or closer to the U.S. benefits retailers.

America's attempts to diversify and curtail imports may be in turn, effecting the health of the Mexican apparel industry. Already Mexico's textiles business is bracing for lower growth in 2011. In addition, the Mexican government is planning to cut import duties to 30 percent ( down from 80 percent) as part of various trade negotiations with China.

"We need to convince our government that opening this new window of opportunity to China could threaten the survival of many Mexican companies", Ramos Flores warned.