Over the last four years as Director of Business Development at the Massachusetts Office of International Trade and Investment (MOITI), I realized firsthand the positive impacts that international trade can have across the many regions of Massachusetts. Now that I'm at Rasky Baerlein, I see the opportunities to work with foreign companies looking for professional assistance in dealing with state and local government in Massachusetts, and taking advantage of the resources that my new firm has in Washington with the Congress and the administration.
The opportunities for foreign investment in Massachusetts have never been brighter. Today, from kitchen tables in Springfield to boardrooms in Downtown Boston, the number one issue being discussed is the economy. This issue has been a catalyst in Massachusetts Senate election and will likely be a deciding factor in the 2010 mid-terms. In order for incumbents to win, jobs and revenue will have to rise.
While the focus of recovery is on Massachusetts, the consumers that Massachusetts companies desperately need are often in foreign markets. As President Obama pointed out in Wednesday's State of the Union address, international trade is an essential piece of the US economy. President Obama said "Our economic growth increasingly depends on our ability to sell American goods and crops and services all over the world." In terms of selling American, and specifically Massachusetts goods, there is not a more reliable consumer of Massachusetts products than Canada. While Massachusetts is fortunate to have vibrant trade partners around the globe, Canada has been, and will continue to be Massachusetts' top export market. Massachusetts also benefits from being a top location for Canadian companies opening US offices.
In the last year, Canadian tourists spent approximately $250 million in the Bay State and 170,000 Massachusetts jobs were supported by US-Canada trade. A cluster of Canadian companies in Massachusetts can be found in the financial sector, where 10,000 Massachusetts residents are employed by Canadian-owned firms. In all three cases, Canadian investment created revenue and jobs in one of the worst economic years since the Great Depression. There are strong indications that due to the Commonwealth's educated workforce, universities, and knowledge-based economy, the trend of foreign investment into Massachusetts will likely rise in 2010.
It'll be interesting to see the level of interest at next week's 11th Annual US-Canada Technology Business Forum happening in Boston. For Massachusetts companies looking to take their first step outside the US, there is a tremendous amount of support that can be found at the Massachusetts Export Center and the Consulate of Canada in Boston.
Canada is not a client of our firm. But that doesn't mean we don't see the importance of growing our business relationships with Canadian industry. The upcoming conference on Canadian industry offers us all the opportunity to get a piece of this expanding pie.
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