World Trade Center-Kansas City News: August 2023

Aug 03, 2023

Category:

A LETTER FROM THE DIRECTOR

We hope everyone is enjoying their summer! World Trade Center – Kansas City is prepping for a fall full of events. In July, we hosted our inaugural Heartland Export Accelerator Public Showcase. Graduates of the program presented to attendees on their companies and what they learned in the program. It was a great evening of learning and connecting. We are currently recruiting for the Fall cohort of the Heartland Export Accelerator. Applications are due on August 25th. Learn more about the program here and apply here. Please reach out here with any questions.

Our next Talking Trade Networking Event is scheduled for August 9. We are excited to be hosted by Dentons and to partner with the Heartland Black Chamber. Learn more about the event and register here. We hope to see you there!

As always, please reach out with any questions or trade needs.

Events

Talking Trade: Coffee and Networking
Dentons Law Firm
August 9
Register here

De-Risk of the US-China Relationship
Online Webinar
August 15
Register here

Food Expo Pro
Hong Kong Trade Development Council
August 17-26
Register here

Building Bridges to Global Markets
U.S. Commercial Service
September 13
Register here

Trade Mission to Canada and Mexico
International Trade Administration
September 17-22
Register here

EXIM 2023 Annual Conference – Create Locally, Export Globally
EXIM Bank
October 19-20
Register here

2023 Mid-America Trade Summit
University of Missouri
October 25 & 26
Save the Date

AI Expo Africa
U.S. Commercial Service
November 2-3
Register here

Enlit Europe- Opportunity to Exhibit
U.S. Commercial Service
November 28-20
Inquire here

Conference and Exhibitions on International Trade & Foreign Direct Investments for Manufacturing, Services, and Agriculture sectors
Global Expo – India
December 21-31
Save the Date

Dispatches from DC

Close up photo of scattered papers with graph making jagged upward trajectory on top.

The Export-Import Bank of the United States (EXIM) released their Competitiveness Report to the United States Congress, which can be read here. The report advises Congress on the standing of the United States in the global market when it comes to export credit, identifying strengths and weaknesses in our current policies regarding credit. 

The report focuses heavily on the United States falling behind China in the export credit market in recent years. This fall is purportedly partially caused by a 2% default rate cap imposed on EXIM by Congress. EXIM reports that this cap, while shielding the organization from much of the risk associated with export credit, hampers their ability to compete in a field that relies on risk to function. China has been increasingly dominating the export credit market because of these restrictions imposed by Congress. The report also stresses that the United States needs to use EXIM to compete with China’s rapid expansion into the acquisition of critical minerals such as lithium and magnesium which will be crucial for the manufacture of electronics and electric cars.

The report also highlights EXIM’s continued work to promote sustainable projects in anticipation of greater concerns of climate change. In the vein of expanding operations to mineral mines, one of EXIM’s goals is to stay consistent with the strictures of the Paris Climate Agreement and other American environmental regulations while working overseas. On top of that, responsiveness to rapidly evolving technology in the sphere of clean technology is at the forefront of EXIM’s approach to staying competitive in the new market.

As EXIM reevaluates its position as an independent agency of the executive branch following a lapse in congressional authorization in 2017, the organization is prioritizing a reduction in the bureaucracy it has faced in the past. Often the process of approval through the channels of government for new projects has been hampering its ability to compete with countries with similar organizations that can function far quicker.

In the future, expect more aggressive expansion into Southeast Asia and Sub-Saharan Africa as the United States competes with Chinese projects in the same regions. American investments into clean energy technology and resources will increase dramatically in coming years. Much of the report’s outcomes are tied to the response from Congress, which has yet to be released. As a member of the Regional Export Promotion Program, the World Trade Center KC serves as a liaison to the Kansas City market for EXIM. To learn more, contact the World Trade Center here.