DENVER – The bipartisan Advanced Industries Exports Accelerator Act was introduced today as House Bill 13-1193 in the Colorado House of Representatives. The legislation will create a comprehensive international export development program for Colorado’s advanced industry businesses that are new to exporting or expanding into new international markets. The bill is sponsored by Reps Tracy Kraft-Tharp (D-Arvada) and Mike McLachlan (D-Durango) and Sens. Cheri Jahn (D-Wheat Ridge) and Ellen Roberts (R-Durango).
“Exports are critical to Colorado’s prosperity, fueling economic growth, supporting good jobs at home, bringing new money into the local economy, and driving productivity and innovation,” said Ken Lund, executive director of OEDIT. “This bi-partisan bill will help Colorado’s advanced industry businesses conquer some of the challenges that sometimes occur when branching out to global markets, and ensure that our companies have the right resources to help grow and accelerate their businesses at home and internationally.”
HB 1193 is a tool for Colorado’s small and medium-size advanced industry businesses that don’t have the resources needed to engage in international export development. It will provide financial resources, training and consulting services needed to engage in international export development.
"In combination with the Advanced Industries Acceleration Act, this bill will make Colorado a major player in the advanced industries, producing high-paying skilled jobs and a strong, sustainable economy," said Rep. Kraft-Tharp.
"I'm pleased to be a sponsor of this bill, which will strengthen the economy in my district and across Colorado,” said Rep. McLachlan.
“This bill would provide critical assistance to small businesses in Southwest Colorado,” Sen. Roberts said. “This legislation will help our small businesses advance into new markets and make them more competitive in the global economy.”
“Colorado is a state with vast ingenuity. When we invest in high-tech businesses, we can expect bountiful returns. Businesses within the advanced industry sectors hire high-tech workers and support workers who aren’t necessarily trained in highly technical fields. That means we can expect more job opportunities for all working families,” said Sen. Jahn.
Colorado exported an estimated $7.9 billion to 234 countries in 2012 and Colorado’s manufactured exports and commodities are projected to be $8.4 billion in sales in 2013, an 8% increase. According to the U.S. Department of Commerce, one job is created for every $165,000 in exports, which equates to approximately 50,900 jobs created in Colorado. If you add service export projections to that number, another estimated 56,000 jobs are tied to exporting.
“Within the next five years, 87% of the world’s economic growth will take place outside of the U.S., so it is a smart move for Colorado businesses to start exporting their goods and services and expand into global markets,” said Sandi Moilanen, International Trade division director at OEDIT. “We want to help Colorado companies expand their businesses effectively, and HB 1193 will ensure that we can provide the best tools possible.”
Advanced Industries Export Accelerator Act Details
International Export Expense Reimbursement
- OEDIT will provide reimbursements to businesses that are new to exporting or expanding into new international markets up to $15,000 with a 1:1 match for specific international export development needs.
- Events and activities that are eligible and may qualify include obtaining international certifications, attending international trade shows, designing and producing international market marketing materials, and following export compliance audits.
- Designed to provide flexibility and encourage innovative use of funds to meet the specific international export development needs of Colorado businesses in the advanced industries.
- Export Training
- OEDIT will provide export training and acceleration sessions for businesses to learn the fundamentals of exporting and international marketing in the advanced industries.
- OEDIT will partner with other experts in organizations, such as the Export-Import Bank and Small Business Administration, to develop the infrastructure and curriculum to help those businesses in the advanced industries that want to enter international markets.
- Global Network Consultation
- OEDIT will build a network of consultants located in key international markets to provide valuable in-country market research specific to industry needs and individual business needs.
- The consultants will gain and share local knowledge of international markets, match potential distributors with customers, realize competitive advantages, understand country regulations and processes, and offer translation services.
- Some funding sources for HB 1193 have been identified, and work on the funding details will continue. The program will be managed out of OEDIT.
