Work key to tapping into international markets

The additional work required to tap international markets is worth it for Idaho businesses, speakers said today at the Global 21 International Business and Investment Conference in Boise. Amy Benson, director of the U.S. Commercial Service’s Boise Export Assistance Center, said in an interview that one of the biggest challenges in tapping international markets involves making sure that management is committed to moving forward. That’s because it can take a while to generate the benefits of tapping international markets.

It’s worth the effort and the wait, Benson and Damien Bard, Idaho Department of Commerce International Business Division manager said in a panel discussion.

Bard said Idaho exports last year rose 26 percent to $4.7 billion. A weak U.S. dollar is making U.S. products increasingly competitive, and small and mid-sized businesses in Idaho have stepped up their activity abroad, he said.

Idaho Gov. C.L. “Butch” Otter, in a speech to open the conference, urged Idaho business people to “under-promise and over-deliver” in international markets. Drawing on his experience leading the J.R. Simplot Co.’s international business unit, he said Idaho is well-positioned to keep growing its exports.

Knowing markets and establishing relationships with business people in other countries are critical, as well as personal follow-up efforts to build the business relationship and address any concerns, the governor said.

Rodenator inventor Ed Meyer and Stratus Global Partners principal Jay Longwell said in a panel discussion that sticking to business fundamentals pays off in international markets.

Longwell said it’s important to study the market carefully, and to closely track any international operations. Meyer said doing business in another country isn’t much different than doing business in another state, in that different paperwork is required.

Idaho Trust National Bank hosted the conference, of which The Idaho Business Review was a co-sponsor.