What I Learned About International Economic Development at the 2024 MEDA Fall Conference
The 2024 MEDA Fall Conference brought together economic development professionals across Maryland to discuss the state of international investment in Maryland. Longtime MEDA member Chris Moyer shares his takeaways from this insightful event.
On Tuesday, October 28, MEDA hosted over 120 members, students, and economic development champions at the Baltimore Museum of Industry (BMI) for the 2024 MEDA Fall Conference. Following the theme, The Economy is International, the conference touched on global business recruitment, foreign investment, export assistance, and how businesses can leverage government support to enhance their global reach. The BMI’s displays and artifacts reminded attendees of Maryland’s historic legacy in international business. At the same time, the Port of Baltimore—a key economic driver for global trade—offered a fitting backdrop for the day’s discussions.
Maryland Department of Commerce Secretary Kevin Anderson and Senior Director of the Office of International Investment and Trade Jessica Reynolds set the stage for the day’s program. Secretary Anderson highlighted Maryland’s location, port, federal resources, and highly educated talent as critical assets in driving international business.
“Maryland has an embarrassment of riches,” said Secretary Anderson. “The state must connect all of our resources so that businesses can scale up.” Reynolds then outlined Maryland’s various programs to support international growth and help businesses navigate global markets.
Reynolds highlighted vital programs, such as the State Trade and Export Program (STEP) and SelectUSA, established in 2010, which have led to a sharp increase in state and local exports and foreign direct investment (FDI). Earlier this year, nine Maryland counties joined the Maryland Department of Commerce at SelectUSA, encouraging attendees to consider their communities as possible business sites. Reynolds remarked on the event’s success and encouraged other counties to take advantage of this great opportunity held at the National Harbor each year.
SelectUSA’s Executive Director, Jasjit Singh, was the conference’s keynote speaker. Singh spoke on various federal programs that all economic developers and businesses can use to grow. He walked through the organizational structure of the International Trade Administration and how many U.S. jobs are supported by FDI. Most importantly, Singh remarked that Maryland is doing an outstanding job leveraging federal resources through SelectUSA.
During the two panel sessions, businesses and economic development leaders covered investment and expansion through international partnerships.
DDLabs, Sepio Cyber, Intellian Tech, Fluoron, and Specialized Communications Corporation talked about Maryland’s advantages for businesses, including: location; access to partners; the federal ecosystem; strong transportation network; and incubator system among the most significant benefits.
Panelists also discussed challenges that small businesses face in a global economy, such as finding assistance with complex tax issues, identifying real estate options, and the challenge of virtual negotiations. Matthew Lippman, President of Fluoron, shared that conducting in-person sales overseas offers a significant advantage over virtual international sales.
Finishing the day, Director of Economic Development at the City of Frederick and MEDA President Richard Griffin sat down for a “fire-free” fireside chat with Eddie Resende, CEO of the World Trade Center Institute (WTCI). Resende’s background and career path are fascinating. In the conversation, he highlighted why international trade is critical to economic development and how WTCI supports Maryland’s growth in the international economy. The discussion also included how the Maryland Innovation Lab, created by WTCI and the Maryland Department of Commerce, has positively impacted the state’s food supply chain and illuminated how other important industries can benefit from similar efforts.
Overall, I gained valuable insights from the day’s conversations and am glad MEDA continues exploring all aspects of economic development. MEDA’s conferences continue to pursue important topics, sparking conversations and sharing best practices that advance our communities.
