Archive for June, 2014
Friday, June 27th, 2014
(Commissioner Jeffrey Rose returns today from Turkey, following a week-long trade mission to that country, led by Gov. Hassan. Also accompanying the governor were representatives of seven New Hampshire businesses – Comptus of Thornton; Conductive Compounds of Hudson; Demers & Blaisdell of Concord; Hinkley Allen of Concord; Mae Consulting of Deerfield; Rokon of Rochester and Ulysses Advisory Group of East Kingston.)
Gov. Hassan delivered the keynote speech to the Kaza Women and Business Association.
Our trade mission to Turkey has been an extraordinary experience. Our companies had over 100 business-to-business meetings and are returning home with dozens of high quality leads. Gov. Hassan went non-stop over the past week, meeting with many of the most senior business people in the country and receiving high praise from the more than 200 businesses she directly connected with during the mission. Some of the most gratifying moments of the trade mission came in her meetings with women business leaders and how inspired they were by her.
Financing being a key factor in international trade and economic development, we met with Garanti Bank, the leading private bank in Turkey. The U.S., through the Overseas Private Investment Corp. (OPIC), has invested hundreds of millions of dollars in Turkey, with a particular emphasis on women-owned businesses.
Garanti Bank’s contributions have made a positive impact here and since nearly 20 percent of OPIC’s investments have been projects in Turkey (our long-standing NATO partner), this underscores its importance to the U.S.
During the trade mission, I met with numerous senior level executives representing companies eyeing expansion into the U.S. market – a receptive audience for outlining the benefits of expanding to New Hampshire and to map out potential options for their consideration.
Of note is a fast growing international company seeking a potential warehouse/distribution center here in the Northeast. Its overseas investment director was very interested in our lower cost of doing business, compared to rest of the region. Another company that stood out is a leading forest-products company in Turkey, interested in our timber and mill capacity. The company is very successful in Turkey and looking to grow in markets around the globe.
Thursday was another busy day for Gov. Hassan, the seven New Hampshire businesses taking part in this trade mission, and our team from DRED. Starting with breakfast, joined by a diverse group of Parliament members, it was followed by a robust discussion about government processes in Turkey and U.S, as well as how important international trade is in providing opportunities and benefits for both countries.
The opportunity to talk about New Hampshire’s growing aerospace and defense sectors came in a meeting I, and members of the New Hampshire Aerospace and Defense Export Consortium, had with leaders of the OSTIM Defense and Aviation Custer of Turkey. We had a spirited discussion about the important role the sector plays in both our economies and the collective efforts to organize and promote emerging clusters in both countries. It was an opportunity to highlight two New Hampshire companies on the trade mission – Rokon of Rochester and Conductive Compounds of Hudson – and develop networking opportunities for them to engage with the Turkish industry. We also discussed best practices and picked up some dynamic ideas to bring back to our growing NHADEC organization.
To talk more about the opportunities for New Hampshire businesses to make strategic investments into Turkey, I met with Ahmet Erdem, head of Investor Services Department with the Republic of Turkey Prime Ministry Investment Support and Promotion Agency of Turkey (ISPAT). We discussed the emerging sectors within the rapidly growing Turkish economy and incentive programs there to help spur international investment. The country’s investment system targets geographic locations, strategic sectors, R&D, and duty/tax reductions. With its growing purchasing power and its location at the cross roads of Asia, Middle East, Africa and Europe, Turkey is attracting lots of foreign investment.
I enjoyed the opportunity to meet with Metin Deger, head of the Ministry of Economy for the Republic of Turkey, and speak about the benefits of Turkish companies investing in New Hampshire. He is responsible for counseling Turkish companies on overseas investments and helps identify markets for companies. He was impressed with what the Granite State offers foreign investors, particularly our strategic geographic location, skilled workforce and low tax structure. It was a great discussion and once we provide some more information, he will promote New Hampshire to a variety of industries, associations and business groups.
I need to again thank our hosts – the Turkish Cultural Center and TUSKON – for their efforts in making our trade mission with Turkey so successful. Those efforts, which included months of planning and highly coordinated logistics, were extraordinary.
I am confident this is just the beginning of a long term relationship that will continue to yield fruits for both countries as we seeking opportunities to grow trade between New Hampshire and Turkey.
New Hampshire Department of Resources and Economic Development
Thursday, June 26th, 2014
Cutting the ribbon on EIT’s new location in Salem.
With a snip of the scissors, a red velvet ribbon was cut last Thursday in Salem to mark the opening of one of New Hampshire’s newest companies, Electronic Instrumentation and Technology.
Joined by workers, clients, suppliers and supporters (including our own Cynthia Harrington, who assisted in the relocation from Methuen, Mass.), EIT officials celebrated the Virginia-based electronic manufacturing service provider’s fifth location, an electronic manufacturing facility.
Employees, customers and vendors celebrated EIT’s move to Salem.
“The new EIT Salem facility shows EIT’s commitment to our customers and the entire New England region,” said David Faliskie, EIT president and COO. “In January, EIT will begin our 38th year in business. EIT’s physical resources, along with our dedicated staff, create a situation which allows us to meet our customer’s requirements and keep EIT as a premiere EMS provider.”
Nearly a year ago, EIT acquired a contract manufacturer in nearby Methuen, Mass., and began planning to move operations to New Hampshire. Its new facility at 19 Keewaydin Dr., is double in size, to 30,000 square-feet and features ESD flooring, new energy efficient lighting and new and upgraded equipment. The Salem plant supports both prototype and production builds.
Harrington, business recruiter for the Division of Economic Development, worked with the EIT team as it considered relocating to New Hampshire.
“In terms of distance, the company is just a few miles from its previous location in Massachusetts, but the business climate is vastly different,” she said. “A combination of New Hampshire’s business climate, pool of highly skilled and highly educated workforce and available commercial real estate made this a logical choice for a growing company like EIT.”
NH Division of Economic Development
Wednesday, June 25th, 2014
(Commissioner Jeffrey Rose is accompanying Gov. Maggie Hassan and representatives of seven New Hampshire businesses on a trade mission to Turkey this week and provides some highlights from his schedule of meetings. — Ed.)
The second day of Gov. Hassan’s trade mission to Turkey is winding down; two intense days of business meetings and visits with companies as interested in the possibilities of doing business with New Hampshire, as we are with companies in Turkey.
These have been busy and informative days here in Istanbul and I am confident the connections we’ve made this week will be the start of a great relationship between the Granite State and Turkey.
One person who will help us nurture this is Burak Duruman, a successful Turkish businessman and a graduate of Southern New Hampshire University. He has been instrumental in making strategic connections and he is eager to foster economic growth in both countries. As the president of the Turkish Cancer Society, he is looking at the US healthcare system as the model to expand services to the Turkish people.
A towel manufacturer is seriously considering NH as a location to expand its line.
We visited with officials at a soon-to-be launched international textile company, which produces high quality woven towels here in Turkey and are looking to expand to a U.S. location to manufacture their product. We explained the benefits of doing business in New Hampshire and they are now seriously considering the Granite State as a potential home for that expansion.
Our favorable business climate is of great interest to those we speak to here. Earlier today, I enjoyed speaking to members of TAiK (the Turkish-US Business Council) about the benefits of doing business in New Hampshire. Members expressed an interest in learning about our state’s transportation system, strategic geographical location and emerging sectors.
Several entrepreneurs expressed an interest in bring their products to market in the U.S. through New Hampshire. I even had the chance to try some of the products out first hand … literally first hand.
Commissioner Rose tries out the Flying Finger in Istanbul.
MK Teknoloji began about two years ago with a goal of going international with its wearable technological devices. Its R&D team developed ergonomic equipment, such as the Flying Finger, a glove-like device that turns the hand into the control ball at the computer.
This is an example of Turkey’s entrepreneurial spirit, one of several with whom we have met and one which we hope to see more of in the future.
As well as meeting with Turkish companies, we’ve participated in several media briefings and news conferences. Over the next few days, journalists are spreading our New Hampshire story, such as this piece in Today’s Zaman, including our favorable business climate, our high tech industries and skilled workforce and as a great place in which to expand and invest.
Department of Resources and Economic Development
Friday, June 6th, 2014
We love business success stories and New Hampshire celebrates another one today, as Nanocomp Technologies in Merrimack celebrates its 10th anniversary with the announcement that it will triple its manufacturing capacity, creating at least 70 jobs.
Peter Antoinette and Gov. Hassan at Nanocomp Technologies celebration
We often say that New Hampshire is home to manufacturers who make a product that is made no where else in the country, if not the planet.
Nanocomp Technologies is one of those companies. It is the only commercial producer of carbon nanotube-based sheets, tapes and yarns. It has been working closely with the Department of Defense to reduce the weight of body armor for our troops, while maintaining the level of performance for soldiers and law enforcement.
In fact, this ambitious expansion is made possible by an $18.5 million contract from DoD. By year’s end, Nanocomp will triple its manufacturing capabilities and adding 70 new jobs.
“This is a great day for our company,” said Nanocomp CEO and president Peter Antoinette. “Ten years ago, we had two employees; today we have 76, with plans to more than double that over the next year.”
More than 100 people attended the festivities at the company’s plant in Merrimack, including US Sens. Jeanne Shaheen and Kelly Ayotte and Gov. Maggie Hassan.
“Nanocomp’s expansion reinforces that our tax-friendly enviroment, responsive state government, highly skilled workforce and quality of life make New Hampshire as attractive state for business as any in the country,” Hassan said.
NH Division of Economic Development
Monday, June 2nd, 2014
Later this month, Gov. Hassan and I will accompany representatives of seven New Hampshire companies on a trade mission to Turkey, the first in several years. We are excited about the prospect of making connections in a country whose economy is vibrant and eager to do business with us.
International trade plays a vital role in our state’s economy and the legislature recognized this when it passed the bipartisan budget, which included funding for the state to resume trade missions. The International Trade Resource Center has organized trade missions over the past 15 years, to countries including Brazil, Chile, England, France, India, Ireland, Italy and the Netherlands. The cumulative result of these trips was tens of millions in contracts to businesses and manufacturers right here at home and relationships that helped to keep our state strong in challenging times.
A key to growth and prosperity for any company is the ability to find new customers. Securing global markets diversifies their bottom line. Trade missions offer connections and opportunities for our companies, which typically don’t have the means to hire export specialists. With a trade mission, we can offer resources to open many doors in a short time, such as partnering with the U.S. Department of Commerce and local business organizations in the host country to find potential partners.
Having the governor lead the mission elevates our companies as they meet with business and government organizations. This would not happen for a business going it alone.
When New Hampshire, and the nation, suffered through the recession a few years ago, we weathered it far better than some of our neighbors. This was, in large part, because our businesses sought out overseas markets to diversify their customer base, gain more orders and, most importantly, keep their employees working. That’s why in 2010, we set a record for exporting, sending $4.4 billion worth of goods around the world.
In 2013, New Hampshire led the nation in export growth, increasing its merchandise exports by more than 22 percent, to $4.3 billion. This demonstrates that our businesses and manufacturers can design, create and make products and components that are in demand around the world.
The momentum continues into 2014. Planning began months ago for the state’s first overseas trade mission since 2011 and included months of research, discussion about the needs of our businesses and where the demand is for their products and services.
Turkey quickly emerged as an important market for several reasons: It’s our 12th largest trading partner – last year, we sent $79 million in goods and services there. Its geographical location, at the crossroads of Europe, Asia, Africa and the Middle East, makes it an attractive hub and there are increasing opportunities for our businesses, especially in areas such as aerospace and defense, health and medical technologies, education and construction machinery.
With the assistance of the Turkish Cultural Center in Manchester and the partnership with TUSKON (representing seven business federations, 202 business associations and over 50,000 entrepreneurs), we have arranged five full days of introductions, meetings and networking for our businesses in Istanbul and Ankara, as well as a news conference providing even wider exposure for the state.
In March, the state was running $25 million ahead of its revenue plan for the year, a solid fiscal position. April revenues fell significantly short of the previous year, although the state continues to run $3.9 million over its projections.
As a precaution in case revenues continue to fall, Gov. Hassan issued an executive order that includes a freeze on out-of-state travel. At that time, the governor and I, our businesses and our partners had discussions about whether to cancel the trade mission.
But the state, the participating companies and our partners in Turkey had already made significant financial investments into this trade mission, months before revenues dropped and the freeze was enacted.
I cannot overstate the value of international trade to New Hampshire’s economy and how eager our businesses are to explore exporting and to send their goods to global markets. The legislature agreed.
To cancel this trade mission would result in significant losses not only to our businesses, but in potential economic growth for New Hampshire.
Jeffrey Rose is the commissioner of the New Hampshire Department of Resources and Economic Development.