Patrick Aims To Drum Up Mass. Business In Colombia
Gov. Deval Patrick hopes Massachusetts businesses can “get in on the ground floor” with an emerging South American economy during his five-day trade mission to Colombia, which was scheduled to begin last Friday
This is Patrick's fourth international trip since taking office in 2007 his second visit to Latin America, according to an administration official.
The governor planned to meet with Colombian President Juan Manuel Santos Calderon. He was also planning to visit Cartagena and several lesser-developed cities with a contingent of state officials and others representing Massachusetts businesses and the state's life sciences, technology and clean energy sectors.
“This is a tremendous opportunity for Massachusetts to compete for jobs on the global playing field,” Patrick said in a statement before the trip. “We cannot afford to sit idle as our competitors develop the partnerships and secure the investments that will create jobs in the innovation industries where we already have an advantage — life sciences, clean energy, and the digital technologies.”
In October 2011, Congress approved a free trade agreement with Colombia that opened up a $1.1-billion market for U.S. exports. The agreement took effect in May 2012, and the Patrick administration hopes that by establishing relationships early it can position Bay State businesses to take advantage of the opportunities in the emerging Colombian marketplace.
Last year, Massachusetts exported approximately $81.5 million in goods and services to Colombia, making it the state's fifth largest trade partner in Latin America and 33rd largest overall. Bay State companies are already doing business in Colombia, contributing to a 12.5-percent growth in exports last year.
Colombia boasts Latin America's fourth-largest population and third-largest economy, with a gross domestic product that has doubled over the past decade and a record of job creation that eclipsed that of Brazil last quarter. Like in Massachusetts, the medical device industry is a major component of the country's economy, and 24 percent of Colombian graduate students are pursuing degrees in life sciences.
A handful of staff members from the governor's office, plus other aides from the quasi-public agencies, will also make the trip. The administration estimates the cost of the mission to be less than $180,000, with some of the expense shared with the private-sector participants.
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