Conference to introduce export opportunities to Hoosier companies
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Amid trade tension between the United States and China, several companies and organizations have begun realizing the potential of several other Asian countries.
The Indiana District Export Council is hosting the “Doing Business with ASEAN” conference Wednesday in Fort Wayne to make businesses in Indiana and neighboring states aware and prepared to take advantage of the economic opportunities with countries in the Association of Southeast Asian Nations.
IDEC operates as part of the U.S. Department of Commerce’s efforts at export promotion. The organization offers one-on-one export counseling, workshops and webinars across the state. Their work is led by volunteers who have trade or its promotion as part of their regular jobs.
IDEC Chair Andrew Reinke talks about the council’s role as well as Indiana’s export potential.
IDEC offers free expert advice to Indiana businesses. With 10 regional offices across the state, the Indiana Small Business Development Center is another organization with access to experts who provide export advice.
“We volunteer our time and expertise, and we do it for a reason,” said Bob Mason, senior vice president at Ford Meter Box Co. in Wabash and member of IDEC. “We want to see Indiana businesses think of exporting as business development, selling your product and diversification.”
Mason’s keen interest in Japan led him to learn the language as an exchange student and eventually get a job with the Indiana Department of Commerce—the precursor to the Indiana Economic Development Corp.—where he met IDEC Chair Andrew Reinke. He was eventually transferred to the state’s Japan office, where he worked on securing foreign direct investment to Indiana and export promotion.
Mason joined Ford Meter Box Co. upon his return from Japan. In the waterworks and sewage industries, the company produces valves and fittings for water mains and meters, shipping their products to over 65 countries.
Ted Osius, former U.S. ambassador to Vietnam and the Philippines will give the keynote speech at the conference. Osius currently serves as president of the U.S.-ASEAN Business Council. Scott Glaze, chairman of Fort Wayne Metals, will give the second keynote.
Sessions include an overview of ASEAN markets, risk management and payments. Participants will also hear from a U.S. commercial Liaison to the Asian Development Bank.
During the final session, titled “Tales from the Trenches.” participants will hear real life stories from Indiana businesses on what worked, what failed and where improvements could be made. Christian Parra, director of international sales for Fort Wayne-based Do It Best Corp. along with Mason will share their experiences.
From his experience, Reinke said export transactions are usually done with the U.S. dollar, and language is not as much of a barrier as some might think. The only real difference being the cultural nuances involved in doing business “with a culture so different than ours.”
IDEC says it aims to break any stereotypes organizations might have about doing business with companies in Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam—the countries comprising the ASEAN region.
“The image that businesspeople have of these countries is different from the reality of what the countries actually are,” Reinke added. “It’s a growing area, and Vietnam alone has 100 million people; that’s just under a third of the United States population.”
Reinke got his start working for the Indiana Department of Commerce after college. Working in its international division piqued Reinke’s interest in exporting and trade, also fueled by his love for travel and cultural exchange. His export expertise quickly became an open secret, and he began getting calls for export advice from all around the state. The market demand for his niche was glaring, so Reinke launched Foreign Targets, an export development and export trading company.
He also serves as an instructor for the Export Indiana Accelerator Program run by the Indiana Small Business Development Center. The free 12-week program offers Hoosier small businesses professional export guidance and resources to create an informed export business plan.
Collectively, the ASEAN region has a population of almost 650 million and a gross domestic product of $2.9 trillion, representing the fifth largest economic area in the world. The region is the United States’ fourth-largest trading partner. U.S. total trade with ASEAN (excluding Cambodia, Laos, and Myanmar) surged to an estimated $520 billion in 2022, up 48% from a decade ago, according to data from the Office of the United States Trade Representative.
Indiana exports in 2018, the most recent year with available data, was $39.3 billion, up 48% from 2008 levels, data from OUSTR show. The state ranked 12th in Made-in-America exports, with only Cincinnati and Indianapolis above the $10 billion mark. Canada, Mexico, Japan, China and Germany received the most Hoosier goods.
“We leapfrogged, as a state, Ohio, Michigan, New Jersey and Pennsylvania. We were already ahead of several states with greater populations, so we’re doing a good job with exporting,” Reinke noted. “But we should be, can be and must do more as a state. There’s room to grow.”
Currently, exports account for 11% of the United States GDP. IDEC believes raising that number to 25% will work wonders on the U.S. economy. The International Monetary Fund forecasts U.S. GDP will grow to $28 trillion in 2024.
“It is a big business, and the potential is mammoth,” Reinke said. “If you’re selling your product across the United States, I’m guaranteeing you, you could sell it into the ASEAN region,” Mason emphasized.
This year’s conference will be held at the Do It Best Conference Center in Fort Wayne. The half-day conference will be held from 11:15 am – 6 pm. Tickets cost $75.
“You do need events like this to get the word out that different regions around the world are growing and they’re hungry for American and Indiana products,” Reinke said.