Guide released to aid defense industry exports

The international trade division of the Virginia Economic Development Partnership released a guide Tuesday for defense industry contractors interested in exporting to foreign countries.

The guide, “Export Opportunities for Virginia’s Defense Industry,” was developed to help Virginia defense companies reduce their dependence on federal government contracts by increasing foreign sales.

VEDP said its goal in promoting defense industry exports is to create jobs and increase the state’s tax base at a time when the industry faces significant federal government cutbacks.

“We have a timely opportunity to help these companies grow sales through exports and keep their high-paying jobs in the Commonwealth,” Paul Grossman, VEDP’s vice president of international trade, said in a statement.

Foreign military sales through the U.S. government doubled from fiscal year 2011 to FY2012, VEDP said.

By the end of October 2012 the State Department of State had received 73,000 license requests during that calendar year, 2,000 more than at the same point during the previous year.

VEDP said its guide introduces new exporters to the process of making defense sales abroad.

The guide examines
• Assessing export readiness.
• Understanding export regulations.
• Market entry via foreign military sales and direct commercial sales.
• Selecting international markets.
• Defense trade financing.
• Commercializing defense technologies.

The guide can be found at: http://exportvirginia.org/resources2/publications/