We are honoured to welcome the County of Riverside Economic Development Agency/Office of Foreign Trade to the MAPLE Business Council today.
Riverside County's EDA/Office of Foreign Trade has the distinction of being the first of its kind in the U.S. at a county level offering state style receptions for international delegations, signing trade agreements with other nations, cities, provinces or states, taking advocacy positions on legislation that support trade to aggressively expand our foreign trade zones, support and encourage foreign direct investments from international companies and foreign investing individuals. We do this in cooperation with our international trade partner agencies like the Department of Commerce, the SBA, CITD, the Governor's Office of EDA "Go Biz" and others.
Foreign trade is a significant source of job creation and investment within the county. Many jobs created by foreign direct investment have higher than average wages and good benefit packages, and help to diversify and strengthen the local economy. Executing bilateral trade agreements between Riverside County and foreign countries opens new markets for goods produced within the county. Further, when foreign trade zones are established within the county, it allows local manufacturers to save money on tariffs and taxes which are a powerful incentive for companies to stay, relocate or expand in the county. The encouragement of Foreign Direct Investment (FDI) in the U.S. economy provides a source of ready capital at a time when domestic credit and lending is constrained.