Photograph: Saul Loeb/AFP/Getty Images

The G-20 summit took place on September 24th and 25th in Pittsburgh. President Obama had supported Pittsburgh as host city for the event to showcase the city’s economic recovery subsequent to the collapse of its manufacturing base in the 1960’s and 70’s.  While the meeting garnered international press coverage for the protests against capitalism, socialism and everything in between, the meeting was notable from several standpoints.

First, this was the first collective meeting of the world’s economic powers since the global economic implosion of a year ago. The global recession has awakened leadership around the world to the reality of globalization and the need for cohesive and actionable policy directions. China, for example, enacted aggressive stimulus initiatives in concert with the US and Europe to moderate this last year’s downturn.  Financial regulation, or the lack thereof, is a common concern of all the world’s developed economies and this meeting focused on everything from reserve requirements to executive pay—options to restructure financial systems so that “too big to fail” is no longer a blank check and disruptions in credit markets are manageable.

Second, it was formally recognized that economic discussions would permanently pass from the G-7 to the G-20.  The G-7 is comprised of the traditional industrial powers of the United States, Britain, France, Canada, Italy, Germany and Japan.  Given the reality that China’s economy is four times the size of Canada’s, the G-7 is viewed by many as an anachronism.  The summit solidified a position that would give, China and other Asian countries a greater say in the International Monetary Fund and the World Bank in fairer reflection of their financial contributions.

Finally, the meeting demonstrated a commitment of leadership to shape national economic policy within a framework of global effect: to reduce the trade imbalances between export-fueled countries (China and Japan) and debt-fueled countries (the United States). For the U.S. this means increasing its savings rate, reducing the trade deficit and addressing its mammoth budget deficit.  For exporting countries (China, Japan and Germany) this means reducing their dependence on exports by promoting more consumer spending and investment at home.

While none of this is new, the G-20 meeting did develop tangible action plans for financial and regulatory restructuring that will hopefully result in meaningful change. More symbolically, the meeting underscored the ever increasing interdependence of economies.

PRESS RELEASE

Issued: September 28, 2009

SANTIAGO, CHILE—As economies around the world continue to deal with the effects of the global economic slowdown, U.S. Commerce Secretary Gary Locke urged countries of the Western Hemisphere to resist temptations to turn inward and erect trade barriers during a keynote address today at the third Americas Competitiveness Forum in Santiago, Chile.

“The United States is committed to resisting the protectionist temptation because protectionism simply does not work,” said Locke. “I came to Chile this week to affirm that the Obama Administration will be your strongest ally in your efforts to revive economic growth in the Americas.”

Locke is leading a U.S. delegation to Santiago, Chile to participate in the third Americas Competitiveness Forum (ACF). The ACF brings together representatives from the public and private sectors to discuss ways to spark innovation, create jobs and expand trade among the countries of the Western Hemisphere. The U.S. Department of Commerce hosted the first two ACFs in Atlanta in 2007 and 2008.

Secretary Locke is joined by the Presidents of Chile and Guatemala, as well as ministers of trade and economy from throughout the region and senior representatives from business and academia. This year’s ACF is focusing on energy and the environment, financing in times of crisis, increasing the value of supply chains, entrepreneurship and workforce development.

Source: U.S. Department of Commerce.  September 28, 2009.

In the most recent Business Outlook Survey (September) from the Federal Reserve Bank of Philadelphia, the manufacturing sector indicates that there may be growth in the region’s economic future.  Specific economic indicators are mixed, with some indices remaining positive, and others suggesting weaknesses.  The index of new orders and shipments was up, while employment indicators and the prices received for manufactured goods continue to decline. 

Although some business respondents report reductions in activity, a majority of survey respondents reported growth for the month.  The diffusion index of current activity (the broadest measure of manufacturing conditions) trebled from 4.2 in August to 14.1 in September. Responding firms indicated that the growing amount of new sales and outgoing shipments represent confidence for future economic turnaround. Increases in orders may be the result of declines in final manufactured goods pricing.  Prices fell for 17 percent of reporting manufacturers while almost 76 percent stated that prices remained fixed. Only a marginal amount of firms reported increases in realized prices for final goods. Most firms are absorbing rising costs of inputs.

Common sentiment is that conditions will improve in upcoming quarters. Various indices point to growth in general business activity. Firms expect to see an increase in new orders as well as shipments; and the majority of respondents anticipate employment to expand over the next six months. These indicators suggest that executives with regional manufacturing firms are cautiously optimistic. As a reflection of that caution, capital spending is expected to remain flat.  With conditions expected to improve, manufacturers anticipate moderate growth in the last half of this year.

PRESS RELEASE

Issued: September 8, 2009

Philadelphia, PA —The Philadelphia Regional Port Authority and Holt Logistics Corp. today announced formal completion of the plan to welcome Mediterranean Shipping Co. S.A of Geneva, Switzerland’s direct container service, to the Port of Philadelphia. Beginning in October, MSC will make weekly calls into the Commonwealth of Pennsylvania’s Packer Avenue Marine Terminal. The new European service will help support hundreds of family sustaining jobs in the region.

“The Port of Philadelphia continues to be a major economic engine for the commonwealth, and we welcome this new service from Europe,” said Governor Edward G. Rendell.  “Commitments from shipping giants like MSC go a long way in helping the entire Philadelphia region withstand the global economic downturn and support existing jobs.” 

MSC, the second-largest container ship operator in the world, committed to the new cargo in addition to the shipments that it already brings to the Port of Philadelphia from the west coast of South America.

“This new service is great news for our Port and the entire region. We are very excited about MSC’s decision to expand its presence in Philadelphia,” said Thomas J. Holt, Jr., President of the leasehold company which leases the Packer Avenue Marine Terminal under a long-term lease with the Philadelphia Regional Port Authority. “Shippers have expressed a lot of interest in having direct European service with the Port of Philadelphia.  MSC is a leader in the field and continues to grow, even in the down economy.”

The agreement, which helped attract the new service, was approved by both the Philadelphia Regional Port Authority (PRPA) and the Commonwealth earlier this month.  MSC’s Board of Directors formally approved the plan.

“MSC is thriving in a tough economy, and this weekly service will serve as a gateway to new shipments through PRPA terminals as they continue to grow their business,” said John H. Estey, Chairman of the Philadelphia Regional Port Authority. “The efficient and hard working team at the Packer Avenue Marine Terminal helps to attract shippers, and keep them.  We are looking forward to a long relationship with MSC that will grow over the years.”

“This announcement would not have been possible without the tremendous leadership of Governor Rendell and the PRPA,” Holt said. “They recognized this opportunity and moved decisively to help attract this business to Philadelphia.”

MSC’s service arrival is particularly vital during the global recession. At the Philadelphia terminal, total cargo was down through June 30 from 2 million tons to 1.7 million tons, a decline of 15 percent. The Port remains a backbone of both the Philadelphia and regional economy, and the new service could potentially erase the current cargo deficit by end of the year.

Source: Philadelphia Regional Port Authority.  September 8, 2009.

The Philadelphia area ports operate in one of the most industrious and competitive regions in our nation.  Amidst challenging economic times and propulsions towards protectionism, our ports are continuing to strategically foster international trade and transportation.  Learn about these efforts along with pressing issues, new developments, and the state of competition at the World Trade Center of Greater Philadelphia’s 8th Annual State of the Port Luncheon. 

If you are involved in international trade-whether you export or import-you cannot afford to miss this event! With the world’s economic downturn, how will the region prepare for the challenges and opportunities in today’s rapidly changing global economy?

WHEN: Friday, November 6, 2009
11:30am – 2:00pm

WHERE: Hyatt Regency Philadelphia at Penn’s Landing
201 South Columbus Blvd.
Philadelphia, Pennsylvania 19106

Hear from our prominent speakers:

John J. Matheussen, CEO, Delaware River Port Authority

John Estey, Chairman, Philadelphia Regional Port Authority

Kevin Castagnola, Assistant Executive Director, South Jersey Port Corporation

Mark Gale, Acting Director of Aviation, Philadelphia International Airport

Don’t miss our 8th Annual State of the Port Address & Luncheon!

Please REGISTER ONLINE through “Event Calendar” at www.wtcphila.org

WTCGP Members - $65                     

Non-Members - $75

Sponsorship opportunities still available.

For information on how to become a sponsor of this exciting event,

please contact Emily Olson at (215) 586-4247 or eolson@wtcphila.org

On Thursday, September 24, the WTCGP, led by Linda Mysliwy Conlin, President, and Dino Ramos, COO, arranged meetings between executives from eleven WTCGP Corporate Member companies and senior government agency officials in Washington D.C. to discuss the WTCGP International Design and Engineering (IDEC) Program and international infrastructure project opportunities.  IDEC Members from Environ, Gahagan & Bryant, Granary, H2L2, MDC Systems, O’Donnell & Naccarato, Pennoni, Timothy Haahs, The Harman Group, Wells Appel, and Wheatley US met with government program and procurement managers from the U.S. Trade and Development Agency (USTDA), the U.S. Department of Commerce Advocacy Center, and the Millennium Challenge Corporation (MCC). 

Through these meetings, IDEC Members learned about opportunities for U.S. firms to qualify for U.S. government sponsored feasibility and other studies.  Agency managers also provided guidance on competing for international infrastructure projects in host countries.  Advocacy Center managers offered to provide advanced training on developing successful strategies to compete for projects funded by multilateral development banks.  The WTCGP will arrange for this training and further advise IDEC Members.

WTCGP Coordinates IDEC Meetings with Washington D.C. Officials

On September 16, the WTCGP, in cooperation with the Temple University Beasley School of Law, held a private reception for 25 prominent judges from China.  The judges were visiting Philadelphia as part of their judicial training program through Temple University’s partnership with the National Judicial Training College of the Supreme People’s Court.  This visit created an extremely rare opportunity for the WTCGP CEO’s China Operations Club and other member companies to have their questions answered on China’s judicial system.  Typical questions included the judges training and their role in the legal system, fundamental differences from the U.S. system and China’s having specific courts for international business issues. The evening program held on the Temple campus offered unparalleled insight to the Chinese judicial and legal system - without companies actually having to travel to China!  The event was graciously sponsored by the law offices White and Williams LLP.

Chinese Judges Visit Philadelphia for Business Law Discussion

During the last week of August and first week of September 2009, the WTCGP assisted the Pennsylvania Authorized Trade Office located in Shanghai, China with the visit to Philadelphia of a delegation from Hubei Province in China.  Twenty-three delegates were selected by Hubei and Beijings’s top leaders to participate in the Senior Executive Leadership Program at the Wharton Business School, University of Pennsylvania.   They were “high-level/high-potential” managers from various state-owned enterprises including banking, insurance, manufacturing, energy (including the manager of the 3 Gorges Dam Hydroelectric Power Plant located in the Hubei Province), specialty metals and pharmaceuticals.  

Linda Mysliwy Conlin, president, WTCGP, welcomed the group at a luncheon on August 24th  at the Lauder Auditorium on the University of Pennsylvania campus.  The WTCGP also co-sponsored a “Welcome to Philadelphia” Reception on September 3rd with the Pennsylvania China Authorized Trade Representative and the International Visitors Council of Philadelphia that was attended by over 200 people, including several corporate members of both the WTCGP’s CEO’s China Operations Club, International Design and Engineering Consortium, as well as several international student members of our American Business Practices for International Students program, which included four Chinese students that helped act as interpreters for the networking meetings that the WTCGP facilitated between several of the WTCGP member companies and members of the Hubei delegation. 

The Hubei delegation was in Pennsylvania for two weeks, Washington, D.C. for one week and one week in New York City.

New Membership and Marketing Coordinator

The World Trade Center of Greater Philadelphia is pleased to announce the addition of Michael Colligan as the Marketing and Membership Coordinator to our top-rate staff of professionals.  Michael is a Drexel University, LeBow College of Business graduate with concentrated studies in marketing, international business, and the performing arts.  Throughout his time at Drexel, Michael proved himself as a industrious and promising young professional warranting acknowledgements such as Who’s Who Among Students and the Alumni Association’s Outstanding Senior of the Year. 

Using his exceptional customer service skills and outgoing demeanor, Michael will undertake the membership program in working to attract new members while supporting current members.  With his experience in marketing communications and web design, he will enhance and streamline our marketing efforts.  Welcome, Michael!

New Drexel Co-op Interns

The World Trade Center of Greater Philadelphia welcomes Drexel University students Anastasiya Maslova and Alexander Vitalis, our interns for fall and winter 2009-2010.

Anastasiya, a pre-junior majoring in international business and economics at Drexel University, joins the WTCGP for her second co-op experience.  She actively participates in the oldest professional business fraternity, Alpha Kappa Psi where she has dedicated her time towards better establishing the new Eta Psi chapter at Drexel.  Anastasiya is a member of the Drexel University Choir and is fluent in Russian.  Upon graduation, Anastasiya hopes to work for the International Monetary Fund or move to Russia to help her father run his business, MXM International.

Alexander joins us for his first co-op as a Drexel Sophomore with a dual major in international business and marketing.  Alex was born in Athens, Greece and, because of his father’s job, has had the opportunity to travel and live in various locations throughout Europe and Latin America.  He lived extensively in the Dominican Republic and then in Kuala Lumpur, Malaysia where he graduated from high school.  Alex speaks Spanish and Greek.

December 8-11, 2009 India (Mumbai, Bengaluru)

March 1-9, 2010 Australia, New Zealand (Melbourne, Sydney, Auckland)

Mary 31- June 4, 2010 Poland, Russia

October 10-14, 2009 Anuga  (Berlin, Germany) - Food and Beverage

October 21-24, 2009 Taiwan International Green Industry Show TIGIS -Environmental and Green Technology

November 18-21, 2009 MEDICA (Dusseldorf, Germany) - Healthcare and Sciences

January 25-28, 2010 Arab Health (Dubai, UAE) - Healthcare and Sciences

March 2-5, 2010 FOODEX (Japan) – Food & Beverage

April 15-18, 2010 Expomin (Chile) – Mining

Start enjoying the benefits of WTCGP membership today.

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November 6, 2009 - 8th Annual State of the Port Address and Luncheon

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