Nueve Empresas Cántabras Embark on Commercial Mission to the United States
Nine prominent companies from Cantabria will be participating in a commercial mission to the United States organized by the Society for the Development of Cantabria (SODERCAN) and the Chamber of Commerce of Cantabria, with stops in San Francisco, California, and Dallas, Texas. This marks the first multisectoral commercial mission of the 2024 International Promotion Actions Plan, as the Cantabrian Government resumes in-person missions following the Covid pandemic.
The participating companies include Leading Enterprises, Metcoex, and Prometall Special Systems from the metal-mechanic sector, Gamesa from the electrical sector, Lera Ascensores, and Tejasa from the engineering sector, Manufacturas García Varona from the wood sector, Bathco from the construction-sanitary sector, and Eolas Prints from the consumer goods-3D printing sector.
The preparation of individual work agendas for each company has been handled by Consultora PL Global, tailored to potential clients or importers in California and Texas based on their preferences and client profile in the country.
Cantabria’s Minister of Industry, Employment, Innovation, and Trade, Eduardo Arasti, emphasizes that internationalization is key to improving the competitiveness of the region’s economy, promoting growth in the productive sector and employment. The government’s goal, through SODERCAN, is to increase the number of exporting companies, diversify the export destinations of Cantabrian companies, enhance talent integration in the regional export sector, and foster innovation and digitalization in internationalization efforts.
###United States
The United States is a crucial partner for the region, with significant Cantabrian companies maintaining long-standing commercial and investment relationships with the market. In 2023, the United States ranked thirteenth in total export volume, with 254 Cantabrian companies exporting goods. It is also a strategic partner in imports, resulting in a negative balance for Cantabria.
With a GDP of $21.4 trillion and a population of nearly 330 million people, the United States boasts the world’s largest consumer market. Its household spending is the highest globally, accounting for almost a third of global household consumption. Additionally, free trade agreements with 20 other countries provide access to hundreds of millions of consumers.
While the American market presents significant opportunities due to its size, stability, purchasing power, and sustained economic growth, it is also highly competitive and demanding. The regulatory environment is conducive to business operations, and the entrepreneurial culture encourages competition. Repatriation of capital is allowed, making it an attractive market for international businesses.
###Texas and California
Texas, with a population exceeding 30 million, is the fastest-growing state in the country. While English is the most widely spoken language, around 30% of the population also uses Spanish. Its economy contributes 8.5% to the total U.S. economy.
California, home to nearly 40 million people, represents 11.8% of the total U.S. population. Spanish is spoken by 28.3% of its residents. The state’s GDP accounts for 14.9% of the national total.
SODERCAN provides 70% funding for each Cantabrian company’s work agendas. Expenses related to travel, interpreters, etc., may be subsidized under the ‘Commercial Promotion Plans for Cantabrian Companies’ aid program, as published in the Official Gazette of Cantabria on May 27th.