SD Office of Economic Development to make $1M investment
The South Dakota Governor’s Office of Economic Development announced a $1 million investment in South Dakota Trade last week to help businesses grow their overseas sales and support high-quality jobs in state.
“South Dakota feeds the world, and we are constantly looking for new opportunities to market our incredible work to consumers in other countries,” said Governor Kristi Noem. “Over 27,000 South Dakotans are employed by jobs directly supported by exports. We will continue to invest in our people and our workforce through the work of South Dakota Trade.”
S.D. Trade, a public-private partnership that opened its doors in April, has already assisted South Dakota companies in securing over $3 million in direct sales, GOED said in a press release. They provided education to over 70 international trade practitioners and executed South Dakota’s first trade delegation in 10 years.
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“Our inaugural year has been incredibly productive, thanks to our partnership with Governor Noem, GOED, and over 25 other organizations across the state,” said S.D. Trade President and CEO Luke J. Lindberg. “Companies involved in the delegation led by Lt. Governor (Larry) Rhoden to Mexico have realized a return of over 65 times our investment in this mission. We plan on doing more trips in the future.”
Earlier this year, Rhoden went on a trade mission to Mexico with S.D. Trade. The early results from that trip have netted a 50-to-1 return on investment for South Dakota’s economy, GOED said.
“In South Dakota, ag is our most important industry — but there is always room to grow,” said Rhoden. “Mexico is our second largest trade partner, and S.D. Trade is helping that partnership expand. This investment will make continued growth a reality for South Dakota ag and every industry.”
This funding is through GOED’s Future Fund. It will expand the service offerings S.D. Trade is able to provide to companies in South Dakota and enable them to continue to grow South Dakota’s economy.
“Our partnership is building resiliency into South Dakota’s economy,” said GOED Commissioner Chris Schilken. “Foreign sales bring new money into our state and diversify our sources of revenue — it is a win-win for everyone involved.”
S.D. Trade team members work with all industries and company sizes. They also provide focused offerings for businesses anywhere on the international trade spectrum, from new-to-export companies to those with sophisticated trade teams.
To learn more, visit southdakotatrade.com.
