TYB
Gov. Noem's Office of Economic Development to Make $1M Investment in SD Trade
12/27/2023
Today, Governor Kristi Noem and the Governor’s Office of Economic Development (GOED) announced a $1 million investment in South Dakota Trade to help businesses grow their overseas sales and support high-quality jobs in South Dakota.
“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 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.”
SD 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. They provided education to over 70 international trade practitioners and executed South Dakota’s first trade delegation in 10 years.
“Our inaugural year has been incredibly productive, thanks to our partnership with Governor Noem, GOED, and over 25 other organizations across the state,” said SD Trade President and CEO Luke J. Lindberg. “Companies involved in the delegation led by Lt. Governor 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, Lt. Governor Larry Rhoden went on a trade mission to Mexico with SD Trade. The early results from that trip have netted a 50-to-1 return on investment for South Dakota’s economy.
“In South Dakota, ag is our most important industry – but there is always room to grow,” said Lt. Governor Rhoden. “Mexico is our second largest trade partner, and SD 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 SD 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.”
SD 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, or to talk to SD Trade, go to www.southdakotatrade.com.
https://news.sd.gov/news?id=news_kb_article_view&sys_id=02d705fa1b177d101019877be54bcbb8