WARREN - As much as 85 percent of economic growth in the next 10 years will occur outside the United States, making it vital for companies to pay attention to exporting their goods and services, a top economic development official says.
"A magazine survey of chief executive officers in January showed companies that export more than their peers tend to have a higher profit margin and more stable revenue streams," Eric Planey, the Youngstown / Warren Regional Chamber's vice president for international business attraction, said in talking about the chamber's first TechBelt Export Summit slated for noon to 4 p.m. Monday at the Davis Center in Mill Creek MetroParks in Youngstown.
U.S. Undersecretary of Commerce Francisco J. Sanchez and Fred Hochberg, chairman of the Export-Import Bank of the U.S., will speak at the summit, which is being hosted by the Regional Chamber in recognition of the Mahoning Valley's recent designation as having the highest export growth in the United States in 2010.
The area posted a 29 percent increase in exports during 2010. Planey said the area started from a low base due to the business downturn in 2008-09, but the gain still was impressive.
The largest part of the gain, he said, came from General Motors Co. Lordstown Complex's export of Chevrolet Cruze small cars to Canada, but he said companies like Altronic LLC in Girard, which makes digital instruments for compressors, engines and equipment, and Youngstown's Fireline Inc., which makes heat-resistant ladles and other shapes, also are important exporters.
The event also will have two panel discussions, one featuring testimonials from regional exporters such as Altronic, and the other offering experts from the Youngstown State University International Trade Assistance Center and other agencies to discuss their services.