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Policymakers in Washington have yet to coalesce around a few strategic initiatives that could advance our economy in general and manufacturing in particular. Here are a couple of ideas offered by consultants who get compensated handsomely to think about big ideas:
Southeast Asia is home to more than one billion people, and Vietnam in particular is now a significant trade partner (one of the top 10) with the U.S. The country has a young demographic and an education system that turns out a very high percentage of STEM graduates (about 40%). We should do more to expand our relationships there as the pace of manufacturers departing China continues to grow.
Second, this might be the time to normalize relations with Cuba. Labor costs there are a fraction of what is paid in places with a highly skilled manufacturing workforce (read: Mexico), and while our geopolitical adversaries are busy tending to other business, this is an opportunity to build a constructive relationship with a country only 90 miles from the Florida Keys.
Finally, the United Kingdom has a highly skilled workforce that includes a robust number of engineers and technologists. For the past decade, its leadership has floundered to find the “next thing” that will recharge the nation's economy. Drawing that talent pool closer to the U.S. makes a lot of sense and would be of strategic value to both countries.
For Delaware businesses, it may be worthwhile to delve into these places and policy ideas. Your business may not take you to these countries, but your suppliers may need a new venue, and these just might be a landing place.
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