|
Dear Colleagues,
A very Happy New Year to all. January is a time of firsts. Like Janus, we emerge from the past and look forward to the future. I have always been intrigued that in European and Asian traditions, the darkest, coldest time of the year is celebrated as the start of something new. Our intern Harin Lee has prepared an excellent article about the Lunar New Year as it is celebrated in South Korea, her home. She has addressed the bottlenecks on passenger transportation during the holiday (think of the Wednesday and Sunday before and after Thanksgiving in the United States), and how supply chains are affected as businesses prepare to meet demand for holiday goods. Thank you, Harin.
The Roman god Janus presided over beginnings and endings, the start and cessation of conflict (war and peace), and appeared on doorways and gates. If we continue this analogy to the U.S. political system, it is logical that elections occur in early November, but the transition from old officeholders to new isn’t completed until January.
We are following changes in personnel and policies affecting trade and will share that information with you. Most of your questions concern the new administration's campaign pledges and executive orders on tariffs, trade agreements and visas. We plan to repeat our off-the-record discussions about tariffs, allowing you to speak freely with experts about your company or industry concerns. We will present a seminar on "investment" visas and employment visas. This second seminar will particularly interest attorneys and companies that hire staff from abroad. Although we do not have final dates for either, we plan to offer them in the second quarter or this summer as changes to regulations or laws are finalized. Let me know about experts you would like us to feature.
Meanwhile, please mark your calendars and reserve your spot:
-
January 30. FREE Come for the Information and Stay for the Fun: Lipaworld Delaware Mixer: Redefining Remittances for the African Diaspora. 4:30 to 6:30 p.m. at the University & Whist Club Free event but registration is required. lu.ma/7ui6ixj9
-
April 6 to 9. World Trade Centers Association Global Business Forum in Marseilles, France. We are having a booth and the GBF will feature business to business matchmaking with over 400 firms from France and the region. For more information: wtca.swoogo.com/2025gbf
-
April 7 to 9 US International Trade Administration Access The Americas: Explore Business Opportunities in Brazil and Beyond!: Trade Winds 2025, São Paulo, Brazil, April 7-9, 2025 with additional country stops April 3-11. trade.gov/trade-winds
- The U.S.-Africa Business Summit by the Corporate Council on America will take place in Angola from June 23-27.
| |
Learn more about Delaware Business Times
| |
|
Belfint, Lyons & Shuman, P.A.
Belfint Lyons Shuman, a leading Delaware accounting firm established in 1923, is one of the largest CPA firms in the state with over 80 professionals. The firm provides a comprehensive range of services, including advisory, audit, tax, and international services, catering to industries such as auto dealerships, construction, law, healthcare, and nonprofits. Belfint's expertise is exemplified by Stephanie Chapman, director of the tax and small business/international services practice and treasurer of the World Trade Center Delaware board.
Learn more: belfint.com
| |
|
Join Us on January 30th!
Free Event, Registration Required
| |
CIRC Membership Lunch
Featuring
World Trade Center Delaware
| |
|
Plan to attend the February membership lunch meeting and arrive early to network. Join us in welcoming Carla Sydney Stone, President of the World Trade Center® Delaware, the state's premier partner for international trade, as the keynote speaker.
Learn why companies choose to locate in Delaware, how the WTC Delaware refers international companies to local businesses to help them get started and settled here, and how the WTC Delaware can help you gain new partners and customers.
Wednesday, February 12, 2025
11:30 a.m. - 1:30 p.m.
DuPont Country Club
1001 Rockland Road, Wilmington, DE 19803
Cost: $60
| |
|
New Castle County Reassessment Update
Valuation/appraisal professional Jay L. White, MAI, CRE® and Richard A. Forsten, Esquire, will discuss the present status of the 2025 New Castle County Reassessment and the looming March 14 deadline for appeals. We will present this hot topic following the keynote speech so that Q&A can continue for those interested in remaining.
| |
EXIM 2025 Annual Conference Registration is Open Register Today! | |
|
Join us for EXIM Bank’s 2025 Annual Conference on Tuesday, April 29th and Wednesday, April 30th, in the heart of Washington, DC, at the Omni Shoreham Hotel.
The EXIM Annual Conference showcases the pivotal role of U.S. exports in driving economic prosperity, benefiting businesses of all sizes. The conference promises invaluable insights and unique networking opportunities for various domestic and international attendees, including exporters, buyers, financial professionals, business leaders from various sectors, and government officials.
| |
|
Lunar New Year: Cultural Traditions, Economic Impact and Business Opportunities in
South Korea and Asia
By WTC Delaware Intern Harin Lee
| |
|
The Lunar New Year, or "Seollal" in Korea, is one of the most significant holidays across Asia, celebrated with vibrant cultural traditions and rituals. In Korea, key activities include Charye (ancestral rites), Jeol (bowing to elders), wearing Hanbok (traditional attire), and sharing Ddeokguk (rice cake soup). This symbolic dish represents aging one year and carries hopes for health and prosperity. Families gather to enjoy traditional games such as Yutnori (a board game) and Jegi-chagi (a Hacky Sack-like game), showcasing the holiday’s emphasis on family and cultural heritage. Lunar New Year also serves as a catalyst for economic, social and cultural activities.
Economic Impact and Trade Dynamics
Economically, the Lunar New Year drives significant shifts in production, trade and consumer behavior. The government has unveiled annual measures to stabilize the domestic market and ensure an affordable Lunar New Year, focusing on the largest-ever supply of essential holiday goods. Additional efforts include support for programs aimed at easing financial burdens on low- and middle-income households. Businesses experience surges in demand for holiday items such as gift sets, traditional foods and clothing. Marketing and production intensify to meet local and international demand. The widespread holiday observance, however, occasionally leads to logistical challenges as factory operations and deliveries slow, creating supply chain bottlenecks and increasing freight costs. To mitigate this, businesses adopt strategies such as early inventory planning and adjusted trade schedules, influencing global trade well beyond the holiday period.
Shifts in Consumption and Tourism
The Lunar New Year drives changes in consumption, tourism and transportation. Gift-exchanging traditions raise retail and e-commerce sales, with growing trends such as personalized and eco-friendly products. Homecoming travel leads to sold-out train tickets, congested highways, and increased demand for transportation, benefiting airlines, railways and buses. International travel has grown significantly. Based on reservation data for flights, accommodations and activities, Trip.com projects a 73.15% increase in overseas travel by Korean travelers during the 2025 Lunar New Year holiday. Domestic travel by foreign tourists is anticipated to rise by 18.16%, led by the impact of targeted holiday promotions. Traditional food markets and restaurants thrive during this period as families prepare festive meals and take advantage of seasonal offerings.
Business Opportunities and Cultural Engagement
For businesses, Lunar New Year presents ways to improve relationships and brand presence. Understanding cultural customs is essential. Companies can adapt to extended holiday closures by confirming client schedules and incorporating holiday-themed marketing strategies. Sending traditional gift sets and launching limited-edition or culturally themed products can leave lasting impressions and strengthen customer loyalty. Foreign businesses can improve brand credibility by aligning their marketing with the Lunar New Year traditions, emphasizing respect for culture and values. These strategies foster stronger connections and create long-term business opportunities.
Lunar New Year’s cultural and economic significance extends far beyond personal celebrations, influencing global trade and consumer trends. It highlights the importance of family, tradition and shared values while serving as a pivotal moment for economic and business opportunities. By embracing the holiday’s dynamics, businesses can build deeper connections and long-term success in the Korean and broader Asian markets.
| |
AUKUS Webinar February 11 | |
|
Join senior leaders from the Department of State, the Department of Commerce, Australian Government, and Aerospace Industries Association for an AUKUS webinar covering defense trade reforms that seek to bolster the trilateral partnership and better facilitate defense trade between Australia, the United Kingdom, and the United States.
What is the AUKUS Exemption: This webinar follows a rule published by the Department of State known as the 'AUKUS Exemption,' or the '§ 126.7 exemption', guiding billions of dollars in secure, license-free defense trade. Under this exemption, most commercial defense trade for AUKUS and non-AUKUS programs is eligible for transfer between AUS-UK-US.
Who Should Attend: Companies, compliance professionals, and country managers involved in AUKUS can hear directly from the leaders who shape the defense trade between Australia, the United Kingdom, and the United States.
Speakers:
- Chris Deeble, Australian Deputy Secretary
- Capability Acquisition and Sustainment Group, Australia Department of Defense
- Michael Vaccaro, US Deputy Assistant Secretary of State for Defense Trade Controls
- U.S. Department of State
- Philip Johnson, Chief of Staff, Export Administration
- Bureau of Industry and Security, Department of Commerce
- Dak Hardwick, Vice President, International Affairs Aerospace Industries Association
When:
5:00 p.m., Washington, DC
2:00 p.m., Los Angeles, CA
9:00 a.m., Canberra, Australia
Cost: $25
Questions:
| |
Financial Institution Buyer Credit Insurance | |
|
Did you know that a Financial Institution Buyer Credit Insurance Policy (FIBC) from EXIM can help financial institutions reduce the risk of offering loans to foreign buyers?
Financial institutions can reduce the risk of offering loans to foreign buyers, such as short-term direct buyer credit loans to a foreign entity to import U.S. produced goods or loans that serve as the bank’s reimbursement of a buyer’s payments to U.S. suppliers through EXIM.
exim.gov/solutions/export-credit-insurance/financial-institution-buyer
| |
Country Limitation Schedule (CLS) | |
|
EXIM has issued a new Country Limitation Schedule
Cover Policy Changes: A new CLS with the following cover policy changes is effective January 15, 2025:
Djibouti: Closed for short-term transactions in the public sector.
El Salvador: Opened for short- and medium-term transactions in the public sector.
Note Changes: Changes have been made for these countries:
Bangladesh: Add Note #10
Barbados: Remove Notes # 15a/b
Djibouti: Remove Note # 11a
Nigeria: Add Note #15b
Information: exim.gov or call 1-800-565-EXIM.
| |
2025 Defense Export Handbook Report Index | |
|
Expanding your defense sector exports while complying with regulatory requirements is possible. ITA has released a new Defense Export Handbook.
Find it here.
| |
Dikembe Mutombo Honored with SI’s 2024 Muhammad Ali Legacy Award | |
|
Dikembe Mutombo, the 7'2" NBA Hall of Famer and humanitarian, has been honored with Sports Illustrated's 2024 Muhammad Ali Legacy Award for his remarkable efforts to improve lives through healthcare, education, and sports initiatives, particularly in Africa. His dedication to service mirrors the ideals of Muhammad Ali, making him a fitting recipient of this prestigious honor. Additionally, Mutombo Coffee, his coffee brand, proudly partners with the World Trade Center Delaware, furthering the mission of creating positive global impact.
Read Sports Illustrated's full article here.
A portion of proceeds from sales generated by WTC Delaware's link are donated to our internship program.
mutombocoffee.com/?ref=world_trade_center_delaware
Place your order by scanning the QR code or clicking the link above.
| |
|
WTC Delaware provides a full range of international trade-related services with an in-depth focus on the export/import of services and manufactured goods. These pages contain brief information on opportunities that could offer exciting possibilities for U.S. companies in various industry sectors.
- OMAN: Low Carbon Fuel, Energy Concession
- BANGLADESH: Energy Pac Opportunities
- KOSOVO: Battery Energy Storage Solutions
- MEXICO: Air Force Training and Spare Parts and Components
- SURINAME: Electric Vehicles
- CHILE: Design, Construction & Maintenance of Desalination Plant
- EL SALVADOR: Recycling for Hospital Waste
- KAZAKHSTAN: Wastewater Treatment Plant Construction
- KYRGYZ REPUBLIC: Water Infrastructure Efficiency Rehabilitation
- PAKISTAN: Smog Monitoring and Reduction Technologies
View the most recent trade leads here.
Delaware companies: Please fill out our trade leads form so we can market your products or services!
| |
|
January 30, 2025
WTC Delaware & Lipaworld Mixer: Redefining Remittances for the African Diaspora, University & Whist Club, Wilmington, DE
February 12, 2025
CIRC Membership Lunch - World Trade Center Delaware & Update on NCC Reassessment, DuPont Country Club, Wilmington, DE
February 19, 2025
Seventh Annual Tastes of Chocolate and Beer from Around the World, Midnight Oil Brewing, Pencader, DE
April 6-9, 2025
2025 WTCA Global Business Forum, Marseilles, France
| |
|
DevelopmentAid is a leading provider of business intelligence and recruitment tools tailored for professionals in the development sector. They offer comprehensive information on funding opportunities, partnerships, and expert recruitment to support organizations and individuals engaged in international development.
| |
|
January 28, 2025
EDx Talk: State of the PHL & ILG Airports, NCC Chamber of Commerce & Emerging Enterprise Center
January 29, 2025
CARM, the CBSA's New Process of Importing Commercial Goods, U.S. Commercial Service and the San Diego & Imperial District Export Council
February 11, 2025
WEBINAR: Learn About New Export Reforms - AUKUS Exemption, U.S. Commercial Service
February 12, 2025
Public-Private Partnership (PPP) Opportunities in Latin America & the Caribbean Webinar, U.S. Commercial Service and Inter-American Development Bank
February 13, 2025
BEYOND BORDERS: Navigating Africa's Landscape - SESSION 2, National Association of District Export Councils
February 18, 2025
2025 Economic Forecast Luncheon Featuring Dr. Anirban Basu, NCC Chamber of Commerce
March 2-8, 2025
GDEI Trade Mission to India (Bengaluru), Singapore, and Hong Kong, U.S. International Trade Commission
March 17-21, 2025
Southeast Europe Energy Transition & Security: Business Development Trade Mission, Bulgaria, Romania, Serbia; U.S. Commercial Service
March 19-23, 2025
Genomic & Genetic Technologies Trade Mission, Greece, Türkiey and Italy; U.S. International Trade Commission
April 3-11, 2025
Trade Winds: The Americas, Brazil (April 9), Colombia and/or Uruguay (April 3-4) and Argentina and/or Chile; U.S. Commercial Service
April 10, 2025
2nd Annual Minority Health Summit, Wilmington, DE; Delaware Black Chamber of Commerce
April 29-30, 2025
EXIM 2025 Annual Conference, Washington, D.C.
| |
|
Access to our new conference room, thoughtfully designed to accommodate small meetings with modern amenities and a comfortable environment. Reserve your space today to ensure a collaborative and productive meeting experience.
| |
World Trade Center® Delaware is the state’s premier international business resource. We help companies, especially small, medium-sized and emerging enterprises, to grow their international business. We provide trade leads, training programs, job leads, networking, matchmaking, trade mission and reverse trade mission opportunities for Delaware companies. We serve all types of companies in various sectors including agriculture, environmental remediation, IT, medical equipment manufacturing, biopharmaceuticals, financial, legal and real estate services. For more information visit us at www.wtcde.org. | |
Copyright © 2024. All Rights Reserved. | | | | |
