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This week's World Trade Center Delaware COVID-19 Update will focus on the economic and financial side of the pandemic. On April 30, we are presenting a one-hour webinar from 11:00 a.m. to noon: Mitigating the Effects of Importing Foreign Medical Products for COVID-19 and Beyond. Moderated by Marc Chandler, Chief Market Strategist of Bannockburn Forex Global, it will focus on the challenges of securing foreign medical products during this pandemic and preparing for the next one. We will hear from experts who are on the ground responding to COVID-19 as well as specialists in finance and logistics. Topics include: 1. Securing supplies in a time of scarcity 2. Lessons learned- supply chain management -the mechanics of finding and bringing in foreign medical products 3. Preparing for the future- a. Onshoring medical products and equipment manufacturing b. Disaster Planning and business continuity 4. Economic and financial considerations 5. Questions 6. Close Click here to join the meeting! Add to my calendar! State of Delaware News. Governments across the globe have instituted complete or partial quarantines resulting in varying degrees of economic impact on businesses, families, and our governments. For example, Delaware Governor John Carney announced on Monday, April 21st that state is experiencing significant loss in revenue and that federal funds cannot make up those losses. Delaware Economic and Financial Advisory Council (DEFAC) forecast for state revenues indicates that the FY 21 State budget beginning July 1, of this year, projects a spending level that is $415 million less than the Governor's proposed budget released in January. This will affect the ability of Delaware to deliver services as well as the not for profit organizations and companies that receive grants, contracts and other funding from the State. Buying Foreign Medical Products and Equipment. For the first time, many organizations and companies are facing the challenge of locating products and buying them from overseas. There is always a learning curve associated with conducting international business, but a pandemic offers little time for training. That is where the World Trade Center Delaware (WTC Delaware) and the World Trade Centers Association (WTCA) can help. The WTCA is developing and maintaining a list of international suppliers of all types of products and services for COVID-19 response. The list is updated daily and includes all types of medical or emergency response products, equipment, and services. Neither WTC Delaware nor the WTCA vets individual companies. However, we can provide additional information and contacts that will help you to assess the vendor. For more information about using this list, or to have your company placed on the list as a supplier, please click here. The World Trade Centers Association Reciprocity Desk is an internal system that individual WTCs can use direct requests or questions to any other Center. We have used this system to provide our members and other Delaware companies and organizations with answers to questions about companies located overseas, or questions about availability of particular products or services. The Reciprocity Desk is a powerful tool for providing fast responses during this pandemic. This week, we were able to arrange a teleconference between Delaware and a WTC in Asia concerning the availability of PPE within just a few hours of the original request, and this was during a weekend. Here are some tips to help you navigate purchasing from a foreign supplier. Most of them are things that you already do when making a domestic purchase. Before making an inquiry to a foreign company, do read about general business, market, and cultural conditions in that country. The US Commercial Service publishes Country Studies, prepared by US Commerce Department experts located in the country. While geared primarily to exporters, you will learn about the general business climate and regulatory atmosphere. https://www.trade.gov/ccg-landing-page. You should also consult the country's Embassy web site and the Commercial Office web site, if applicable. Many countries maintain separate trade offices in New York, as well as Consulates scattered across the US. We can help you located the nearest Consulate. There are a few simple steps you should take before committing to a purchase. - Get quotations from several vendors for the same products, quantity, payment and delivery terms. - Ask for and check customer references. - Get copies of any certifications by US regulatory authorities and the regulatory authorities in the country of origin. - Get as much information as possible about the supplier. The internet is a wonderful tool, but World Trade Centers, the US Commercial Service, and the supplier country's foreign trade office often can be good sources of information beyond that published on the web. Your bank, accounting or legal firm also may be able to assist you in getting information from their international divisions or partners. - Determine how the purchase will be paid: US or foreign currency? If payment is to be made in foreign currency, make sure that you are getting the best rate and the lowest transaction costs. Not all banks have their own foreign currency trading department. If your institution does not offer foreign exchange services, Bannockburn Forex Global, a partner to the World Trade Centers Association can help. - Protect your purchase. There are a number of instruments that your financial institution can recommend. You may need to secure credit risk insurance or political risk insurance, to mitigate potential threats. - Shipping and Customs. When time is of the essence, you will need to get your medical supplies to the US quickly. Please use experienced logistics experts to secure the best rates and routes, and to prepare the shipping documents so that your products can be exported from the country of origin and clear Customs in the US. There is nothing worse than a shipment sitting in a warehouse piling up storage costs all because the paperwork was prepared incorrectly. Two WTC Delaware members that can provide logistics assistance are BDP International: [email protected] and InXpress TriState: [email protected]. - Of course, any contracts should be reviewed by your attorney or legal department. - Pay careful attention to translation requirements. Countries often require that documents filed with that country are in that country's language. We can provide you with the names of companies that specialize in translating business and legal documents. And remember, WTC Delaware is here to help you. For additional Resources, please go to https://www.wtcde.com/covid-19.html. ---------- To support the Red Cross and your community you can help by donating blood locally: Please make an appointment to give blood at RedCrossBlood.org. As blood drives are canceled due to coronavirus concerns, one of the most important things you can do to ensure we don't have another health care crisis on top of the coronavirus is to give blood for patients who need surgery, victims of car accidents and other emergencies, or patients suffering from cancer. (Please note: To ensure everyone's safety you must have an appointment. No walk-ins will be allowed. Thank you.) ---------- Movies on Tap @ Home: Sat. April 25 A fundraiser for Delaware KIDS Fund May you, your families, and colleagues remain safe and healthy. Best regards,