$300 million in investment put aside
1 December 2023
2 minute learn
America Division of Agriculture (USDA) has mentioned it could beginning accepting packages for an preliminary $300 million in investment to lend a hand US agricultural exporters spoil into new markets outdoor China, Canada, Mexico and the Eu Union, in keeping with Reuters.
Agriculture Secretary Tom Vilsack will make the announcement all through a gathering of the President’s Export Council on the White Space, kicking off the primary yr of the Regional Agricultural Promotion Program (RAPP) established through USDA in October.
The RAPP program will supply a complete of $1.2 billion over 5 years to non-profit U.S. agricultural business teams, State Regional Industry Teams (SRTGs), US agricultural cooperatives, and different state businesses to lend a hand them faucet new markets and building up marketplace percentage.
“It takes important funding to open and broaden new export markets and this new fund shall be devoted to serving to supply that start-up capital in order that American exporters can diversify their markets and create new alternatives,” Vilsack mentioned in a remark.
US exports of agricultural and similar merchandise hit a file $213 billion in 2022, with China accounting for a file 19.2% of the entire price, basically via purchases of soybeans, cotton and pork. Canada, Mexico and Japan rounded out the highest 4 at 16%, 14% and eight%, respectively, of the 2022 US export general.
Vilsack mentioned the center magnificence was once rising in lots of puts throughout South and Southeast Asia, Latin The us, the Center East and Africa, using call for for top quality merchandise.
“To be able to seize the ones markets from our competition we wish to have a presence, deal with obstacles, and show off The us’s top quality, agricultural merchandise internationally.”
USDA mentioned diversification would center of attention on 3 areas – Africa; Latin The us and the Caribbean; and South and Southeast Asia – within the first section of the brand new program, with $25 million put aside particularly for paintings in Africa.
USDA additionally not too long ago introduced it could host business missions to an array of nations in 2024, together with South Korea, India, Colombia, Vietnam and Morocco.