State-led Cairo mission nets $38 million in Florida trade

A 15-person Enterprise Florida trade mission that led 10 Florida businesses to Cairo generated $38 million in short-term projected export sales, the state’s business development arm says.

The companies were service providers and small to medium-sized manufacturers. Two of Enterprise Florida’s international team, which is based in Coral Gables, facilitated business conversations between the firms and their equivalents in Egypt.

“We took two of our staff members led by Joseph Bell and we brought 10 Florida companies with us,” said Enterprise Florida’s Senior Vice President TJ Villamil.

The May 16-18 mission, taken in collaboration with the U.S. Commercial Service, targeted sectors including Florida’s life sciences and health industry, which aided with the mission. The state’s life sciences sector includes more than 1,440 establishments in biotech, pharmaceuticals and medical development, with a foundation of over 46,000 healthcare establishments.

“We brought them with us to explore Cairo as a new market,” Mr. Villamil said.

The goal for Enterprise Florida was to help Florida exporters expand markets via the Northeast African nation. There were one-on-one business meetings for Florida participants and networking events.

“We set up meetings with clients, distributors, partners, and business leaders,” Mr. Villamil said.

Egypt is the United States’ 42nd largest goods export market, receiving $5 billion per year in US exports, including soybeans, diesel-electronic trains, and aircraft. With a population of over 102 million, Egypt has many opportunities as it serves as a regional export center for many Florida companies.

Enterprise Florida said the trip met its objectives, with $6.5 million in sales on the spot and $38 million total expected in 12 to 24 months while helping the Florida companies explore and enter markets in Egypt.

“These missions are really important for the state of Florida’s economy and for our businesses,” said Mr. Villamil, “because they help our small to medium-sized manufacturers grow in new markets.”