Asian Fortune Your source for all things Asian American
By Jenny Chen
After a year hiatus due to the government shutdown, MEDweek – a procurement conference hosted by the Minority Business Development Agency, returned in full force.
The Minority Business Development Agency operates under the US Chamber of Commerce and provides services and advice for mid-sized minority businesses in MBDA centers across the United States. They help with exporting information, contract opportunities, access to capital, and facilitate mergers and acquisitions.
This year’s MEDweek conference focused on exports and echoed President Obama’s recent $33 billion commitment to exports in Africa. The White House stated that U.S. exports to Africa hit a record $50.2 billion in 2013, up 40% since 2009. These exports supported 250,000 U.S. jobs.
In the arena of exports, minority owned businesses are taking the lead. According to a 2007 survey of business owners conducted by the MBDA, minority owned businesses are twice as likely to export compared to non-minority firms.
And Asian American businesses are in the lead in terms of exporting. According to the MBDA, exports represent 16% of total revenue for Asian American owned businesses. In contrast, exports represent 5.1% of revenue for African American businesses and 13.4% of revenue for Hispanic owned businesses
The conference also recognized Susan Au Allen, Esq., National President and CEO of the U.S. Pan Asian American Chamber of Commerce (USPAACC), who was given the Advocate of the Year Award for her “steadfast commitment to promoting small business development at every level within the Asian American business community throughout the United States.”
