GALESBURG - As with any international trade mission, an upcoming agribusiness endeavor with the Bulgarian Consulate in Chicago has the potential to further launch Galesburg into the global marketplace.
During the trade mission, which is currently planned for the spring, 15 to 20 Bulgarian agribusiness representatives will visit to examine and inquire about the region's agribusiness facets - from seed, fertilizers, pest control, irrigation, machinery, livestock and agricultural research, according to a recent news release from the city.
Gary Camarano, global strategies director for Galesburg's Entrepreneur, Business, Industry network, said this is a huge opportunity for the region, especially considering its strong agricultural presence.
"Pretty much every facet of agriculture business is covered here, and it's a strong part of our local economy."
That said, trade missions such as this one can create portals toward major international investments into area businesses.
Based on results from a 2012 trade mission with representatives in Indonesia and a 2013 inbound mission with Kazakhstan, Camarano said he expects to see more trade advancements in the region after the Bulgarian visit.
"This doesn't always bring instantaneous gratification," Camarano explained. "Some of these are what we call 'long-cycle sales,' but they're still very real."
For example, one company that participated in a past mission is now in the initial phases of negotiations with a foreign party.
"That could end up being hundreds of millions of dollars with a multi-year contract," Camarano said.
In any industry, the outcome of these missions has the potential to make a great impact on a company, and by extension, the local economy.
Bringing local businesses together with global partners would mean an expansion into a much larger marketplace, Camarano explained, which in turn could bring in a lot more money.
"With expanded business and more money, that company could hire more people," he added.
And if Galesburg area businesses don't grab hold of these opportunities, they can bet their competitors will.
"There are billions of people who could be using your product, rather than just the 50,000 or so in this region," Camarano said, directing his message to local companies and businesses. "You’ve got to think globally - If you've got it, sell it.
"Just about any of the things we do here can be exported, and that increases the marketplace and brings in more money."
Even if a company doesn't end up with a contract or sale, they'll surely walk away from the trade mission with new contacts in an international setting; contacts that otherwise might never have been acquired.
Accomplishments, even simple ones like networking, are accomplishments nevertheless, Camarano said, and even that is worth the effort of making these trade missions happen.