MEASURE TO GROW MAINE’S DOMESTIC TRADE INTRODUCED

New domestic trade division would expand opportunities for Maine businesses

AUGUSTA – A bill that would create a domestic trade division within the state’s international trade center was presented before the legislature’s Labor, Commerce, Research and Economic Development (LCRED) Committee.

Sen. Nate Libby of Lewiston

“Creating a domestic division is not a new idea, but is one that’s time has come,” said Democratic Senator Nate Libby of Lewiston, the bill’s sponsor. “Manufacturers and service providers from across the state have expressed interest in this kind of business assistance for a number of years.”

Under the proposal, LD 1131 “An Act To Create a Domestic Division within the Maine International Trade Center,”  the new office would support, promote and expand trade opportunities for Maine businesses and products with other states.

Sen. Libby added, “Often times we spend enormous resources in business attraction–and, while this approach may work, in many cases, here in Maine, there may be a better return on investment if we focus on helping existing businesses grow by identifying new markets and new buyers within our nation’s borders.

According to the United States Department of Commerce, Maine totaled $2.8 billion in trade in 2014, with Canada as the state’s largest market. Top export commodities in Maine include fish and other marine products; paper and wood; mineral fuel and oil; and computer and electronic products.

“As we know, plugging into domestic markets is not easily accessible by a simple Google search or a hoping for a response to a newspaper ad,” added Senator Libby. “This domestic division would help existing businesses grow by identifying new markets and new buyers within our nation’s borders.”

State officials from the Department of Economic and Community Development and Maine International Trade Center encouraged LCRED members to support a study committee that would review the proposal and provide recommendations on how best to move forward with a domestic trade division.

The bill will be scheduled for a committee work session in the coming weeks.