YesVirginia Business Blog

This week has been a productive one for economic development in Virginia.

On Wednesday, Governor McDonnell traveled to Lynchburg to personally congratulate The Babcock & Wilcox Company and cut the ribbon on its new engineering facility. The 50,000-square-foot building will house an engineering and design team of up to 200 that is working on the new B&W mPower™ nuclear reactor.

It will be a zero-emission operation, contributing to the reduction of an estimated 57 million metric tons of CO2 during the lifetime of each reactor. In addition, the reactor’s air-cooled condenser, underground containment and small site footprint will help minimize environmental impact.

B&W’s continued innovation in the area of clean energy technologies and its efforts to reduce power plant emissions remain unprecedented in the industry.  The company’s success has helped to put Virginia on the map as a center for nuclear technology.

On Thursday, Lt. Governor Bill Bolling, wearing his Chief Jobs Officer hat, joined business and government officials in King William County to break ground on a 12-mile natural gas pipeline project along U.S. Route 360.

The pipeline will start at the end of the existing trunk line in Hanover County at the intersection of U.S. Route 360 and Walnut Grove Road. It will turn off of Rt. 360 at Mount Pleasant Road and end at the Nestlé Purina facility in Fontainebleu Industrial Park. Construction will begin in May and be completed by the end of the year.

The new infrastructure will allow Virginia Natural Gas to serve the County for the first time and expand Nestlé Purina’s ability to reduce emissions and improve the plant’s operating efficiency.

While neither announcement touted a new company’s entrance into Virginia, both events represent activity that is vital to the Commonwealth’s economic development success. The importance of expansions of existing Virginia companies cannot be underestimated. Their growth and success sends a powerful message to other corporate decision-makers that Virginia is a great place to do business. Last year, about 12,000 of the total 17,000 jobs announced in Virginia were created by existing Virginia companies. About 83 percent of the investment in Virginia in 2009 came from expansion projects.

And whether the project is an expansion or a new company locating in the Commonwealth, appropriate infrastructure is a must. Many industrial projects require natural gas to even consider a location during the site selection process. In the past, King William County was not considered for these projects because this kind of infrastructure was not in place. The new gas pipeline will open doors for the County to compete for a variety of projects for the first time.

Operating a company has its challenges. Taking the leap to expand your business internationally can be downright daunting.

But it doesn’t have to be.

Since 2006, VEDP’s Global Network has helped nearly 200 Virginia companies navigate common international obstacles—language and cultural barriers and the like—and provide the services they need to set up shop overseas. The Network removes much of the risk by offering pre-screened, in-country consultants, who, in partnership with VEDP International Trade, deliver industry-specific market research. Recently, the Network expanded into 17 additional countries, including Bulgaria, Turkey, the Netherlands, Israel and South Africa, now providing in-country services in a total of 44 different countries.

Research available ranges from the best strategy for entering a particular market to information on distributors, competitors and potential clients. Once the company visits its target market, the Global Network provides a host of in-country services, including logistical support, matchmaking assistance and service provider contacts.

Nancy Cleveland of LC Technologies in Fairfax used the Global Network to find a reputable distributor in France.  LC Technologies has developed a unique technology that uses eye movement to control computers and monitor and record eye motion and related eye data. 

 “We really could not have found CIMIS [LC Technologies’ new distributor] in France without the help of VEDP’s Global Network,” Cleveland said. “It’s difficult to find good people in other countries, and VEDP has been invaluable in helping us locate CIMIS, a good match for our very specialized technology.”

During these difficult economic times, when U.S. sales are down for many Virginia businesses, it is vital that companies look beyond American borders for sales opportunities.  The Global Network provides a familiar, helping hand full of critical and timely information about opportunities in specific industries in 44 target markets. The services are free to Virginia companies up to $3,000 per fiscal year. For more information about VEDP’s Global Network, visit http://www.exportvirginia.org/.