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CHICAGO - Mayor Rahm Emanuel Friday announced a Chicago Export Strategy that will double the exports of Chicago’s small and medium sized businesses in the next five years.
“Only one in twenty of our small businesses in Chicago export their goods overseas, so we are missing an enormous opportunity for our businesses,” Mayor Emanuel said. “We can grow high-paying jobs in global industries throughout the City by expanding our exports, and create crucial economic advances that will drive Chicago forward.”
Chicago has close to 100,000 small businesses, only five percent of which (roughly 5,000) export overseas. Of these businesses, only 40 percent (about 2,000) export to more than one country. Approximately 95,000 Chicago small businesses don’t export at all.
Chicago is the third largest metro area in the country, but only the 7th largest exporter. Doubling exports from small- and medium-sized companies would create nearly 100,000 new jobs, which pay wages that are on average 11% higher and have stronger benefits than domestic-only jobs.
The Mayor’s strategy includes five elements, which match existing priorities with the needs and opportunities facing small and medium businesses in the city. The elements include:
The Mayor made the announcement of the export strategy at a speech to the Export-Import bank in Washington, D.C., and has called on members of the Mayor’s office staff and World Business Chicago to execute the development of this strategy and find public and direct ways to interface with local businesses on its implementation.
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