State works to boost trade with Singapore

Singapore, already the 14th-largest trading partner with Nevada, may grow in importance after the state last week established its first Nevada trade office in the Asian nation.

The trade office will act as a point of contact, both for Nevada companies looking to export to Singapore as well as Singapore companies that hope to crack the Nevada market.

Bob Shriver, the executive director of the Nevada Commission on Economic Development, said the staff of the Nevada's trade offices in Singapore and elsewhere aren't compensated by the state.

Instead, they're compensated by their ability to broker import and export deals.

The state maintains control through agreements that specify the limits of authority in the trade office.

State officials are careful to let potential clients know that the trade office isn't compensated by the state government, Shriver said.

If potential clients prefer to work with a government-paid agency, they're referred to a federal export-import organization.

The trade office will make introductions of potential exporters and

importers, provide logistical support services and distribute promotional material about doing business in Nevada.

Lt.

Gov.

Lorraine Hunt, who serves as chair of the commission on economic development, said Singapore is particularly important because it's also the trade gateway to Vietnam, Thailand, Indonesia and Malaysia.

The United States recently signed a free-trade agreement with Singapore.

Hunt said the commission on economic development focused on international trade because jobs created by exports pay better wages.

Companies that export, meanwhile, experience faster employment growth and are less likely to go out of business than non-exporting companies.