During the weekend of December 3 to December 6, 2009, IUP’s International Business Association (IBA) visited the Massachusetts Office of International Trade and Investment (MOITI) in Boston as part of the organization’s 2009 Fall semester academic trip.
While at MOITI, the students learned how the office attracts foreign investments and business to Massachusetts. As part of their strategy, MOITI provides all the support investors and businesses need in order to be able to operate independently. It also provides a comparison of the State of Massachusetts against the country from where those investors and/or businesses are coming in order to show the benefits that will be obtained from the relocation, expansion, or investment toward Massachusetts.
Moreover, MOITI also provides a comparison of the United States against other countries in terms of attracting foreign investments and/or business. Consequently, the students learned that many countries, such as Canada, Germany, and France, are ahead of the United States in this particular area. MOITI explained that this is because, until recently, the United States business methods of operations were centered internally. Meanwhile, these other countries have been developing and establishing policies and legislations that make them very attractive for foreign investments and businesses.
Additionally, during IBA’s visit to MOITI, the students discovered the importance of networking and building relationships. These concepts are very useful tools that provide great competitive advantages to individuals and organizations. For instances, they facilitate the introduction process to new business owners and investors through referrals. They also facilitate the recompilation of relevant information beneficial during the negotiation process.