Click here to close now.




















Welcome!

News Feed Item

Bay Area Tech Exports Poised for 20% Spike to $30 Billion by 2016, Says New Report   

Projected U.S. trade growth and the growing importance of technology exports should lead to a significant spike in Bay Area technology export activity, according to new research out today from the Bay Area Council Economic Institute (BACEI), sponsored by HSBC. The report predicts a rise of as much as 20 percent to around $30 billion by the end of 2016, from almost $25 billion last year. The projected increase will provide increased expansion opportunities for businesses involved in this vital sector, with exports currently supporting some 378,000 jobs in the region.

According to the research, projected Bay Area growth is also linked to the rising importance of China's currency, the renminbi (RMB), in global commerce. American firms report becoming increasingly at ease with settling cross-border trades in RMB, with the Bay Area at the forefront of this trend due the region’s strong Chinese business and cultural ties. In 2013, two-way trade between California and China totaled over $146 billion and the state currently attracts more Chinese investment in technology than any other, with over a third (35 percent) directed toward the Bay Area. For the U.S. as a whole, Chinese foreign direct investment has broken new records each year since 2009, increasing from $5.8 billion in 2010 to $6.7 billion in 2012.

“Innovation, ingenuity and risk-taking are the foundation of the Bay Area-Silicon Valley economy and position the region for tremendous growth as cutting-edge technology becomes the American export of the future,” said Sean Randolph, President and CEO of the Bay Area Council Economic Institute and author of the report: Trade in the Bay Area: Investment and Global Financial Flows. “This, in combination with our close ties to China and the rest of Asia, as well as the internationalization of the Chinese currency, makes it an exciting time to live and work in the Bay Area.”

The BACEI report will be discussed at today's HSBC Made For Trade1 Bay Area – ‘Financing the Future’ event. This is the third official stop of the Made For Trade tour, which launched in Los Angeles in March before moving on to Houston. It will make an additional stop next month in Chicago before culminating this October in Washington, D.C. Speakers at today's event include: San Francisco Mayor Edwin M. Lee, Deputy Assistant Secretary Ted Dean of the U.S. Department of Commerce, International Trade Administration, Bay Area Council CEO Jim Wunderman, Xia Xiang of the People’s Republic of China’s Consulate in San Francisco, Steve Bottomley, Head of Commercial Banking North America, HSBC Bank USA, N.A., and Marlon Young, Chief Executive Officer, HSBC Private Bank, Americas; plus senior representatives of LinkedIn, Matson, Inc., Levi Strauss & Co. and Cisco Systems, Inc.

“San Francisco is the Innovation Capital of the World and the gateway to the Pacific Rim, making our City a dynamic and thriving hub for international trade and commerce,” said San Francisco Mayor Edwin M. Lee. “That’s why I’m pleased to be a part of HSBC Made For Trade Bay Area to highlight San Francisco’s important and leading role in the global market place, today and in the future.”

HSBC has a rich history of supporting international commerce and is the largest trade financer in the world. The global bank first established a Bay Area presence in 1875 and since that time has maintained a strong interest in the region, connecting local businesses with growth opportunities in Asia, Europe and beyond.

“San Francisco is truly an international city, and the flow of goods throughout the Bay Area is a natural extension of its economic culture,” said Arjan van den Berkmortel, Managing Director, Corporate Banking West Coast, HSBC Bank USA, N.A. “We opened our first U.S. office here nearly 150 years ago, and as we look at the future of global trade, it's exciting to see how well positioned San Francisco and the surrounding areas are for continued growth. As the leading bank for international trade, HSBC looks forward to helping Bay Area businesses continue to push the limits of borders.”

For more information about HSBC Made For Trade and how HSBC is helping to make global connections, please visit: http://www.MadeForTrade.hsbc.com

Notes to Editors

(1) HSBC Made For Trade

HSBC Made For Trade is a national conversation with leaders in business, government, industry and academia about the role of global trade in today’s economy. This national tour looks at the contribution of the international flow of goods, services and capital to the U.S. economy, and the opportunities for American businesses brought about by global trade. HSBC Made For Trade stops in four U.S. cities whose economies have been shaped by global trade, and concludes in Washington, DC, where voices from around the country are brought together with national officials and thought leaders to discuss policies to further promote the international flow of goods, services and capital.

About the Bay Area Council Economic Institute

Bay Area Council Economic Institute is a partnership of business with labor, government, higher education, and philanthropy that works to support the economic vitality and competitiveness of the Bay Area and California. Its work builds on the twenty-year record of fact-based economic analysis and policy leadership of the Bay Area Economic Forum, which merged with the Bay Area Council in January 2008.

The Association of Bay Area Governments (ABAG) is a founder and key institutional partner. The Economic Institute also supports and manages the Bay Area Science and Innovation Consortium (BASIC), a partnership of Northern California's leading scientific research universities and federal and private research laboratories.

Through its economic and policy research and its many partnerships, the Economic Institute addresses key issues impacting the competitiveness, economic development, and quality of life of the region and the state, including infrastructure, globalizations, science and innovation, energy, and governance. A public-private Board of Trustees oversees the development of its products and initiatives.

About HSBC

Founded in 1865 to finance trade between Asia and the West, today HSBC Group is one of the world’s largest banking and financial services organizations. Headquartered in London, HSBC Group operates through long-established businesses and an international network of some 6,300 offices in 75 countries and territories. HSBC is the world’s leading bank for international trade, financing approximately 10 percent of international trade flows in 2012.* Our global reach and expertise helps millions of customers – from small businesses to multinationals – unlock their potential.

In the U.S., HSBC serves 3 million customers through retail banking and wealth management, commercial banking, private banking, asset management, and global banking and markets segments, and operates more than 240 bank branches: over 155 in New York State as well as in California, Connecticut, Delaware, Washington, D.C., Florida, Maryland, New Jersey, Pennsylvania, Oregon, Virginia, and Washington State.

*Oliver Wyman Global Transaction Banking Survey 2012

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
The time is ripe for high speed resilient software defined storage solutions with unlimited scalability. ISS has been working with the leading open source projects and developed a commercial high performance solution that is able to grow forever without performance limitations. In his session at Cloud Expo, Alex Gorbachev, President of Intelligent Systems Services Inc., shared foundation principles of Ceph architecture, as well as the design to deliver this storage to traditional SAN storage co...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...