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Philly business leaders discuss international trade

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The World Trade Center Philadelphia (WTC) and Drexel University co-hosted the 12th annual World Business Conference on Thursday morning. The event brought together business leaders from local, regional, and national levels. The topic? Expanding foreign trade.

José Rasco, the chief investment strategist for HSBC Bank, gave a lively overview of the U.S.’s economy in context. He highlighted the need for more “sustainable” investment strategies, calling on the Philadelphia businesses to look at the concept of value-added manufacturing.

While he expressed his faith in the reserve strength of the U.S. dollar, he said that Europe is moving much faster than the U.S. when it comes to sustainable investments — especially in things like alternative energy.

“We’re not moving as quickly as a lot of people would like, myself included,” Rasco said. “A new study says that 80 to 90 percent of millennials will invest in a product or service that’s ‘doing the right thing,’ and that means sustainability.”

After his preliminary marks, Mayor Michael Nutter called on the room of regional business leaders to hold the next mayor accountable to continuing Philly’s economic growth. He spoke of the difference between a mayor who will “raise the profile of the city,” and one that will already see to its extant services.

“That’s part of the job of the chief executive officer of the fifth largest city in America,” he said.

The keynote speaker was Mark Linscott, assistant U.S. trade representative, who spoke of the importance of sealing new trade agreements like the Trans Pacific Partnership (TPP) and the Trade Facilitation Agreement (TFA) that will eliminate unnecessary tariffs and other trade barriers, especially with parts of Africa and Asia. He called the TTF “a roadmap to trade reform” for major cities like Philadelphia.

In two weeks, the Greater Philadelphia Hispanic Chamber of Commerce will host “Doing Business in Latin America,” a conference to discuss taking more Philly businesses abroad.