You no doubt have some questions about VITAL. The most frequently asked questions and answers are included below.
What is VITAL?
VITAL is an alliance of companies across Virginia dedicated to the advancement of international trade and investment.
VITAL is a first for the Commonwealth as the private sector joins together to address pressing international economic issues in 10 key areas. The alliance will:
• Tap into the best practices of Virginia’s businesses active in the international marketplace.
• Serve as a central point for the development of a coordinated international marketing
strategy for Virginia.
• Prepare and implement an annual work plan designed to increase international trade and investment throughout Virginia.
Why is VITAL important to Virginia’s future?
VITAL’s recommendations will fuel Virginia’s international economic engine to drive trade, investment and
job creation. With a 400-year history of international trade, Virginia’s future in the global economy requires
an integrated public-private focus to ensure continued success with imports, exports and investments.
How is Governor Kaine involved with VITAL?
VITAL helps to answer the Governor’s call to increase Virginia’s international trade and investment. The work of the VITAL task forces is expected to play an integral role in Governor Kaine’s future international economic development efforts.
The Governor’s 2006 Economic Development Strategic Plan calls for the development of a coordinated
international marketing strategy for Virginia including foreign direct investment, imports and exports.
Governor Kaine’s goal is to increase Virginia exports by seven percent ($855 million) by 2010, as well
as increase foreign direct investment in Virginia to 3,000 jobs and $300 million per year.
Governor Kaine also mandates the development and implementation of a strategy to build stronger
trade and investment ties with emerging markets of China and India.
How will VITAL do its work?
VITAL creates a voice, a forum and a venue for open dialogue and the exchange of ideas. It brings the best minds together to offer realistic solutions to international economic opportunities and challenges. And, it
does so on an aggressive timeline. VITAL promotes collaboration among private sector companies statewide
to enhance their role in the growing global economy, thereby benefiting the private sector and the
Commonwealth.
How is VITAL organized?
VITAL is a first for the Commonwealth as the private sector joins together to address pressing international economic issues in 10 key areas. Each task force has a chairperson. The 10 chairs comprise the VITAL steering committee. The Virginia Economic Development Partnership and The Virginia Port Authority are providing structure and staff to help ensure the success of VITAL.
How were the 10 areas selected?
Officials with the Virginia Economic Development Partnership, The Virginia Port Authority and other state organizations developed the 10 task force areas from a list of more than 40. For example, Governor Kaine's 2006 Economic Development Strategic Plan mandates the development and implementation of a strategy to build stronger trade and investment ties with the emerging markets of China and India. These are two of VITAL's 10 focus areas.
Who can join VITAL?
Any public or private business or professional service company servicing international trade or investment may join VITAL as long as they apply and make the annual contribution. To launch VITAL, officials with the Virginia Economic Development Partnership and The Virginia Port Authority contacted organizations that previously expressed interest in international economic development issues facing Virginia.
What's required of VITAL members?
Three things are required:
Willingness to share your insights, opinions and ideas to address pressing international economic
development issues.
Commitment of time to develop and implement a work plan by June 30, 2008.
Annual contribution of $1,607 per individual to fund the activities and operations of VITAL.
How will the task forces make recommendations?
Each task force will operate differently with its own methodology and approach to the same three questions:
• Where are we now?
• Where can we be?
• What do we need to get there?
Reports from the 10 task forces will be compiled by the steering committee into one report for presentation to Governor Kaine.
What are some of the advantages of joining VITAL?
Tapping into Virginia business engaged in international business puts you in dialogue with companies
engaged in similar activities, allowing for an exchange of best practices. As an internationalist, you will benefit from the voice, forum and venue that VITAL creates for Virginia's international business community. It brings the best minds together to offer realistic and attainable solutions to our collective international economic opportunities, challenges and problems. VITAL offers the opportunity to connect and network with others while expanding international business opportunities for both your company and the Commonwealth.
How will the $1,607 required contribution be used?
The $1,607 annual contribution to VITAL, a non-profit, public-private entity, will fund the work of VITAL
as it implements recommendations from the 10 task forces. Funds will not be used to hire personnel for state agencies or pay for travel or administration, etc. VITAL funds will be spent to implement VITAL's
recommendations.
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