The Governor’s Office of Economic Development is investing an additional $1 million into a state trade group created in the spring of 2023.
SD Trade is the public-private organization receiving the infusion of cash. The group was formed in April to spur growth in state exports.
“South Dakota feeds the world, and we are constantly looking for new opportunities to market our incredible work to consumers in other countries,” said Gov. Noem said in a statement. “Over 27,000 South Dakotans are employed by jobs directly supported by exports. We will continue to invest in our people and our workforce through the work of South Dakota Trade.”
Officials with the group accompanied Lt. Gov. Larry Rhoden on a trade to Mexico mission in September.
According to a release from the governor’s office, early results from the trip netted a 50-to-1 return on investment. Further details about the results were not included in the release.
“Our inaugural year has been incredibly productive, thanks to our partnership with Governor Noem, GOED, and over 25 other organizations across the state,” said SD Trade President and CEO Luke Lindberg. “Companies involved in the delegation led by Lt. Gov. Rhoden to Mexico have realized a return of over 65 times our investment in this mission. We plan on doing more trips in the future.”
Corporate partners with SD Trade include ag groups like South Dakota Corn, Soybeans and Pork Producers Council. Other partners include Summit Carbon Solutions, South Dakota Trust Association and Daktronics.
According to the group, Mexico, Canada and China are the state’s top three trade partners.
SD Trade was slated to receive $600,000 from the state over five years. The additional $1 million investment into SD Trade will come out of the governor’s Future Fund.
