Led by Idaho Commerce and the Idaho State Department of Agriculture, 21 organizations representing Idaho’s diverse industries including agriculture, food processing, technology and defense are participating in a trade mission to Taiwan and Vietnam from November 10 – 18, 2017. Trade missions provide Idaho companies with an unparalleled opportunity to pursue potential business partnerships, make contacts, and develop exporting opportunities in foreign markets. Over the next two weeks, we’ll be sharing some of their stories.
PKG, Inc. specializes in contract design, development and manufacturing of system level devices for medical, government, aerospace and industrial interface solutions. In addition to their expertise in system level devices, the Meridian, Idaho-based company also offers incubation and acceleration service for startups and entrepreneurs. The upcoming trade mission will be the first for PKG, though the company has already put down roots overseas.
In addition to their Idaho headquarters, PKG has supply chain operations and two design and manufacturing centers based in Taipei, Taiwan. Taiwan has been a major market for medical device exports, where the U.S. occupies a 34.9 percent share of the imported medical device market. The medical device market in Taiwan grew to approximately $3.5 billion USD in 2015 and, in 2014, had 6.3 percent of gross domestic product claimed by health expenditure.
Another main business segment for PKG is aerospace – an industry that is rapidly growing in Vietnam. Between 2010 and 2015, .96 million tons of cargo passed through airports in Vietnam, a 10.7 percent growth from previous years. By 2020, Vietnam’s freight market is projected to grow to 1.8 million tons, a 12.8 percent increase per year. As estimated by the Civil Aviation Administration of Vietnam (CAAV), Vietnam will need an investment of nearly $20 billion to fulfill its aviation sector development plan by 2020. Of this, $10 billion is needed for airport construction and upgrades, $8 billion is needed for aircraft fleet expansion and the remaining $2 billion is needed for airport operations and air traffic management.
Looking ahead, PKG hopes to continue expanding business overseas through partnerships with universities, design houses and technology-driven companies that can utilize PKG’s expertise in concept development, product styling, system architecture, usability analysis and research, and prototyping. PKG is excited for the opportunity to explore opportunities in other markets and to represent Idaho alongside Idaho Commerce.
For more information about the 2017 Idaho trade mission to Asia, view our Fact Sheet.