Atlantic Canadian companies and organizations are headed to South America to explore business development opportunities associated with the Panama Canal Expansion Project. The international mega-project, valued at over $5 billion (USD), will double the canal's capacity and increase marine traffic across the Isthmus of Panama.
The pan-Atlantic trade mission is supported by the federal and provincial governments through the Canada/Atlantic Provinces Agreement on International Business Development (IBDA). The goal of the mission is to make Atlantic Canadian companies part of the canal project's supply chain link over the next five years. The delegation will be in Panama from June 1-5.
"The Government of Canada's investment in this trade mission will help Atlantic Canadian companies capitalize on the potential export opportunities associated with the Canal project and other large international projects in Panama," said the Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway. "As stated in Canada's Strategy of the Americas, our country is committed to playing a leadership role in the region and doing so for the long term."
"The Government of Prince Edward Island is committed to working with industry to increase exports to international markets," said the Honourable Allan Campbell, PEI's Minister of Innovation and Advanced Learning. "South America represents a significant market and the Panama Canal Expansion Project will require input from businesses around the world. This trade mission will allow participating companies to develop contacts and generate new business opportunities."
Atlantic Canada's export opportunities to Panama are described as significant and are available in a wide spectrum of goods and services sectors, including: construction, shipbuilding, waste management, environment, education, tourism, as well as information and communications technology.
The Panama Canal is one of the world's most important trade routes, linking the Pacific and Atlantic oceans. In addition to the canal expansion, Atlantic Canadian businesses can tap into a number of other major projects under way in Panama, such as construction of the Baru Oil Refinery, worth $6 billion (USD), as well as various multi-million dollar transportation upgrades.
The trade mission will include one-on-one meetings with businesses, partners and suppliers involved in the Panama Expansion Project, including a reception hosted by the Atlantic Canadian delegation, in order to make contacts, identify sales leads and forge strategic business alliances.
The trade mission, led by Nova Scotia Business Inc., builds on the success of a 2007 visit to Panama, and is supported by Export Development Canada (EDC). In September 2006, EDC signed a Memoramdum of Understanding with the Panamanian Ministry of Finance and Economy to facilitate the purchase of Canadian goods and services for Panama's infrastructure development.
This is the second trade mission to Panama for Newfoundland and Labrador-based Compusult Limited. "The 2007 mission was a great opportunity for our company to identify potential business prospects. We held primary discussions with a number of companies interested in our products, and since then, we've done our research," said Paul Mitten, Vice- President, Compusult Limited. "We've identified a number of solid business leads and we plan to aggresively pursue these new and existing leads during this year's mission. We are confident these leads will translate into new business opportunities for our company in this international market."
A total of $60,000 in funding for the 2009 Panama Trade Mission is being provided through the IBDA. The IBDA is a federal/provincial agreement between the Government of Canada (ACOA, Foreign Affairs and International Trade Canada, and Industry Canada) and the four provincial governments in Atlantic Canada, and is designed to help Atlantic Canadian businesses enter, explore and succeed in international markets. The IBDA is the leading component of a pan-Atlantic effort to foster business relations, attract foreign investment and nurture technological co-operation.
FOR BROADCAST USE:
Atlantic Canadian companies are headed to South America to explore business development opportunities associated with the Panama Canal Expansion Project. The international mega- project, valued at over $5 billion (USD), will double the canal's capacity and increase marine traffic across the Isthmus of Panama.
The Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway said the trade mission will help Atlantic Canadian companies capitalize on the significant potential to become goods and service providers for the Panama Canal expansion and other large projects in Panama.
A total of $60,000 in funding for the 2009 Panama Trade Mission is being provided through the IBDA. The IBDA is a federal/provincial agreement between the Government of Canada (ACOA, Foreign Affairs and International Trade Canada, and Industry Canada) and the four provincial governments in Atlantic Canada, and is designed to help Atlantic Canadian businesses enter, explore and succeed in international markets.
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INFORMATION:
Rose May Gallant
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-851-3034
Rose-May.Gallant@acoa-apeca.gc.ca
Major Stewart
Communications Officer
PEI Business Development
902-620-3508
