29 May 2009
Fredericton, New Brunswick
The Government of Canada and provincial Atlantic Governments are supporting companies and organizations 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 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 to capitalize on potential export opportunities 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 the Government of Canada’s Strategy of the Americas, we are committed to playing a leadership role in the region and doing so for the long term.”
“Our government is proud to support our New Brunswick companies as they seek out new export markets,” said acting Minister of Business New Brunswick Jack Keir. “New Brunswick is Canada’s most trade active province and it is important for our companies to diversify their markets to continue being successful in our province. Increasing our exports is an important component in achieving our goal of self-sufficiency by 2026.”
Atlantic Canada’s export opportunities to Panama are significant and cover 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. The expansion of the Panama Canal will lead to increased container traffic, some of which will access ports in Atlantic Canada to supply the North American market.
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 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.”
Funding for the 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. It is designed to help Atlantic Canadian businesses enter, explore and succeed in international markets. The IBDA is a key component of a pan-Atlantic effort to foster business relations, attract foreign investment and nurture technological co-operation.
The Government of Canada and the four Atlantic provinces are supporting Atlantic companies headed to South America to explore business opportunities with the Panama Canal Expansion Project. The international mega-project, valued at over $5 billion ( USD), will double the canal’s capacity. The expansion will increase container traffic in Atlantic Canada to supply the North American market.
The Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway says the trade mission helps Atlantic Canadian companies capitalize on the potential to provide goods and services for the Canal expansion and other large projects in Panama.
Funding for this mission comes from the International Business Development Agreement involving the Government of Canada (ACOA, Foreign Affairs and International Trade Canada, and Industry Canada) and the four Atlantic provincial governments. The Agreement is designed to help Atlantic Canadian businesses enter, explore and succeed in international markets.
-30-
INFORMATION:
Rose May Gallant
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-851-3034
Rose-May.Gallant@acoa-apeca.gc.ca
Ryan Donaghy
Communications
Business New Brunswick
506-453-2694
Ryan.Donaghy2@gnb.ca
MEDIA BACKGROUNDER
Following is the list of the Atlantic Canadian companies and organizations participating in the 2009 Panama Trade Mission:
New Brunswick
Blanchard Group (Dunlop) Great Circle Marine Services Inc. (Shediac) Open Ocean Systems Inc. (Saint John)
AD Astra International Inc. (Dartmouth) Aspin Kemp & Associates (Dartmouth) Irving Shipbuilding Inc. (Halifax) Nautel Limited (Hackett’s Cove)
Prince Edward Island
Entegrity Wind Systems Inc (Charlottetown)
Newfoundland and Labrador
Atlantic Ready Mix Limited (Corner Brook) Blue Oceans Satellite Systems, Inc. (St. John’s) Centre for Marine Simulation, Marine Institute of Memorial University (St. John’s) Compusult Limited (Mount Pearl)
