The Honourable Bernard Valcourt, Minister of State for the Atlantic Canada Opportunities Agency (ACOA) and La Francophonie, announced today the publication of A Study to Identify Key Sectors of Opportunity for Atlantic Canadian Firms in Brazil. Prepared for the Canada-Atlantic Provinces Agreement on International Business (IBDA), the study confirms the potential of the Brazilian market and possible opportunities for Atlantic Canadian businesses. The publication can be downloaded at http://www.acoa-apeca.gc.ca/eng/investment/InvestmentHome/Pages/StudyofSectorsinBrazil2011.aspx
“Since taking office in 2006, our government has been aggressively expanding commercial relations with various global markets, including Brazil, to create jobs and economic benefits here at home,” said Minister Valcourt. “Our efforts are generating positive results and we are maximizing opportunities for our entrepreneurs. Our investments are already paying off through the creation of new business opportunities, new investments, and increased global competitiveness.”
The world economy is more interconnected than ever, which provides small and medium-sized Atlantic Canadian businesses with new opportunities for expanding into international markets.
Vector Aerospace Engine Services – Atlantic (Vector), headquartered in Summerside, PEI, has been providing fixed wing engine maintenance, repair, and overhaul (MRO) services for regional airline and business aviation customers in Brazil for the past 10 years.
“As the Brazilian economy continues to grow, so too does the Brazilian aviation market. In fact, the Brazilian business aviation market is now widely considered to be second only to the United States in size, said Jeff Poirier, President of Vector. “We believe that a stronger Vector presence is required in Brazil to service this growth. Therefore, as part of our global growth strategy, we have prioritized Brazil as an ideal location for a satellite maintenance and repair facility. This facility will allow us to better support existing and new customers, and also provide us with more opportunities in a very dynamic market; hence securing more MRO work for our PEI facility.”
The report examined nine well established sectors in Atlantic Canada and results show that the Brazilian market offers export opportunities for each one of them. The sectors looked at are: information and communications technologies; environmental technologies; oil and gas equipment and services; life sciences and biotechnology; ocean technology; aerospace, defence and security; mining; education; and food/seafood.
In 2010, bilateral trade between Canada and Brazil reached $5.9 billion. That same year, Brazil was Canada’s eighth largest foreign investor with $13.5 billion in cumulative investment. Brazil was also the 11th largest recipient of Canadian direct investment abroad, with a total of $9.7 billion in cumulative investment. Exports from Atlantic Canada to Brazil totalled $164 million in 2010.
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.
Since the launch of the agreement 17 years ago, IBDA funding has helped 200 Atlantic Canadian companies begin to export. It has helped more than 300 exporting companies define and enter new markets and has helped more than 450 others increase their sales and presence in existing markets.
FOR BROADCAST USE:
ACOA Minister Bernard Valcourt announced today the publication of A Study to Identify Key Sectors of Opportunity for Atlantic Canadian Firms in Brazil. The report validates the potential for increased trade between Atlantic Canada and Brazil in nine key sectors, including oil and gas equipment and services, education and life sciences and biotechnology.
Minister Valcourt said the report confirms the work carried out by the Government of Canada to expand global markets for Canadian businesses. He said that these efforts are contributing to Atlantic Canada’s global competitiveness.
Brazil is Canada’s largest trading partner in South America, and a key market for both Canada and the Atlantic region. In 2010, bilateral trade between Canada and Brazil reached $5.9 billion, and exports from Atlantic Canada to Brazil totalled $164 million.
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INFORMATION: Andrea Richer Press Secretary Office of the Honourable Bernard Valcourt 613-790-3637 Robert Bourgeois Senior Communications Officer Atlantic Canada Opportunities Agency 506-851-6394 Scott Barfoot Director of Communications Department of Innovation, Business and Rural Development Government of Newfoundland and Labrador 709-729-4570 scottbarfoot@gov.nl.ca
