Mission Provides Opportunities to Capitalize on Rapidly Growing Chinese Ocean Tech Market
September 3, 2014 – Moncton, NB – Atlantic Canada Opportunities Agency (ACOA)
A delegation of 9 Atlantic Canadian companies is in Shanghai, China from September 3rd to 8th to participate in Oceanology International China, the only forum in Asia connecting the region’s growing offshore energy and marine industries, as well as to meet with Chinese partners.
The companies will showcase their products at the Oceanology International China show, as part of a Canadian Pavilion. Companies will benefit from translation services during networking and business meetings with new and existing Chinese clients.
Last year, companies reported on-site sales of up to $350,000 and projected between $4 million and $6 million in anticipated sales in the year following the event.
The Government of Canada and the four Atlantic provinces invested $110,000 in the Atlantic delegation’s attendance at the event through the Canada-Atlantic Provinces Agreement on International Business Development (IBDA). The IBDA is a federal/provincial agreement between the Government of Canada (ACOA, Foreign Affairs, Trade and Development Canada, and Industry Canada) and the four provincial governments in Atlantic Canada. The only agreement of its kind in Canada, the IBDA is designed to help Atlantic Canadian businesses enter, explore and succeed in international markets. The IBDA is a key component of pan-Atlantic efforts to foster business relations, attract foreign investment and nurture technological co-operation. This year, the IBDA is proudly celebrating the 20th anniversary of its signing.
Quick Facts:
- There are approximately 140 companies active in Atlantic Canada’s ocean technology industry, generating over $1 billion in sales annually. The region is home to a wide range of scientific and engineering expertise, including shipbuilding, ocean observation, ocean mapping, charting, cold water engineering and geophysical surveying.
- Many experts see a booming future for China’s ocean technology sector. By the end of 2020, the gross domestic product of China’s marine industries, including offshore oil and gas exploration, marine transport, coastal tourism, fisheries and shipbuilding, is expected to exceed $814 billion US, according to China’s Ocean Development Report for 2011.
- A 2012 study of China’s ocean technology market, commissioned by the Government of Canada and the four Atlantic provincial governments, found that the country is taking an unprecedented look at economic growth opportunities in its ocean environment. This same study found that Atlantic Canadian companies have the technology, services and expertise to help develop China’s ocean technology industry.
- China, the world’s second largest economy, is the most populous country in the world, with approximately 1.36 billion people. China also ranks second among the world’s largest importers, underlining the country’s huge appetite for raw materials, intermediate products, and innovative technologies.
Quotes:
“Our Government is committed to helping Atlantic Canadian businesses enter markets with high-growth potential, and China’s growing offshore energy and marine industries hold significant potential for our Atlantic companies. The development and growth of the ocean technology sector in Atlantic Canada is fostering job creation, economic growth and long-term prosperity, which are top priorities for our Government.”
- The Honourable Rob Moore, Minister of State (Atlantic Canada Opportunities Agency)
“These rapidly growing sectors present Nova Scotia businesses with a tremendous opportunity to expand through trade with overseas markets. Many of our companies are already creating some of the industry’s most sophisticated products and services. By making connections and building partnerships, we can help our businesses grow, and drive our economy forward.”
- The Honourable Stephen McNeil, Premier of Nova Scotia
“The Government of Newfoundland and Labrador stands firmly behind our ocean technology sector. With ingenuity, experience and determination, we have transformed the challenges of working with, and from the sea, into opportunities and competitive advantages. With an already strong industry selling to international markets and an experienced research community with unique R&D facilities, I am confident that this mission to China will only strengthen Atlantic Canada’s ability to develop technological solutions in key economic sectors such as oil and gas, fisheries and aquaculture, transportation, and the environment.”
- The Honourable Susan Sullivan, Minister of Innovations, Business and Rural Development, Newfoundland and Labrador
List of Participants:
Nova Scotia
Newfoundland and Labrador
New Brunswick
Associated Links:
Contacts:
Kelsie Corey
Director of Communications
Office of the Honourable Rob Moore
Atlantic Canada Opportunities Agency
613-941-7241
Natalie Belliveau
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-962-4149
natalie.belliveau@acoa-apeca.gc.ca
Toby Koffman
Media Relations Advisor
Economic and Rural Development and Tourism, Nova Scotia
902-424-4482
koffmatg@gov.ns.ca
Jennifer Tulk
Director of Communications
Department of Innovation, Business and Rural Development
Newfoundland and Labrador
709-729-4570
jennifertulk@gov.nl.ca
