April 18, 1997
(Industry, Trade and Technology)

Newfoundland open for business with "Gateway to Europe"

Judy Foote, Minister of Development and Rural Renewal on behalf of Charles J. Furey, Minister of Industry, Trade and Technology signed a Memorandum of Understanding (MOU) today with Lynne Halliday, a representative of the South Coast Marketing Company.

"The opportunity exists for local companies and institutions to form strategic alliances and partnerships with companies in the South Coast region of England," Foote said. "Both countries will have expanded access to national markets and world-class infrastructure. This MOU will develop and enhance activities consistent with the needs and priorities of economic development and position Newfoundland and Labrador as a gateway to North America."

The South Coast region has a large industrial base and is accessible to major European Centres including Paris, London and Frankfurt. These areas contain 75 per cent of Europe's 215 million people.

Areas of potential co-operation identified in the MOU include industrial co-operation, technology exchange, research and development, and training and development activities, primarily in the area of marine technology. As the agreement unfolds, possibilities of mutually advantageous opportunities in other sectors will be explored. The MOU will be implemented by an Industrial Co-operation Committee which will identify potential linkages between the public and private sectors in Newfoundland and Labrador and the South Coast area.

Representatives from businesses and organizations from the Southampton area have been in the province on a trade mission since April 16, meeting with potential Newfoundland and Labrador partners involved in related industries.

Contact: John Doody, Director of Communications, (709) 729-0050.