NLIS 5
May 11, 2000
(Industry, Trade and Technology)

As honourable members are aware, this week, Premier Tobin and I led a delegation of 10 provincial companies to New England for the Team Canada Atlantic trade mission. Today, I am pleased to up-date my honourable colleagues on this trip.

The mission began on Monday, May 8, in Boston, Massachusetts, and included visits to Providence, Rhode Island, and New Haven, Connecticut. It concludes today in Braintree, Massachusetts.

With this type of initiative, it often takes many months, if not longer, for companies to finalize deals. The Team Canada Atlantic trade mission gave our province and our local businesses an opportunity to develop strong contacts and leads for potential deals with New England-based firms .

During the mission, I participated in a Venture Capital Forum, which involved five major U.S. venture capitalists. One of those companies focuses primarily on venture capital for small and medium-sized businesses. This firm expressed an interest in coming to Newfoundland and Labrador to meet with local businesses, and I expect company officials to visit our province this summer.

Meetings were also held with CEOs and executives of major U.S. companies. These discussions produced strong leads for potential investment in Newfoundland and Labrador, particularly in the area of biotechnology.

Our local companies met with approximately 100 businesses in New England during the mission. These meetings are the foundation for building new partnerships, increasing trade and investment, and forging strategic alliances between our companies and businesses from that region.

While on the mission, both Premier Tobin and I, participated in meetings with other Newfoundland and Labrador companies which were also visiting the New England area. One of those companies was Newfoundland Bonding and Composites of Gander. While in Connecticut, company officials met with representatives from Sikorsky Aircraft Corporation of Stratford, Connecticut.

As a result of that meeting, officials from Sikorsky will be in Gander on Monday, May 15, to tour the Newfoundland Bonding and Composites facility to assess its capabilities to produce components for existing Sikorsky projects.

A deal is expected to be finalized between the two companies by mid-June which will see Newfoundland Bonding and Composites enter a long-term contract to fabricate and supply helicopter components to Sikorsky.

Newfoundland and Labrador has strong historic ties and trade links with New England. The Team Canada Atlantic trade mission provided another excellent opportunity to continue business and export development with this region, and I look forward to reporting on the results of this mission in more detail in the coming months.

2000 05 11                                                         2:05 p.m.