NLIS 1
July 11, 2003
(Industry, Trade and Rural Development)

 

Expressions of interest requested for upcoming New England trade mission

Industry, Trade and Rural Development Minister Judy Foote today announced that the department seeking interested companies to participate in the province�s next trade mission to New England, which will take place from October 6-10, 2003. Minister Foote will lead the trade mission, as part of the province�s ongoing New England Trade and Investment Initiative.

"In our Renewal Strategy for Jobs and Growth, government identified the critical importance of trade and export development initiatives as a means of creating new jobs and diversifying the economy of Newfoundland and Labrador," said Minister Foote. "The New England Trade and Investment Initiative, now in its fourth year, is a significant contribution to that commitment. We will continue to support this and other key export development initiatives to help Newfoundland and Labrador companies expand their export capabilities."

New England is a key strategic market for Newfoundland and Labrador, particularly given the historical, cultural and business ties between the two regions. This dynamic economic US region is a large, affluent market in close proximity to the province. The province�s exports to the region have experienced significant growth over the past several years. In 2002, Newfoundland and Labrador companies exported more than $1 billion in goods and services to the New England area, up from $838 million in 2001 and $388 million in 1998.

"During Export Development Days in May, we celebrated the role that export development plays in the economic growth of the province and the business growth of our companies," said Minister Foote. "I encourage companies which are already exporting, as well as those who are interested in exploring export market opportunities, to participate in our trade missions program."

Since the official launch of the New England Trade and Investment Initiative in 1999, there have been nine trade missions to New England, introducing approximately 50 companies to this market. The most recent mission took place in October 2002 and resulted in $110,000 in direct sales with substantially more business anticipated by the companies which participated.

Beginning July 12, advertisements will appear in newspapers across the province calling for expressions of interest from companies to participate in the upcoming trade mission. The closing date is August 8, 2003. For more information contact Barry Snow, Trade and Investment Consultant - New England at (709) 729-3356 or bsnow@gov.nl.ca

The Department of Industry, Trade and Rural Development�s New England Trade and Investment Initiative has a focus of promoting export opportunities to and encouraging new investment from the New England states, as part of the provincial government�s ongoing efforts to create new jobs and wealth for Newfoundland and Labrador. To find out more about the New England Trade and Investment Initiative, visit the website at: www.newenglandbusiness.ca

Media contact: Tansy Mundon, Communications, (709) 729-4570.

2003 07 11                                    10:10 a.m.


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