NLIS 1
April 13, 2004
(Innovation, Trade and Rural Development)

 

Companies capitalize on opportunities during New England trade mission

A number of Newfoundland and Labrador companies that participated in a trade mission to Boston, Massachusetts from March 15-18, report productive meetings with potential buyers and partners in the Boston market. The trade mission was organized by the Department of Innovation, Trade and Rural Development�s New England Trade and Investment Initiative in a continuing effort to support export development and business growth in the province.

"The New England Trade and Investment Initiative provides participating companies with an opportunity to access key export markets in the six New England states. This helps them sustain and grow their companies which translates into economic growth for Newfoundland and Labrador," said Innovation, Trade and Rural Development Minister Kathy Dunderdale. "I am pleased that participating companies are providing very positive feedback on this particular trade mission."

The six participating companies that explored export opportunities with New England businesses during the mission were:

  • Allied Label Ltd., Mount Pearl;
  • Compusult Limited, Mount Pearl;
  • DRAY Inc., St. John�s;
  • Marine Institute, Centre for Sustainable Aquatic Resources, St. John�s;
  • Systems �N� Solutions Limited, St. John�s; and
  • xwave, St. John�s.

Two of the participating companies, DRAY Inc. and Systems �N� Solutions, participated in the last New England trade mission in October 2003.

Compusult Limited, an information technology company, experienced considerable success on the trade mission. Paul Mitten, CEO of Compusult, said: "I expect our company will realize sales from most, if not all, of our business meetings. This was by far the most productive and useful trade mission I have been involved in to date."

DRAY Inc., a digital design company, secured more than a dozen contracts with New England companies within three months of participating in the October 2003 trade mission. The company returned to New England to follow up on existing business and to explore new business opportunities.

Allied Label Ltd., manufacturers of pressure-sensitive labels, met with 10 companies during the trade mission and anticipates it will secure new clients and business in the short and long- term. Steve Jessome, vice-president of Allied Label, said: "This organized trade mission proved valuable to Allied Label because some of the companies I met with indicated that the role of government contacts and agents was a key factor in securing these meetings. This was a great opportunity for us."

xwave, an information technology company, met with eight technology companies during the mission and has identified potential partnerships with some of these companies.

Systems �N� Solutions Limited, a software development company, returned to New England to follow up on direct sales and partnering opportunities that originated with its first trade mission in October 2003.

The Marine Institute participated in high level meetings with government officials in Massachusetts to discuss possible uses and business for its Centre for Sustainable Aquatics Resources. The centre addresses needs of fishers and fishing gear manufacturers by undertaking industrial research and development, technology transfer and information support on a general basis as well as on a contract or joint venture basis.

Minister Dunderdale said: "Growing the information technology industry is a priority for our government. Partnering with companies at home and abroad will help establish the province as a centre for IT development and bring new IT work to the province that will benefit the local industry."

The Department of Innovation, Trade and Rural Development�s New England Trade and Investment Initiative promotes export opportunities and new investment in the New England states. Since the launch of the initiative in 1999, there have been 11 trade missions to New England that have introduced more than 70 companies to this market. To find out more about the New England Trade and Investment Initiative, visit its Web site at: www.newenglandbusiness.ca

Media contact: Lynn Evans, Communications, (709) 729-4570

BACKGROUNDER
New England Trade and Investment Initiative

  • Since 1999, the province has led 11 business-to-business trade missions introducing more than 70 companies to the New England market. Three of these missions were conducted in co-operation with the federal government and the other Atlantic provinces through Team Canada Atlantic.
  • The New England Trade and Investment Initiative encompasses the states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
  • Sectors represented on New England Trade and Investment Initiative trade missions include: cultural industries, building products, aerospace and defense, crafts, apparel, food and beverage, manufacturing, and information and communication technologies.
  • The province�s exports to the New England region have grown significantly in recent years with Newfoundland and Labrador companies exporting more than $1 billion in goods and services to the New England area in 2002, up from $838 million in 2001.

2004 04 13                                         1:20 p.m.


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