Premier to meet with Newfoundland and Labrador trade mission to New England

Kathy Dunderdale, Minister of Innovation, Trade and Rural Development, announced today that a delegation of 11 Newfoundland and Labrador companies will travel to Boston, Massachusetts during the first week of November to participate in a business-to-business trade mission. During the mission, Premier Danny Williams will host a reception to introduce the trade mission companies to business and community leaders and Newfoundland and Labrador Ambassadors from the Greater Boston area.

"Trade and export development initiatives are essential to our province�s continued economic growth," said Newfoundland and Labrador Premier Williams. "Business initiatives such as this allow us to showcase Newfoundland and Labrador�s newest innovative companies and help them gain a foothold in the Northeast US market."

Newfoundland and Labrador Ambassadors are part of a 300-strong group of volunteer residents, expatriates and friends of the province who promote Newfoundland and Labrador�s economy, culture, and lifestyle internationally. A number of them live in Boston where they help create awareness of business opportunities in Newfoundland and Labrador.

"Since 1999, we have organized and led 11 multi-sectoral New England trade missions and have assisted approximately 80 Newfoundland and Labrador companies to expand their markets," said Kathy Dunderdale, Minister of Innovation, Trade and Rural Development. "The current trade mission will leverage our experience and the contacts we have made over the past five years to help facilitate the trade development efforts of the 11 participating Newfoundland and Labrador organizations."

Ten of the 11 companies are involved in a matchmaking program organized by the department under its New England Trade and Investment Initiative. This includes three days of pre-arranged meetings between Newfoundland and Labrador companies and Boston area companies to explore potential new export opportunities and business relationships.

Five of the companies have been on previous trade missions to Boston and hope to build on their previous successes. For example, during the trade mission of March 2004, Geange�s Manufacturing of Glenwood established a dealership in northern New England for its boats, and DRAY Inc. of St. John�s signed multiple contracts. Following the March 2004 mission, Paul Mitten, vice-president of Compusult Ltd. of St. John�s said: "It was the most productive and useful trade mission my company has been involved in. The organizations we were matched with were exactly the type of clients we wanted. I am looking forward to strengthening those relationships and building new ones."

Media contact: Lynn Evans, Communications, (709) 729-4570, 690-6290

• The New England Trade and Investment Initiative is an ongoing provincial strategy focused on helping companies and other stakeholders increase exports to, and investment from, the New England States. The Department of Innovation, Trade and Rural Development identifies and cultivates market opportunities on an ongoing basis.
  
  
• New England is a key target market for Newfoundland and Labrador arising from strong historical, cultural, and business ties between the two regions, and the advantages offered by its large, affluent market.
  
  
• Since 1999, the province has led 11 business-to-business trade missions, introducing more than 80 companies to the New England market. These missions, which are specifically designed for export ready or soon-to-be-ready companies, have proven to be a valuable tool or milestone in a company's market entry strategy into the New England marketplace.
  
  
• 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 have included: cultural industries, building products, aerospace and defense, craft, apparel, food and beverage, manufacturing, and technology.
  
  
• Newfoundland and Labrador's exports to New England reached a 10-year high in 2003, totaling $1.1 billion, up slightly from $1 billion the year previous. Of Newfoundland and Labrador�s $4.2 billion in total international merchandise exports, 26 per cent find destinations in New England. Massachusetts receives the bulk of the province�s exports to the Boston States at 66 per cent with an additional 22 per cent bound for Connecticut.
  
  
• Ambassador Newfoundland and Labrador ) is a communications initiative of the Department of Innovation, Trade and Rural Development. The program promotes the province�s growing economy, dispels myths, creates a positive image internationally and is an important tool for advancing the province�s trade and investment initiatives.
  
  
• The Ambassador network comprises approximately 300 residents, expatriates and friends of the province who share a special affinity for Newfoundland and Labrador. The New England Ambassadors have been very active on behalf of the province and are some of the most established and engaged of all our Ambassadors.
  
  
• The program has a newsletter, The Ambassador, which promotes the economic achievements of people and businesses in Newfoundland and Labrador and profiles companies that are competing and winning business around the world.

2004 11 01                                        2:50 p.m.