Companies Head to Iceland 

Exporting and international trade are on the agenda next week as 18 provincial companies head to Iceland for a multi-sectoral trade mission.  This initiative is a follow-up to the 2005 mission that saw five companies participate and was led by the Newfoundland and Labrador Organization of Women Entrepreneurs (NLOWE). 

This first mission was organized in cooperation with the Atlantic Canada Opportunities Agency (ACOA), Canadian Manufacturers and Exporters (CME), the Department of Foreign Affairs and International Trade (DFAIT), Industry Canada (IC), the Department of Innovation, Trade and Rural Development (INTRD) and NLOWE.  The 2006 trade mission has been planned in coordination with the same group of community and government organizations. 

�Canada's new government is proud to provide a contribution of $80,000 to assist the Newfoundland and Labrador Organization of Women Entrepreneurs� said the Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency (ACOA). 

�This mission to Iceland will allow business entrepreneurs from Atlantic Canada to continue building the kinds of business relationships that will benefit not only individual companies, but Atlantic Canada as a whole.� 

The Iceland market is one with great potential for Newfoundland and Labrador companies.  Icelanders import a large quantity of their products and demand the high-quality, niche-market products and services that our province can provide.  In addition, our province is well-known in Iceland as an exporter: in 2003, Canadian exports to Iceland totaled $46 million, more than half of which came from Newfoundland and Labrador. 

�Exports and the development of new markets for our products and services are vital to the growth of the economy of Newfoundland and Labrador," said the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development.  �I congratulate these 18 companies on their initiative in participating in this trade mission and I wish them every success in Iceland." 

Last year, the five participating companies represented the seafood, tourism, apparel and craft industries.  This year, the scope of the mission has expanded to include such industries and sectors as advanced manufacturing, marine industries, consumer products, information and communication technology, construction and building products, life sciences and agriculture, agri-food and seafood. 

�After last year's trip to Iceland, we found that there was a need for a follow-up mission�, says Nena Abundo, NLOWE's Executive Director.  "We're thrilled to be working with our community partners and government supporters on this initiative and it's quite encouraging to see so many companies and organizations exploring this market.  We're especially delighted to see that nine of the 18 entrepreneurs on this mission are women.� 

The mission leaves on October 31, 2006 and returns on November 4, 2006.  Delegates will spend their time in extensive meetings and matchmaking sessions while promoting their products and services and developing business relationships. 

Canada's new government, through ACOA, supports trade missions like this because they have been proven to increase interest among entrepreneurs in exporting and they also increase entrepreneurial knowledge and skills in developing international marketing opportunities.  As well, the missions provide valuable market intelligence and assist in making new export sales. ACOA is providing this repayable assistance under its Atlantic Trade and Investment Partnership (ATIP) program. 

NLOWE fosters the success of women in business through a network of regional facilitators, members, clients and business partnerships.  Their �women helping women� approach ensures an understanding of the unique challenges and opportunities facing women entrepreneurs.  NLOWE receives funding support through the Atlantic Canada Opportunities Agency's (ACOA) Women in Business Initiative (WBI), whose goal is to help improve the growth and competitiveness of women-owned businesses in Atlantic Canada.

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