"Canada�s New Government understands the importance of exporting in the Atlantic Canadian ocean technology industry," said the Honourable Peter MacKay, Minister of Foreign Affairs and Minister of the Atlantic Canada Opportunities Agency (ACOA). "This event provides an excellent opportunity for Atlantic Canadian ocean technology firms to succeed in the international marketplace by expanding their presence in Europe and increasing their exports."

"Newfoundland and Labrador�s ocean industries generate 25 per cent of our gross domestic product, and our growing ocean technology cluster is contributing to the sector�s growth," said the Honourable Trevor Taylor, Minister of Innovation, Trade and Rural Development for Newfoundland and Labrador. "We are pleased to participate in the Ocean Business Conference and Exhibition as it helps our companies tap into a global $1.8 trillion ocean technology market."

Ocean Business 2007 is a new event that will be held every two years at the National Oceanography Center in Southampton, U.K. This international event will feature an ocean technology exhibition and incorporate training sessions, in-classroom workshops and on-water demonstrations. New and seasoned Atlantic Canadian ocean technology firms will have the opportunity to enhance, profile, showcase their industry capabilities to international buyers, agents and distributors.

The Atlantic Canadian ocean technology industry exports over 50 per cent of its products and services worldwide. In 2004, sales to Western Europe represented almost seven per cent of the Atlantic Canadian ocean technology industry total sales. Participation in events such as Ocean Business 2007 will help to further develop the success of this industry.

The Atlantic Canadian delegation received support through the Canada/Atlantic Provinces Agreement on International Business Development (IBDA). The IBDA is a federal/provincial export development agreement between the Government of Canada (represented by ACOA, Foreign Affairs and International Trade Canada, and Industry Canada) and the four provincial governments in Atlantic Canada. Since 1994, 32 per cent of companies that participated in an IBDA-sponsored trade activity for the first time have since begun exporting internationally; 42 per cent of companies reported an increase in the volume of their exports; and 29 per cent started exporting to new markets as a result of IBDA activity.

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2007 03 26                                                      4:30 p.m.