Innovation, Trade and Rural Development
May 29, 2009

The Government of Canada and provincial Atlantic Governments are supporting companies and organizations headed to South America to explore business development opportunities associated with the Panama Canal Expansion Project. The international mega-project, valued at over $5 billion (USD), will double the canal�s capacity and increase marine traffic across the Isthmus of Panama.

The pan-Atlantic trade mission is supported by the federal and provincial governments through the Canada/Atlantic Provinces Agreement on International Business Development (IBDA). The goal of the mission is to make Atlantic Canadian companies part of the canal project�s supply link over the next five years. The delegation will be in Panama from June 1-5.

"The Government of Canada�s investment in this trade mission will help Atlantic Canadian companies to capitalize on potential export opportunities with the Canal project and other large international projects in Panama," said the Honourable Peter MacKay, Minister of National Defence and Minister for the Atlantic Gateway. "As stated in the Government of Canada�s Strategy of the Americas, we are committed to playing a leadership role in the region and doing so for the long term."

"The current economic situation highlights the necessity for, and real value of, maintaining and strengthening mutually-beneficial relationships with our global partners as we work to stimulate economic activity and industrial advancement," said the Honourable Shawn Skinner, Minister of Innovation, Trade, and Rural Development, Government of Newfoundland and Labrador. "The 2009 pan-Atlantic trade mission to Panama, with a forum for business-to-business networking, will provide valuable export opportunities for Newfoundland and Labrador�s businesses in the areas of information and communications technology, construction, and ocean technology. As a Provincial Government, we recognize the importance of trade missions as a real mechanism for furthering the growth and diversification of our business community."

Atlantic Canada�s export opportunities to Panama are significant and cover a wide spectrum of goods and services sectors, including: construction, shipbuilding, waste management, environment, education, tourism, as well as information and communications technology.

The Panama Canal is one of the world�s most important trade routes, linking the Pacific and Atlantic oceans. The expansion of the Panama Canal will lead to increased container traffic, some of which will access ports in Atlantic Canada to supply the North American market.

In addition to the canal expansion, Atlantic Canadian businesses can tap into a number of other major projects under way in Panama, such as construction of the Baru Oil Refinery, worth $6 billion (USD), as well as various multi-million dollar transportation upgrades.

The trade mission will include one-on-one meetings with businesses, partners and suppliers involved in the Panama Expansion Project, including a reception hosted by the Atlantic Canadian delegation, in order to make contacts, identify sales leads and forge strategic business alliances.

The trade mission builds on the success of a 2007 visit to Panama, and is supported by Export Development Canada (EDC). In September 2006, EDC signed a Memorandum of Understanding with the Panamanian Ministry of Finance and Economy to facilitate the purchase of Canadian goods and services for Panama�s infrastructure development.

This is the second trade mission to Panama for Newfoundland and Labrador-based Compusult Limited. "The 2007 mission was a great opportunity for our company to identify potential business prospects. We held primary discussions with a number of companies interested in our products, and since then, we�ve done our research," said Paul Mitten, Vice-President, Compusult Limited. "We�ve identified a number of solid business leads and we plan to aggressively pursue these new and existing leads during this year�s mission. We are confident these leads will translate into new business opportunities for our company in this international market."

Funding for the mission is being provided through the IBDA. The IBDA is a federal/provincial agreement between the Government of Canada (ACOA, Foreign Affairs and International Trade Canada, and Industry Canada) and the four provincial governments in Atlantic Canada. It is designed to help Atlantic Canadian businesses enter, explore and succeed in international markets. The IBDA is a key component of a pan-Atlantic effort to foster business relations, attract foreign investment and nurture technological co-operation.

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Following is the list of the Atlantic Canadian companies and organizations participating in the 2009 Panama Trade Mission: