significant opportunity for
the company to develop new business relationships and ultimately, a new
export market.
"Newfoundland and Labrador's business community is
thinking global and looking beyond traditional markets to discover new
export opportunities," said the Honourable Shawn Skinner, Minister of
Innovation, Trade and Rural Development. "Our investment is enabling
Labrador Rewinding to broaden its scope of target markets from national
to international. As a government, we encourage all small companies to
explore the benefits of export development. It is an important step that
could result in an increase in its revenue streams and overall
competitiveness."
With the $25,000 in funding, Labrador Rewinding has
engaged an in-market consultant who connected the company with officials
at the Office Chérifien des Phosphates (OCP), Morocco's state-owned
mining agency that is one of the world's largest phosphorous producers.
The mining sector is a mainstay of the Moroccan
economy, containing 75 per cent of the world's phosphate reserves.
"This investment improves our ability to secure
opportunities within Morroco's phosphorus industry," Jeannot Gamache,
Owner, Labrador Rewinding. "We are very excited about entering into
business with OCP and repairing and refurbishing its motors. This is an
extremely positive step in the company's evolution."
Based in Wabush, the company is the only motor
overhaul shop in western Labrador. In operation since 1994, the company
specializes in maintaining, repairing, and refurbishing industrial
motors, pumps, welding machines, generators, and alternators for the
national mining industry.
"This initiative helps a local company diversify its
target market and potentially create new employment opportunities," said
Jim Baker, MHA, Labrador West. "It also promotes the unique capabilities
of Newfoundland and Labrador's manufacturing sector to an international
audience."
This initiative was funded through the Business and
Market Development Program, which, through Budget 2010: The Right
Investments — For Our Children and Our Future, has $1 million
available for investment. Administered by the Department of Innovation,
Trade and Rural Development, the program provides new entrepreneurs and
expanding small businesses with matching funding to help them acquire
the necessary expertise to pursue new business ideas and markets.
