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Innovation, Trade and Rural Development
January 24, 2011

Atlantic Companies Looking to Grow Business Connections in Panama

A delegation of 12 Atlantic Canadian companies will explore significant export opportunities surrounding the Panama Canal Expansion project and its spin-offs during a trade mission to Panama from January 31 to February 5. The mission builds on the success of three previous visits to Panama and on Atlantic Canada’s growing business connections in the area.

“Atlantic Canada has so much to offer and our government is investing in trade missions to allow Atlantic businesses to expand their markets and capitalize on potential export opportunities,” said the Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency (ACOA) and Minister for the Atlantic Gateway. “We are proud to support Atlantic Canadian companies on this mission as they demonstrate their capabilities, meet with prospective clients and partners, and help generate economic opportunities for our region.”

“Panama is currently experiencing rapid economic growth,” said the Honourable Susan Sullivan, Minister of Innovation, Trade and Rural Development, Government of Newfoundland and Labrador. “Previous missions to Panama have demonstrated the potential for new opportunities and partnerships for Newfoundland and Labrador-based businesses. This trade mission marks a key step in realizing that potential as it will provide the delegation with direct access to representatives from Panama’s business community. I believe that our businesses are well-positioned to explore and target mutually-beneficial relationships in Panama and South America as a whole.”

During the trade mission, the Atlantic Canadian delegates will participate in site visits, one-on-one meetings with business partners, suppliers and distributors involved in the Panama Canal Expansion Project, and an Atlantic Canada networking reception hosted by the Canadian Ambassador to Panama.

Three previous trade missions to Panama helped 30 Atlantic Canadian companies meet face-to-face with clients and partners, resulting in an estimated $7.5 million in potential sales being generated during last year’s mission alone.

In addition to the canal expansion, Atlantic Canadian companies can tap into a number of other major projects underway in Panama, worth more than US$16 billion. The projects include construction of the Panama Metro System, worth US$1.2 billion, as well as various multi-million dollar transportation and municipal infrastructure upgrades.

The Panama Canal Expansion Project, valued at over US$5 billion, will double the canal’s capacity and increase marine traffic across the Isthmus of Panama. Atlantic Canada’s export opportunities in Panama are significant and cover a wide spectrum of goods and services sectors, including construction, shipbuilding, electrification, waste management, environment, education, food services, tourism, as well as information communications technology.

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

Funding of $73,000 for the mission is being provided through the Canada/Atlantic Provinces Agreement on International Business Development (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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Media contacts:

Rose May Gallant
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-851-3034
Rose-May.Gallant@acoa-apeca.gc.ca
Scott Barfoot
Director of Communications
Department of Innovation, Trade and Rural Development
709-729-4570, 690-6290
ScottBarfoot@gov.nl.ca

BACKGROUNDER

Following is the list of the Atlantic Canadian companies participating in the 2011 Panama Trade Mission:

New Brunswick
Atlantic Industries Limited (Dorchester)
Cavendish Farms (Dieppe)
Moloney Electric Inc. (Sackville)
Troy Fire and Life Safety Limited (Moncton)

Newfoundland and Labrador
Blue Oceans Satellite Systems, Inc. (St. John’s)
Cartright Drilling Inc. (Goose Bay)
Compusult Limited (Mount Pearl)
Marine Industrial Lighting Systems Ltd. (Mount Pearl)

Nova Scotia
Aecon Fabco (Dartmouth)
Irving Shipbuilding Inc. (Halifax)
LED Roadway Lighting Ltd. (Amherst)

Prince Edward Island
Northern Abrasives Inc. (Summerside)

2011 01 24                                                                            11:35 a.m.
 

 
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