Text Size
Bookmark and Share
Innovation, Business and Rural Development
April 2, 2012

Atlantic Companies Complete Successful Business Mission to Panama

A delegation of nine Atlantic Canadian companies has returned from a successful business mission to Panama, building on the success of four previous missions to that country. A number of major projects are underway in Panama, worth more than US$16 billion. This includes the Panama Canal Expansion Project that will allow for larger ships and increased marine traffic on the canal.

“Opening new export markets for Canadian businesses has been a priority for our government since 2006. Our ambitious pro-trade plan is getting results, with one in five Canadian jobs being generated by trade,” said the Honourable Bernard Valcourt, Minister of State for the Atlantic Canada Opportunities Agency (ACOA) and La Francophonie. “Panama is booming and the canal is being expanded, which will continue to provide Atlantic Canadians with opportunities for jobs and growth here at home.”

The Harper Government signed in 2010 the Canada-Panama Free Trade Agreement. This agreement lowers tariffs on goods and removes other trade barriers to benefit a broad range of sectors, creating new opportunities for the Canadian construction, manufacturing and agriculture industries. It also expands market access for Canadian service providers in areas such as information and communication technology, and engineering, environmental, energy and financial services.

“As activity in Panama continues to increase so does the potential for Newfoundland and Labrador-based companies,” said the Honourable Keith Hutchings, Minister of Innovation, Business and Rural Development. “Past experiences in Panama have presented significant opportunities for local companies in sectors such as ocean technology and information and communication technology. Further strengthening these relationships and identifying new export opportunities will contribute to the continued growth of these companies and the economy of Newfoundland and Labrador.”

The mission took place from March 25 to 29. The Atlantic Canadian delegates participated in site visits along with one-on-one meetings with businesses, suppliers and distributors involved in the Panama Canal expansion and other construction projects.

Four previous trade missions to Panama have helped 41 Atlantic Canadian companies meet face-to-face with clients and partners, and last year’s mission alone is credited with having generated an estimated $8.25 million in potential sales.

“This mission to Panama allowed us to meet with many current and potential clients,” said Paul Mitten, Vice-President of Compusult. “Over the coming weeks and months we will continue to follow up with these contacts and work towards expanding our business relationships with them.”

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

Funding of $79,000 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.

- 30 -

Media contacts:

Andrea Richer
Press Secretary
Office of the Honourable Bernard Valcourt
613-790-3637
Andrea.richer@acoa-apeca.gc.ca 
Scott Barfoot
Director of Communications
Department of Innovation, Business and Rural Development
Government of Newfoundland and Labrador
709-729-4570, 690-6290
scottbarfoot@gov.nl.ca 
 
Robert Bourgeois
Senior Communications Officer
Atlantic Canada Opportunities Agency
506-851-6394
Robert.bourgeois@acoa-apeca.gc.ca
 


BACKGROUNDER
Trade Mission Participants

B4Checkin: Located in Halifax, Nova Scotia, B4Checkin offers a fully customizable online booking system proven to increase online exposure, revenues and conversions for independent hotels, motels, resorts, inns and vacation rental properties.

Cavendish Farms: Headquartered in Moncton, New Brunswick, Cavendish Farms is a quality producer of frozen potato products for retail and food service, with two production facilities in Canada and one in the U.S.

Compusult: Compusult, of Mount Pearl, Newfoundland and Labrador, is a global leader in geospatial interoperability. The company markets a suite of standards-based applications offering revolutionary solutions for geospatial data discovery, access and delivery.

DRS Pivotal Power: Bedford Nova Scotia’s DRS Pivotal Power is a leader in the design, development and manufacture of high reliability power generation and power conversion equipment. The company is active in the defence, emergency services and marine sectors, among others.

Mother Hubbard’s Kitchens: Mother Hubbard’s Kitchens, located in Dartmouth, Nova Scotia, builds and installs top quality custom kitchen cabinetry.

Rutter Inc.: Rutter Inc. is a world leader in the development of innovative products, advanced technologies and engineering solutions, including integrated radar based systems for oil and gas exploration and production as well as security and surveillance applications.

Stark International: Based in New Glasgow, Nova Scotia, Stark International provides oil services for transformers, hydraulic and lubrication oils. The company offers definitive information and expertise that can help clients better understand their equipment maintenance requirements.

Nova Advanced Composites Inc.: Nova Advanced Composites Inc. designs and engineers advanced composites for a variety of applications in the construction, marine, aerospace and defence industries.

Moncton Flight College: The Moncton Flight College (MFC), in Moncton, New Brunswick, trains aviation professionals with state-of-the-art curriculum, highly qualified instructors and modern facilities and equipment. MFC has trained students from 60 countries and has been recognized internationally for its dedicated focus on quality and safety.

2012 04 02             11:40 a.m.

 
Last Updated:
This page and all contents are copyright, Government of Newfoundland and Labrador, all rights reserved.