Companies to participate in New England trade mission

A delegation of Newfoundland and Labrador companies will travel to Boston, Massachusetts this weekend to participate in a trade mission from March 15-18. The delegation is being organized by the Department of Innovation, Trade and Rural Development�s New England Trade and Investment Initiative, in a continuing effort to support export development and business growth in the province.

"Trade and export development initiatives are a critical part of government�s blueprint for the future," said Innovation, Trade and Rural Development Minister Kathy Dunderdale. "Trade missions provide participating companies with valuable opportunities to access new markets and grow their companies which, in turn, support the economic growth of Newfoundland and Labrador."

The trade mission will include the following companies:

• Allied Label Ltd., Mount Pearl;
• Compusult Limited, Mount Pearl;
• Dray Inc., St. John�s;
• Marine Institute, Centre for Sustainable Aquatic Resources, St. John�s;
• Systems �N� Solutions Limited, St. John�s; and
• xwave, St. John�s.

During the mission, participating companies will attend pre-arranged meetings with business contacts to help them explore potential new export opportunities and business relationships.

Two of the participating companies, Dray Inc. and Systems �N� Solutions, participated in the last New England trade mission which took place in October 2003. Patrick Martin, president of Dray Inc., said he was pleased with the results of the last trade mission and is looking forward to continued success on this one.

"The Department of Innovation, Trade and Rural Development has been an invaluable asset in Dray Inc.�s New England strategy. Their expertise and dedication has afforded my company the advantage of hitting the ground running in a large and lucrative marketplace," said Mr. Martin.

Dray Inc. secured more than a dozen contracts with several New England companies within three months of participating in the October trade mission. The company is returning to the New England region to follow up on existing opportunities and to explore new business ventures. Systems �N� Solutions is participating in its second New England trade mission to follow up on direct sales and partnering opportunities that originated during its first trade mission.

"In order to secure significant business in export markets, it is important to build long-term relationships and follow up with contacts made in those markets," said Minister Dunderdale. "It can take weeks and often several months to generate long-term business. It is apparent that, from this effort, companies such as Dray Inc. and Systems �N� Solutions are beginning to reap significant results."

In addition to the official mission agenda, Memorial University and the Genesis Centre, in association with the Department of Innovation, Trade and Rural Development, is hosting a reception in Boston for alumni, businesses and contacts on Monday, March 15. Glenn Blackwood, Director of the Centre for Sustainable Aquatic Resources at the Marine Institute, will provide a brief insight into the historic link between Newfoundland and Labrador and the greater New England area, examine the challenges facing the New England fishing industry and discuss how the university�s research and development capability is benefitting partners in the region.

The Department of Innovation, Trade and Rural Development�s New England Trade and Investment Initiative promotes export opportunities and new investment in the New England states. Since the launch of the initiative in 1999, there have been 11 trade missions to New England, introducing approximately 70 companies to this market. To find out more about the New England Trade and Investment Initiative, visit its Web site at: www.newenglandbusiness.ca

Media contact: Lynn Evans, Communications, (709) 729-4570

• Since 1999, the province has led 11 business-to-business trade missions, introducing more than 70 companies to the New England market. Three of these missions were conducted in co-operation with the federal government and the other Atlantic provinces through Team Canada Atlantic.
• The New England Trade and Investment Initiative encompasses the states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont.
• Sectors represented on New England Trade and Investment Initiative trade missions include: cultural industries, building products, aerospace and defense, craft, apparel, food and beverage, manufacturing and technology.
• Twelve Newfoundland and Labrador companies are currently doing business in the Boston area and others report business is forthcoming as a direct result of the missions.
• The province�s exports to the region have grown significantly in recent years, with Newfoundland and Labrador companies exporting more than $1 billion in goods and services to the New England area in 2002, up from $838 million in 2001.

2004 03 12                                        2:10 p.m.