Solidifying Access to the Greater Global Marketplace

  • Tourism, Culture, Industry and Innovation

December 27, 2018

The Honourable Christopher Mitchelmore, Minister of Tourism, Culture, Industry, Innovation, highlighted the importance of international trade to our economy and how a collaborative approach to supporting Newfoundland and Labrador firms to internationalize is paying dividends for the province.

The Regional Trade Network is a collaborative initiative established in 2017 as part of the Business Innovation Agenda. It is co-led by industry, which sees trade and export development stakeholders align, coordinate and improve support for firms pursuing international business. By offering a more coordinated approach to providing international business development services, the Regional Trade Network plays a role in the retention and growth of Newfoundland and Labrador companies.

Earlier in December, Minister Mitchelmore addressed a session devoted to exploring the critical inputs for business growth and expansion: innovation, internationalization, and immigration.

Newfoundland and Labrador enjoys the most diversified trade portfolio of all Atlantic Canada, with only 53 per cent of the province’s goods dependent on markets in the United States. By comparison, 64 per cent of goods from Nova Scotia rely on the American market, 77 per cent for Prince Edward Island, and 91 per cent for New Brunswick. Trade diversification helps to create a sustainable and stable environment for business, and opens up opportunities across multiple sectors in untapped, non-traditional markets.

In 2017, Newfoundland and Labrador exports accounted for approximately 50 per cent of the province’s GDP. The Provincial Government is committed to supporting the diversification of our province’s global trade presence, including taking full advantage of opportunities associated with free trade agreements.

A Regional Trade Network for Newfoundland and Labrador delivers on the commitments made in The Way Forward to strengthen the province’s economic foundation. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.

Quotes
“The Provincial Government is working to support greater market access for more of Newfoundland and Labrador’s innovative and ambitious firms. We want to help provide the tools companies need to compete and succeed in global markets, maximizing opportunities for our province flowing from free trade agreements. This only reaffirms my stance that our government is open for business.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation

“The capacity for industries to innovate and grow is directly linked to their engagement internationally – throughout supply chains. The Regional Trade Network is an important mechanism that allows for the sharing of ideas, experiences, intelligence, and resources between industries, governments, and support agencies. This collaborative and proactive approach is helping these stakeholders provide enhanced supports for firms throughout Newfoundland and Labrador. Industry is pleased to have the opportunity to both contribute to and benefit from this initiative.”
Kieran Hanley
Executive Director, Newfoundland and Labrador Environmental Industry Association (NEIA)

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Learn more

Provincial Government Establishes Regional Trade Network

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Media contacts
Eric Humber
Tourism, Culture, Industry and Innovation
709-729-4819, 725-9655
erichumber@gov.nl.ca

Matt Rumboldt
NEIA
709-237-8790
matt@neia.org

2018 12 27 2:15 pm