Prince Edward Island delegates have returned home from a seven-day trade mission to Iceland, reporting positive results from their meetings with Icelandic groups. As the largest delegation on the mission, the 20 member PEI team developed contacts and secured interest from Icelandic companies and institutions prior to Canada's signing of an agreement with the European Free Trade Association (EFTA).
"The European market is lucrative, with many prospective buyers looking outside of Europe to respond to the increasing demands for goods and services," said Stephen Murray, Executive Director of Trade Development for Enterprise PEI and lead for the PEI delegation. "PEI participated on this trade mission to create partnerships and build the relationships needed to secure future business once tariffs are reduced. I'm happy to report that this mission was successful in accomplishing these goals."
Prince Edward Island's delegation left for Reykjavik, Iceland, on October 1, and met with companies and government dignitaries to promote Prince Edward Island as a good place to do business.
Ken Moyaert of OvaTech Inc., a char, salmon and trout egg producer in PEI, felt the trip was necessary for making inroads with Icelandic companies.
"Eyeball to eyeball is the way to do business," said Moyaert. " I visited directly with Icelandic fish farmers and learned exactly what their needs are and how I can help them do business. I made some great contacts and hopefully we go from there. This was my first trip to Iceland, but I hope to go back to make further contacts."
Rob Oakie, of Atlantic Canada Homes, is another Island business that benefited from the trade mission.
"This mission to Iceland was extremely important for gathering information on the Icelandic market," said Oakie. "Anytime you enter a new market, it's important to do the research. This includes assessing the government's regulations, restrictions, standards, building codes, etcetera. In the end, this front end work saves a lot of time and prepares you for any potential roadblocks that may arise."
Other Island representatives on the trade mission included Masseau Refrigeration, Polar Foods International, F.B. Welding, the Atlantic Veterinary College, the Culinary Institute of Canada, the Atlantic Tourism and Hospitality Institute, UPEI Faculty of Education, Enterprise PEI and the provincial Department of Technology and Environment.
The marketing of PEI did not end with Island businesses. Educational institutions and local talent from PEI took centre stage during the trade mission's gala dinner. Island representatives from the Culinary Institute of Canada demonstrated their culinary expertise by preparing Island mussels and lobsters for over 200 guests. Entertainment for the evening was provided by PEI fiddler, Roy Johnstone.
The University of Prince Edward Island and the Atlantic Canada Hospitality Institute also received much attention at an information session held for Icelandic students. Over 40 students attended, showing great interest in educational opportunities in PEI.
The trade mission to Iceland wrapped up on Thursday, October 7, with the Island delegation returning home later that day. The signing of the agreement with the European Free Trade Association is anticipated to take place later this fall. Enterprise PEI will now be helping the companies plan their follow up activities, so that full advantage can be taken from the contacts made in Iceland.
The Iceland trade mission was created specifically for Canadian companies that have the potential to develop export trade components to their businesses and are seeking to enter into the European market. The Honourable Don MacKinnon, Minister of Development, noted that in the new global economy, it is essential for PEI companies to recognize and take advantage of growing international trade opportunities.