Early results from the Team Canada Atlantic trade mission to New York City, May 21-23, 2002, indicate that, once again, the team approach to expanding trade opportunities has paid off for Atlantic Canadian companies.
With results in from most of the 36 participating businesses, immediate sales from the trade mission totalled $9.5 million, with long-term sales over the next two years estimated at just over $40 million. While nine new jobs have already been created as a direct result of the trade mission, it is expected that over the next two years an additional 140 new jobs will be generated across Atlantic Canada.
"That's an incredible result for any trade mission," noted Gerry Byrne, Minister of State (Atlantic Canada Opportunities Agency), "but when you consider that these sales figures are being generated in a market as complex and competitive as the New York market, that just underlines the very high quality of our people and our products."
Ten Prince Edward Island companies participated in the trade mission and are reporting immediate sales of $1.3 million. Three new jobs have already been created in the province and, over the next two years, an additional 43 jobs will be created as a direct result of the trade mission.
"We feel very strongly that New York is a key market for our exporters, and this trade mission was an excellent starting point for building strong business relationships," said Premier Binns. "Our immediate sales are very impressive and the companies tell us that, over the next two years, sales figure will raise to $6.5 million. From a government perspective, that's what these trade missions are all about – creating more business and employment for Prince Edward Island."
The Prince Edward Island companies that participated in the trade mission were Aquastor, Atlantic Tourism & Hospitality Institute, DeltaWare Systems, Drake Truck Bodies, Summerside Industrial Fabricators, Millworks Canada, Palmer Seafood, PEI Gourmet Mushrooms, Prince Edward Aqua Farms and Triple Threats Musical Theatre School.
This was the first trade mission by Team Canada Atlantic to the New York market. Over the past three years, five trade missions to New England and Atlanta resulted in a combined $130 million in sales for the participating companies. The tri-state (New York, New Jersey and Connecticut) marketplace has a population roughly equivalent to Canada, but with a GDP nearly 50% larger. Roughly one-quarter of major US corporations are headquartered in the tri-state area including 97 of the Fortune 500 companies. The Team Canada Atlantic Mission to New York City is a cooperative effort among ACOA, the four Atlantic Provinces, the Department of Foreign Affairs and International Trade, Industry Canada and the Canadian Manufacturers and Exporters.
Additional information on Team Canada Atlantic's trade mission to New York City can be found at www.TeamCanadaAtlantic.com.