The Honourable Gerry Byrne, Minister of State for the Atlantic Canada Opportunities Agency (ACOA), and the Honourable Pat Binns, Premier of Prince Edward Island, announced today that ten Island businesses will be among the 40 companies participating in Team Canada Atlantic's first trade mission to New York City, May 21-23, 2002.
The participating PEI companies are Aquastor, Atlantic Hospitality Institute, Atlantic Store Decor, Drake Truck Bodies, Fabco Welding Inc., Millworks Canada, PEI Gourmet Mushrooms, Palmer Seafood, DeltaWare Systems Inc. and Prince Edward Aqua Farms Inc.
Team Canada Atlantic trade missions represent a key component of ACOA's and Prince Edward Island's development strategy to raise Atlantic Canada's profile and exposure in key US markets. The main objectives are to facilitate new business partnerships, increase trade and investment, and build strategic alliances between Atlantic Canadian and US companies.
"I am pleased to announce that the Government of Canada, in partnership with the four Atlantic Provinces, will take trade and investment to an important new level by bringing Team Canada Atlantic to another major US market," said Minister Byrne. "New York and the tri-State area represent a tremendous opportunity for export growth, which is a strategic priority for ACOA in building our economy and creating new jobs in Atlantic Canada. Together, we're helping Atlantic Canadian businesses reach out to new markets around the world and attracting direct foreign investment in our region."
The previous five missions to New England and Atlanta are expected to result in a combined $130 million in sales for the participating companies, resulting in more than 500 new jobs throughout Atlantic Canada.
"Our past success with trade missions proves that Prince Edward Island companies can and do compete successfully on an international level," said Premier Binns. "New York is a very lucrative and competitive market that has been strategically selected as a trade mission destination due to the promise it holds for our companies."
Over the last five years, PEI's exports to New York have almost tripled, totalling over $37 million in 2001.
The tri-state (New York, New Jersey and Connecticut) marketplace has a population roughly equivalent to Canada, but with a GDP nearly 50 percent larger. Canadian exports to this region exceed $32 billion of the $239 billion exported to all of the US each year. Roughly one-quarter of major US corporations are headquartered in the tri-state area including 97 of the Fortune 500.
The Team Canada Atlantic Mission to New York City is a cooperative effort organized by ACOA, the four Atlantic provinces, the Department of Foreign Affairs and International Trade, Industry Canada and the Canadian Manufacturers and Exporters.
For more information on the Team Canada Atlantic Trade Mission to New York City, visit http://www.teamcanadaatlantic.com/