Figures released today on the impact of the Trade Team PEI mission to Ireland clearly demonstrate the trade mission's resounding success.
Survey results from the 11 Island companies who travelled to Dublin from October 22 to 27, 2001 show that revenues of over $12.5 million are expected within the next two years as a direct result of new business contacts made in Ireland. For the same time period, the participating companies also anticipate the creation of 26 jobs as a result of business generated by mission activities.
"Based on our previous research of the Irish economy, we expected great results from this trade event," said Premier Pat Binns. "Needless to say, with over $12 million in revenue, these 11 Island companies made a significant impact on the businesses they met with and have established valuable contacts that will benefit their companies, and the entire provincial economy, for years to come."
"The predicted sales and job creation figures are exciting, but they only tell part of the story," said Mr. Joe McGuire, Member of Parliament for Egmont, who participated in the trade mission on behalf of the Honourable Robert G. Thibault, Minister of State for the Atlantic Canada Opportunities Agency (ACOA). "In today's challenging economic climate, the contacts made in Ireland are helping our Island companies to maintain their current competitive positions in their respective industries. These efforts are providing a solid foundation for tomorrow, on which to develop beneficial trade and investment opportunities."
During the mission, Island companies took part in almost 100 matching sessions with businesses from Ireland. As a result, several of them have either secured, or are finalizing, significant contracts.
Charlottetown Metal Products (CMP), for example, is awaiting approval on a $250,000 project to establish a new crab processing facility in Ireland. Due to contacts made during the trade mission, it has also submitted proposals totalling over $1 million for other projects related to Ireland's crab and mussel processing industries.
"As an expanding Island company, we found great benefit in the trade mission activities," said J. Wendell MacDonald, Vice President of CMP. "Along with potential contracts, we also secured a new agent to further represent and promote CMP's interests on the ground in Ireland."
The majority of the companies also say they intend to travel back to Ireland sometime in the next year. Creative Esthetics President Cathy Rose is considering a follow up trip early in 2002.
"By participating in the Trade Team PEI mission, we were able to showcase our quality dental products and services as well as gain insight into the competition," said Ms. Rose. "The experience opened doors for us in Ireland, and we fully intend to pursue those opportunities."
The trade mission to Ireland was an initiative of Trade Team Prince Edward Island, a partnership of federal and provincial government departments and agencies that offer various forms of export assistance to active and potential exporters. The Atlantic Canada Opportunities Agency and Prince Edward Island Business Development Inc. are among the partners.
Participants in the Trade Team PEI mission to Ireland were as follows: Atlantic Canada Home, Atlantic Tourism & Hospitality Institute, AVC Inc., Bergmark Guimond Hammarlund Jones Architects, Charlottetown Metal Products, Creative Esthetics Dental Laboratory Inc., DeltaWare Systems Inc., Polar Foods International Inc., Rob Roy Builders Inc., Softworld 2002, and the University of Prince Edward Island Co-operative Education Program.