Strong international business opportunities for Newfoundland and Labrador firms in 2017

For Immediate Release
May 13, 2016

ST. JOHN’S, NL – Exports from this province are expected to grow by 18 per cent in 2017 says Export Development Canada’s (EDC) Vice-President and Chief Economist Peter Hall. This week the Newfoundland and Labrador Environmental Industry Association (NEIA) held its annual Let’s Talk Exports event – an annual partnership with EDC which features Hall.

“Let’s Talk Exports provides a chance for local firms to get the most up-to-date information available on what the global economy has in store for their sector,” says Ted Lomond, Executive Director of NEIA.

With over 25 years of experience in economic analysis and forecasting, Peter Hall is responsible for overseeing EDC’s economic analysis, country risk assessment and corporate research groups. He says that Newfoundland and Labrador’s long-term outlook is promising, and that the province will see Canada’s most dramatic turnaround in export performance from this year to next.

“Supporting local business in their international activities is critical for our economy,” says Lomond. “Every dollar earned outside of Newfoundland and Labrador by a local firm is new money circulating within the province. These activities have a substantial impact on a local economy, and can contribute significantly to its diversification.”

Let’s Talk Exports complements NEIA’s extensive work supporting international business development for firms in Newfoundland and Labrador.

“In 2013 NEIA created its Export and International Business Network,” says Lomond. “This network is a group of firms conducting business, or looking to explore opportunities, abroad. Together, working cooperatively, these businesses can achieve much more than if they were working alone.”

While originally consisting exclusively of environmental sector firms, the network’s success has attracted businesses in a variety of sectors. In 2015 NEIA worked with over 25 firms interested in the Caribbean and Turkey to develop entry strategies, and led three separate business development missions to the Caribbean. “This activity would not have been possible without the support of the Atlantic Canada Opportunities Agency (ACOA) and the province’s Department of Business, Tourism, Culture, and Rural Development,” says Lomond.

NEIA allows members of the network to independently identify markets of mutual interest before pursuing supports. “We take a stage-gated approach in international business development,” Lomond notes. “Once a market is identified by the network, NEIA will work to validate opportunities through information sessions and organizing incoming delegations. If interest remains, market entry strategies will be prepared for each firm. Only after this preparatory work has been completed will we organize a strategic trade mission to the market itself.” Lomond says that NEIA looks forward to continuing to build the close relationships it is developing in key markets.

NEIA is a not-for-profit association of businesses that promotes the growth and development of the green economy in Newfoundland and Labrador. More information can be found at http://www.neia.org. More information on the Export and International Business Network can be found at http://www.neia.org/network.

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Media Contact
Kieran Hanley
kieran@neia.org
709.237.8190

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