MONCTON - Bernard Valcourt, Minister of State for the Atlantic Canada Opportunities Agency, announced Thursday the publication of "A Study to Identify Key Sectors of Opportunity for Atlantic Canadian Firms in Brazil."
Prepared for the Canada-Atlantic Provinces Agreement on International Business (IBDA), the study confirms the potential of the Brazilian market and possible opportunities for Atlantic Canadian businesses. The publication can be downloaded at www.acoa-apeca.gc.ca.
"Since taking office in 2006, our government has been aggressively expanding commercial relations with various global markets, including Brazil, to create jobs and economic benefits here at home," said Valcourt. "Our efforts are generating positive results and we are maximizing opportunities for our entrepreneurs. Our investments are already paying off through the creation of new business opportunities, new investments, and increased global competitiveness."
The world economy is more interconnected than ever, which provides small and medium-sized Atlantic Canadian businesses with new opportunities for expanding into international markets.
Vector Aerospace Engine Services - Atlantic (Vector), headquartered in Summerside, has been providing fixed wing engine maintenance, repair, and overhaul services for regional airline and business aviation customers in Brazil for the past 10 years.
"As the Brazilian economy continues to grow, so too does the Brazilian aviation market. In fact, the Brazilian business aviation market is now widely considered to be second only to the United States in size, said Jeff Poirier, president of Vector. "We believe that a stronger Vector presence is required in Brazil to service this growth. Therefore, as part of our global growth strategy, we have prioritized Brazil as an ideal location for a satellite maintenance and repair facility. This facility will allow us to better support existing and new customers, and also provide us with more opportunities in a very dynamic market; hence securing more MRO (maintenance, repair and overhaul) work for our P.E.I. facility."
The report examined nine well-established sectors in Atlantic Canada and results show that the Brazilian market offers export opportunities for each one of them. The sectors looked at are: information and communications technologies; environmental technologies; oil and gas equipment and services; life sciences and biotechnology; ocean technology; aerospace, defence and security; mining; education; and food/seafood.
In 2010, bilateral trade between Canada and Brazil reached $5.9 billion. That same year, Brazil was Canada's eighth largest foreign investor with $13.5 billion in cumulative investment.
Brazil was also the 11th largest recipient of Canadian direct investment abroad, with a total of $9.7 billion in cumulative investment. Exports from Atlantic Canada to Brazil totalled $164 million in 2010.
