On April 9, Minister of International Trade Diversification Jim Carr highlighted the expanded opportunities available to Canadian entrepreneurs abroad through New Markets, New Customers, New Jobs: Canada’s Trade Diversification Strategy – an investment of $1.1 billion over six years to help businesses to succeed in new markets. Minister Carr was in Ottawa to meet with business leaders in high-tech at the Kanata North Business Association. The Minister also reiterated how new trade agreements have now given Canadian businesses access to over 1.5 billion new customers in over fifty countries.
A key component of the Trade Diversification Strategy is an investment of $290 million over five years to help Canadian businesses export and grow, and to strengthen the Trade Commissioner Service and enhance the support it provides to Canadian exporters. This investment includes $100 million in additional funding for the CanExport program which will help businesses develop and access new export opportunities, especially high-growth emerging markets and markets benefitting from free trade agreements.
With these investments the government continues in its efforts to make Canada the most well-connected trading economy worldwide, which is helping to create more jobs at home.
- Trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) can help SMEs expand their businesses and take advantage of new opportunities in markets abroad.
- To date, the CanExport program has supported more than 1,200 Canadian SMEs with 1,500 projects to expand their markets and increase export activities in more than 110 markets around the world.
- CanExport has a proven track record in helping businesses diversify their exports to international markets: 44 percent of participants reported success in exporting to their target market within one year of project completion generating $376 million in exports to new markets since 2016.
- Canada had an excellent year in 2018, with FDI inflows increasing by close to 60% compared to the previous year. It attracted FDI worth $51B. It is particularly striking when most other developed economies experienced a drop in their FDI inflows in 2018.
Source: Global Affairs Canada
Read full announcement here.