Nova Scotia Companies in Iceland

Business leaders from across the province are in Iceland today as part of a Canada Days event being held this week.

The eight-member Nova Scotia delegation will join representatives from other provinces to promote business opportunities between the two countries.

Nova Scotia's participants on the multi-sector mission are from:
Breton Distributors, Sydney; Kenomee Log Homes, Colchester County; Kings Produce, Kings County; Maritime Featherlite Trailer Sales, Hants County; Maritime Paper Products, Halifax; Scotian Homes, Enfield; Tri-Star Industries, Yarmouth; and Carson Leasing, Lower Sackville. The trade mission ends Oct. 7.

"It's a great opportunity to expand our business in what has become an important market for us," said Jack Way, president of Carson Leasing.

Icelanders import 80 per cent of what they consume. About one-fifth of Canada's exports to Iceland come from Nova Scotia.

"Trade between Iceland and ourselves has been increasing in recent years. Yet, there is lots of room for more growth," said Economic Development Minister Gordon Balser. "Trade missions like this one and our air accord with Icelandair are helping Nova Scotia companies to make the most of their potential with this trading partner."

A trade mission to Iceland last year led to a significant investment in Scotian Halibut by an Icelandic company and the recent opening of TM Software in Nova Scotia.

"The trade mission to Iceland was extremely valuable in bringing together our company and our Icelandic investors," said Hugh Snow, financial manager of Scotian Halibut. "Meetings held during the mission were the start of negotiations on what is now a very successful partnership. Mission staff helped to identify our similar business interests, background and goals."

"The mission created a forum to network with other Nova Scotia companies and to discuss investment opportunities," said Jason King, managing director of TM Software. "As a result, our colleagues in Iceland were able to learn about, and identify with, Nova Scotia's business climate. It contributed significantly to the recent establishment of our Canadian office in Halifax."

Economic Development led 44 trade missions between April 1998 and March 1999. The missions generated $159 million in sales for the companies that participated and created about 2,300 jobs during the past year. Each trade mission generally costs the department less than $15,000, but generates 238 times that amount in company sales. Every $68,000 in exports creates another job.