Foreign Trade
On the 22nd of January, the Chamber of Commerce organised a country seminar on business opportunities in Canada. 80 company representatives participated in this information session and the Chamber of Commerce announced its economic mission that is being organised from March 16 to 18 in Montreal in the framework of the Americana trade fair.
Because of this focus event during the trade mission, the delegation is meant to be comprised primarily of companies from the clean tech and innovation sectors as well as from the Business mentoring program of the Luxembourg Chamber of Commerce.
The participants will visit the International Environmental Technology Trade show, Americana. This trade show is recognised as one of the leading multisectorial events of its kind in North America. It is a forum for the exchange of knowledge and practical experience, providing environmental and economic solutions.
During the mission, participating companies from Luxembourg may request tailor-made business meetings with local companies or institutions. A networking reception and various opportunities to meet key players in Montreal will be provided.
Greater Montreal's business environment is favorable to innovative companies working in the field of clean technology that seek sustained growth on export markets. Together, the province of Quebec and its economic centre Greater Montreal enjoy a strong potential in clean tech thanks to the province's natural market, a critical mass of engineering and high-quality training available to engineers and technicians. Quebec is well known for its creativity and high-tech industries - such as aerospace and life sciences - and is quickly becoming a force to be reckoned with when it comes to the clean technology sector.
During his keynote speech, H.E.Mr Denis Roberts, Ambassador of Canada to Luxembourg and Belgium outlined the various opportunities that await Luxembourg companies in Canada. His speech was followed by a panel discussion between the General Delegate of Québec in Brussels, Mr Michel Audet, the senior trade commissioner at the Embassy of Canada, Mr Gregory Rust, the Head of International Affairs at the Luxembourg Chamber of Commerce, Mr Jeannot Erpelding, a Luxembourg company active in the Canadian market, Apateq, and a Canadian company in Luxembourg, RBC.
As explained by Mr Gregory Rust, the Comprehensive Economic and Trade Agreement (CETA) will further open the Canadian market for Luxembourg companies. CETA must still be approved by the European Council and the European Parliament. If approved, the agreement will come into effect in 2016, at which time about 99% of the tariffs between the two economies will be eliminated and sizeable new market access opportunities in services and investment will have been created. Once implemented, the agreement is expected to increase two-way bilateral trade in goods and services by 23% or €26 billion, fostering growth and employment on both sides of the Atlantic.
As the seminar showed, there are a large number of opportunities for Luxembourg companies in Canada, but as the Ambassador mentioned, companies should not wait for CETA to be in place to make their move; if they want to work with Canada, now is the time.
As a strong supporter of free trade, Canada has always been a natural ally and important trade partner for the EU. Strengthening the economic and trade relationship with Canada is therefore an important priority for the Luxembourg Chamber of Commerce.