Subjects: FOR, POL, TRD, CFG
Prince George Receives Foreign Trade Zone Designation and Investment in Clean Tech Sector
Foreign Trade Zone announcement and clean technology funding will help businesses facilitate exports and create jobs for the middle class
PRINCE GEORGE, BC, Feb. 23, 2018 /CNW/ - Small- and medium-sized enterprises in Prince George will benefit from new jobs and business opportunities thanks to two announcements made today designating the city as a Foreign Trade Zone (FTZ) point, as well as an investment supporting the clean technology sector.
The FTZ Point designation was announced today by Pamela Goldsmith-Jones, Parliamentary Secretary to the Minister of International Trade, on behalf of the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development and Minister responsible for Western Economic Diversification Canada, at the Wood Innovation and Design Centre.
The FTZ Point will promote northern BC as a hub for international trade and attract new investors by leveraging its location in North America, as well as its direct access to the United States and its solid manufacturing base to attract new investors.
Parliamentary Secretary Goldsmith-Jones also announced federal funding of $335,566 for the City of Prince George to develop a clean technology cluster. This funding is being delivered through Western Economic Diversification Canada.
Designating Prince George as an FTZ Point and investing in clean technology aligns with the Government of Canada's priorities to help businesses compete in international markets and global value chains, while also supporting the Government's Innovation and Skills Plan to create well-paying jobs for the middle class.
Quick Facts
- With a population of over 70,000, Prince George is the largest city in one of the fastest growing regions in Canada.
- The city's skilled workforce and diversified business sectors offers a range of opportunities for new business investment across the expanding economy.
- Prince George is the supply and service center for business, industry, transportation, healthcare, education and culture for a region of over 320,000 people.
- 70 per cent of all proposed capital investments in BC are expected to occur in northern BC.
- A cluster is an area of business activity containing large and small companies and other innovation actors that helps attract foreign investment in Canada. They can create supply-chain benefits, increase collaboration, and drive competition and business specialization.
Quotes
"As a trading nation, Canada recognizes the strong connection between trade and well-paying jobs. We are proud to designate Prince George as a Foreign Trade Zone and to support its clean tech sector because we know a clean environment and a strong economy go hand in hand. Today's announcement demonstrates our government's commitment to creating well-paying middle class jobs, growing the economy while protecting the environment."
- Pamela Goldsmith-Jones, Parliamentary Secretary to the Minister of International Trade
"As a critical transportation hub and one of Canada's fastest-growing mid-sized cities, Prince George is well-positioned to diversify and expand its trade relationships to create more good jobs in the north. Through our recent mission to Asia, export development assistance for small and medium-sized businesses and capacity-building through tech accelerators and other programs, your provincial government will continue to support Prince George amid the exciting opportunities coming out of today's announcement."
- The Honourable George Chow, Minister of State for Trade
"I would like to express Council's gratitude to the Government of Canada for designating Prince George as Canada's western-most Foreign Trade Zone. We also thank the Province of BC for their commitment and support in this achievement. Having a local Foreign Trade Zone gives our businesses access to important trade programs which will help them to compete better internationally. Council also thanks the Government of Canada for investing in the development of clean technology here in Northern BC. Enhancing our clean tech sector will increase Prince George's capacity to develop new, environmentally friendly tech products and services, which are as good for our economy as they are for the environment. As well, Council would like to acknowledge the City's Economic Development Division's excellent work in achieving both of these accomplishments."
- His Worship Lyn Hall, Mayor, City of Prince George
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SOURCE Western Economic Diversification Canada
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