Saskatchewan will now operate eight trade offices on three continents in an effort to boost exports and investment.
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Saskatchewan’s trade ministry has revealed the locations of four more offices abroad to promote the province’s business interests.
In a news release Wednesday, the government announced that trade and investment offices will open in London, U.K., Dubai, United Arab Emirates, Mexico City and Ho Chi Minh City, Vietnam.
That doubles the number of Saskatchewan’s trade offices, adding to locations in Japan, India, Singapore and China. The release did not specify precisely when the new offices will open, except to say it will occur sometime in the current fiscal year.
The 2021-22 provincial budget committed an extra $5 million for the new offices, which aim to connect Saskatchewan businesses with investors and customers in target markets.
The government has sold them as part of its strategy to achieve its export focussed growth plan targets, including goals of diversifying foreign markets and boosting total exports by 50 per cent.
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The ministry’s news release justified the new picks as “priority markets” that open up new vistas for exports and investment. Some already have free trade agreements with Canada. London is among the world’s largest financial centres, and the ministry considers it a window into Europe.
Mexico figures among Saskatchewan’s top five agri-food customers, and the ministry hopes that an office in Latin America’s second largest economy will open the door to markets further south.
The UAE is Saskatchewan’s largest export market in the Middle East and North Africa region, while Vietnam is a “mature market for Canadian wheat and canola meal.” The ministry sees prospects to further boost exports of grains, oilseeds and feed.
The Saskatchewan Party government has pointed to exports as an economic bright spot for the province. Trade and Export Development Minister Jeremy Harrison has pointed out that Saskatchewan led the country in merchandise export growth from February to March of this year, with a surge of 26.1 per cent.
Total exports were valued at more than $30 billion last year.
