The United Arab Emirates and Gulf region top the list of potential markets for Greater Victoria exporters, according to the Greater Victoria Development Agency.
The UAE along with Brazil, Australia, Germany, Mexico and the U.K. were identified as potential key markets by Greater Victoria export businesses. These findings were released with the GVDA’s export study Developing Greater Victoria’s Export Capacity.
The report also identifies key markets that Greater Victoria businesses currently export to including the U.S., Europe, China and Australia. In addition, the report identifies major barriers to export growth that local businesses are facing as well as vital ways to enhance export capacity.
“This study, spearheaded by the GVDA, is the first of its kind in the region. Before now, we didn’t have a sense of the exporting environment in the region,” said Bruce Carter, CEO of the Greater Victoria Chamber of Commerce. “This sector has massive potential for creating jobs in our region. Identifying barriers that local exporters are facing is important to overcoming them in order to further develop our export sector. This is the first step towards growing exports in our economy.”
The research was conducted as part of the Trade and Investment Program launched in April 2014, in response to stagnant economic growth in the region. Partners also contributed $600,000 to the $900,000 federal government investment to launch this $1.5 million program.