During the week of November 4, 2007, a Team Canada Atlantic delegation comprised of more than 40 companies will embark on a Tier 1 trade mission to Boston, MA to pursue trade and investment opportunities in the area.
During the mission, Atlantic Canadian companies will meet with potential buyers, distributors, business partners and industry leaders from a variety of targeted sectors including:
* Advanced manufacturing, including aerospace and defence
* Agri-food, beverages, fish and seafood products
* Building and construction products
* Consumer products
* Information communications technology
* Life sciences and health care
* Ocean industries
* Other
New England Overview
New England is a small population and wealthy region. The New England area is home to 10.7 people and has an economy that would be the 7th largest in the world (bigger then Sweden, Switzerland, or Austria) if taken in isolation. Boston, the capital and most populous city in Massachusetts, is the economic and cultural center of the region. The city of Boston has an estimated polution of 590,763. The Greater Boston area, however, is the eleventh largest metropolitan area in the U.S. with a population of 4.4 million people.
New England’s economy is driven by innovation. As an educational and research center, New England is home to prestigous institutions such as Harvard University and the Massachusetts Institute of Technology (MIT). These universities have a significant impact on the Greater Boston area and the region’s economy. Not only are they major employers, but they also attract high-tech companies in industries such as information technology, healthcare and biotechnology. Notable examples of such companies are Millennium Pharmaceuticals, Merck & Co., Millipore, Genzyme, and Biogen Idec. In addition, New England is home to some of the top hospitals and medical research centers in the the United States. Of all America, Massachusetts receives the highest amount of annual funding from the National Institutes of Health (NIH) per capita and also the highest number of patents per capita in the United States.
The Greater Boston area is one of the top financial centers in the United States. Companies such as Fidelity and State Street have popularized Boston as a center for financial services, including mutual funds and insurance. Massachusetts is also home to a very active venture capital (VC) community. The Massachusetts VC community is the second-largest in the US behind California, but when the relative size of the state’s economy and high-tech industry is factored in, Massachusetts venture capital financing is more investive than any other state.
Other major companies headquartered in the Greater Boston area include; Gillette, owned by Procter & Gamble; Teradyne, one of the world's leading manufacturers of semiconductor and other electronic test equipment; The Boston Consulting Group and Bain & Company, some of the area’s leading management consulting firms; Bain Capital, a private equity group.
New England and Atlantic Canada enjoy close economic and cultural ties. As of 2006, 78% of Atlantic Canada’s exports went to the United States, and close to 60% of these exports went to the New England region for a value of close to C$10 billion dollars. (Source- Trade Data Online – Strategis). Canadian companies such as Irving, TD Banknorth, Manulife/John Hancock, Sunlife, Power Corp/Putnam Investments and Canaccord Adams are visibly present in New England and are all important players in their respective sectors. Reciprocally, New England is also well represented in Canada with names like Raytheon, Genzyme, Boston Scientific, Keane, State Street, Fidelity, Staples and TJX, owner of the banners Home Sense and Winners.