Released on May 12, 2021
Diversifying Trade And Increasing Export Markets
Key To Economic Growth
Today, the Government of Saskatchewan announced the
expansion plan of its international presence by naming the locations for four
new trade and investment offices. These offices will be located in
London, United Kingdom; Dubai, United Arab Emirates; Mexico City, Mexico; and, Ho Chi Minh City,
Announced as a key part of the 2021-22 Provincial
Budget, the establishment of four new office locations will facilitate
investment and trade efforts to grow the province’s exports and economy, and
will complement the first four offices in Japan, India, Singapore and
China. The expansion into these priority markets will give Saskatchewan a
stronger regional presence in the United Kingdom (UK) and Europe, the Middle
East and North Africa (MENA), Latin America, and a heightened focus on key
markets in Southeast Asia.
"Saskatchewan is an exporting province, and it
will be even more important to diversify and grow our export markets coming out
of the global COVID-19 pandemic, ensuring a strong economic recovery here at
home in the months and years ahead," Trade and Export Development Minister
Jeremy Harrison said. "These new trade and investment offices will
expand our international network and enhance opportunities to increase the
value of our exports by 50 per cent, as well as increase the number of international
markets to which Saskatchewan exports more than $1 billion, in support of our
ambitious Growth Plan goals."
The UK is a strategic location for connectivity
throughout the European Union (EU), and London is one of the largest
international financial centres in the world. A Saskatchewan United
Kingdom office will provide the opportunity to seek investment within the UK
and Europe. Canada’s existing transitional bilateral trade agreement with
the UK will preserve the benefits of the Canada-European Union Comprehensive
Economic and Trade Agreement (CETA) until a comprehensive Canada-UK Free Trade
Agreement (FTA) is signed.
The United Arab Emirates (UAE) is an important
partner for Saskatchewan and a significant destination for agricultural
commodity imports. As a hub into key agricultural markets such as Saudi
Arabia and Pakistan, it has one of the highest per capita Gross Domestic
Product (GDP) in the world. Saskatchewan’s merchandise exports to the UAE
in 2020 were valued at approximately $627 million and it is the province’s
largest export market in the MENA region.
Mexico is Latin America’s second largest economy
and has the highest GDP per capita. It is a part of 11 Free
Trade Agreements with 46 countries, as well as the United States-Mexico-Canada-Agreement
and the Comprehensive and Progressive Agreement for Trans-Pacific
Partnership (CPTPP). Mexico is a well-established market for
Saskatchewan, consistently factoring in Saskatchewan’s top five agri-food
destinations. There is also strong potential to enhance collaboration,
partnership and joint research in other sectors through an on-the-ground
presence. As a hub, the Saskatchewan Mexico office will enable regional
access to other priority Latin American markets as well.
home to 95 million people, half of whom are under 30, and a growing middle
class. It is a mature market for Canadian wheat and canola meal, and
holds great potential for further exports of grains, oilseeds and feed.
Vietnam is also party to the CPTPP, which promotes free trade in the
Overall merchandise export sales in Saskatchewan in
2020 were more than $30 billion, up 2.5 per cent over 2019. This was the
highest percentage increase among the provinces, including a record $16.9
billion in agricultural exports last year.