The World Trade Centre Vancouver is receiving a $1.5 million investment from the federal government toward its Trade Accelerator Program (TAP). TAP is a program that operates in various cities across Canada, aiming to help SMEs successfully export goods and services.
“By investing in programs such as TAP, businesses in our region and across the province will benefit.”
A government statement said although Canadian SMEs have access to 1.5 billion customers through various trade agreements, only 12 percent are exporting. The $1.1 billion Export Diversification Strategy is looking to increase Canada’s international exports by 50 percent by 2025. This investment in the Vancouver division of TAP is intended to prepare 700 BC-based SMEs for export.
TAP’s accelerator program offers SMEs access to Canadian export advisors, resources, and contacts, through which companies work to develop an export plan.
The program’s goal is to help SMEs navigate the complex global trade ecosystem, leverage Canada’s resources on trade and investment, become familiar with international best practices, and expand their global trade footprint to grow revenue. The World Trade Centre Vancouver is a part of the Greater Vancouver Board of Trade, and is one of six World Trade Centres in Canada. Others include Toronto, Edmonton, Winnipeg, Halifax, and Montreal.
“One in five British Columbian jobs is tied to exporting, and there exists a direct linkage between exporting, job creation, and increased productivity. By investing in programs such as TAP, businesses in our region and across the province will benefit,” said Austin Nairn, executive director of the World Trade Centre Vancouver. “We thank Minister Ng and the Government of Canada for this crucial financial support, which will enable us to build on the recent success of our Trade Accelerator Program and help hundreds of additional companies grow internationally.”
This funding toward the Vancouver World Trade Centre comes on the heels of the Toronto Region Board of Trade receiving a $6.5 million investment under the same strategy for its own TAP division. The investment was doled into two lots, the first a $5 million FedDev Ontario investment, and the second, a $1.7 million through ISED’s Mobilizing SMEs to Export initiative, to expand TAP into Northern communities across Canada.
Companies in Vancouver can participate in TAP through a partner nomination or direct application.
Image courtesy Pixabay.