PRESS RELEASE: CASTRIES, Saint Lucia, March 29, 2018; Two Saint Lucian companies have met the eligibility criteria that qualifies them for a free market entry study for the Canadian market. One of the two companies, Meme Bete has moved forward to take advantage of the opportunity to secure a Canadian import market analysis and a customized market-entry strategy tailored to the company’s product line. This opportunity to Saint Lucian exporters is an outcome of the Memorandum of Understanding between the Saint Lucia Trade Export Promotion Agency (TEPA) and the Canada Trade Facilitation Office (TFO) which was formalised in 2015.
The market research facility is provided under the four-year programme – Canadian Market Access and Capacity Building Services (2014-18) implemented by the Canada Trade Facilitation Organisation (TFO). Under the programme, TFO leverages its partnership agreements with Canadian universities to provide technical support to its partner countries trade representatives’ client (s). Partner learning institutions with TFO for this initiative are Telfer School of Business University in Ottawa, Ontario, John Molson School of Business University of Concordia in Montreal, Quebec, Laurier School of Business and Economics, Wilfred Laurier University in Waterloo, Ontario and Peter B. Gustavson School of Business University of Victoria in British Colombia
According to TEPA Project Officer Mr. Anthony John, Meme Bete has signed off on the scope of works with Wilfred Laurier University in Waterloo, Ontario, the university assigned to conduct the study and develop the market entry strategy for the well-known designer bag brand. The award winning naturopathic product brand – Natmed – was the other qualifying company. As this time, the company is making a determination on the way forward vis a vis its own internal strategic marketing focus.
The TFO partnership with universities provides MBA students with solid experience through research in the context of international business, while providing expert services to small and medium sized enterprises with export potential at no cost. The report is produced by MBA student consultant teams, which includes up to date sector and product specific market information such as market size and trends, competitive environment, distribution channels, pricing structure, prospective and qualified buyer leads and market entry recommendations suited to the client company.
Since the formalisation of a relationship between TEPA and TFO, TEPA executives have benefited from knowledge and capacity building support designed to equip the agency to provide strategic guidance and valuable connections with its clients in the Canadian markets. In 2015, TEPA executives participated in Canada’s Exporters’ Gateway to the Canadian Market exchange, a five day market familiarisation tour and training programme held in the major business hubs of Toronto and Montreal in Canada. The aim was to assist developing countries in enhancing the capability of exporters to trade and do business with Canada.
Over the past fifteen years TFO has successfully delivered export market studies and strategies for selected exporters and products, looking to enter and expand within the Canadian market.