Thank you, Madam Chair.
Thank you, members of the standing committee, for the invitation. I'm pleased to be joined here today by my colleague, Dave Boland, who, as you mentioned, is the vice-president and assistant deputy minister for our office in Newfoundland and Labrador.
For 37 years, ACOA has worked closely with small and medium‑sized businesses and organizations in the four Atlantic provinces.
One of our greatest strengths is our presence throughout the Atlantic region.
We have employees working in over 30 communities, ranging from large cities to small rural, coastal and remote municipalities.
The Atlantic Canada Opportunities Agency, or ACOA, works closely with federal, provincial and local partners to identify priorities and opportunities to maximize the potential of our region in a strategic and sustainable manner.
I'll give a bit of context on the Atlantic economy. I think it's fair to say that Atlantic Canada is facing a strong momentum of heights that we really haven't seen in the last 60 years. In fact, Halifax and Moncton are two of the fastest-growing cities in Canada, and population growth and the transition to clean energy are creating significant investment opportunities. This momentum positions the region uniquely to tap into new markets, participate in global supply chains and attract investments.
Currently, exports comprise over 30% of Atlantic Canada's gross domestic product, with traditional sectors like food, seafood and seafood processing contributing significantly to that and that part of the economy.
In 2022, the Atlantic provinces marked record export growth, surging 22% higher than prepandemic levels. Notably, fish and seafood exports alone are worth over $6 billion, representing 72% of the full Canadian sector. The United States continues to be our dominant market for export, representing about 70% of total exports.
Despite the region's momentum, recent global disruptions and economic challenges such as geopolitical conflicts and labour shortages have highlighted the vulnerability of global supply chains.
Atlantic Canada's concentration on resource‑based industries and its small market make it particularly vulnerable to these shocks.
Emerging sectors like energy and technology‑intensive industries present growth opportunities, but diversification is crucial.
ACOA has implemented a number of tools and measures to support more diversification and supply chain development in our region. Most notably, in 2016, the Government of Canada—with ACOA as the lead and Global Affairs Canada supporting—entered into a formal partnership with the four Atlantic provincial governments.
Together we created the Atlantic growth strategy. This strategy has laid the foundation for initiatives like the Atlantic trade and investment growth strategy, or ATIGS, as I may refer to it. It's supported by the $20-million Atlantic Trade and Investment Growth Agreement, or ATIGA. This strategy in the agreement aims to increase internal business and attract foreign investment across the region.
A signature ATIGA initiative is the market entry development program, providing in-market support to companies looking to enter export markets in Europe and the Indo-Pacific region. From the implementation of this strategy to the present we've supported over 150 projects, valued at over $31 million.
In addition, through our regular programming, such as ACOA's regional economic growth through innovation program, or REGI, we're helping firms with technology adoption, productivity improvement, commercialization and increased export potential and capacity.
We advocate for Atlantic firms to be considered in national policies and programs. For example, we are working in collaboration with Transport Canada on the green shipping corridor program. We also participate actively in the industrial and technological benefits program, which supports investment in the aerospace defence sector.
Madam Chair and members of the committee, thank you very much for your time.
I'd be happy to take any questions.