Trade mission to Florida: 2 incentives to conquer the market

Share:
Print

Added on 22 September 2016 in Blog

 

Florida has the fourth highest GDP in the U.S. (US$893 billion in 2015) and is known for the vitality of its tourism industry. Tourists spent over US$89 billion in 2015, creating strong potential for Montréal businesses.

The fifth edition of the trade mission to Florida, organized by the Board of Trade of Metropolitan Montreal and its team of international trade experts, the World Trade Centre Montréal, was held September 20 to 23, 2016. Nine Quebec companies enjoyed a full program of business meetings, seminars and networking activities with leaders from the North American hospitality industry. Here are two incentives for companies from Montréal and Quebec that want to conquer the Florida market.

The strength of Florida’s tourism industry and its meteoric growth
A U.S. hub, Florida offers Montréal’s businesses many opportunities because of the impressive growth in its tourism industry. The Miami-Fort Lauderdale-Pompano Beach area has the highest hotel density in the country, with an occupation rate that is constantly rising (80% in 2015). This has attracted major investment companies, which acquire hotels to renovate them and make them profitable. The business climate is therefore favourable in the hotel sector and in related areas, such as construction and decor.

The city’s businesses are strategically positioned to access this market
Florida offers excellent opportunities for the internationalization of Montréal and Quebec businesses. Economically speaking, Canada and Florida enjoy preferred, prosperous relations. In 2015, trade was US$8.1 billion. The export capacity of Quebec businesses in the region is enhanced by the North American Free Trade Agreement (NAFTA) and a favourable exchange rate.

Now that the economy is conducive to exports south of the border, Montréal companies are in a position to break into the Florida market. The Board of Trade recommends that they consider Florida, which is seeing strong growth and has a favourable business environment, as part of their U.S. expansion strategy.

The Board of Trade will hold an important round table on international economic issues to examine the outlook for export markets. Two experts and political figures will provide a picture of development opportunities for Quebec businesses in Europe and North America. Brian Mulroney’s government was behind bold initiatives including NAFTA, and Jean Charest’s government played a key role in launching negotiations for an economic partnership between the European Union and Canada (CETA). Take a fresh look at international markets here.