VIEA

Foreign Direct Investment

Foreign Direct Investment

With funding from the Invest Canada Community Initiatives program, Island Coastal Economic Trust, Cowichan Valley Regional District, City of Port Alberni, and Port Alberni Port Authority, VIEA is gathering information to develop a portfolio of business cases for specific investment opportunities across the Island, with direct benefit to local government. Public and private stakeholders are invited to help identify local investment opportunities to be marketed internationally.

This work will be a direct complement to existing regional and community economic development objectives by developing and marketing sector specific, site specific, tangible, vetted business cases designed to attract the attention of targeted foreign direct investors.

The scope of this initiative is outlined below:

Educate/Engage Stakeholders
Build understanding of FDI opportunities and assist public/private stakeholders to qualify and quantify their offerings for inclusion in business case development and site selection responsiveness. VIEA will work with transportation providers and goods producers to identify cost-effective value chain opportunities and help increase production with existing companies while foreign direct investment efforts are employed to increase appetite internationally.

Increase Production Volumes for Domestic Markets and Direct Export
VIEA’s analysis of direct export potential for several industry sectors seems to indicate that opportunities are largely contingent on ability to increase predictable production volumes. In many instances, producers are navigating complex, costly and time-consuming transportation sequences that can be improved with industry clustering and increased production volumes. VIEA will work with stakeholders to identify new markets, industry partners, and foreign investors to justify and facilitate production volumes sufficient to meet domestic demand and warrant direct export.

Optimize Usage of Industrial Lands
Coordinate efforts with public and private stakeholders to engage interest amongst prospective foreign investors regarding available commercial/industrial lands.  vailable lands that meet specific location requirements will be linked with business cases developed by VIEA. The objective will be to increase investor demand and optimize usage of our considerable inventory of available land and encourage infrastructure improvement.

Attract Foreign Investment
Aligned with Canada’s Global Marketing Action Plan, VIEA will introduce specific investment opportunities with prospective foreign investors focused on sectors with high potential for domestic and export development. Examples exist in the advanced manufacturing sector of European companies using Vancouver Island as their center of excellence for engineering and manufacturing in North America because of the access to skilled labour. Examples, however, are too few because we have lacked the coordinated ability to seize these opportunities. VIEA has developed three business cases for new valueadded wood manufacturing which are now available to the investment community. VIEA will develop additional business cases in other sectors so as to have specific, detailed opportunities to present to prospective investors.

Diversify and Grow Within Key Sectors
Advanced manufacturing in aerospace, medical devices, biotech, transportation, and marine/environmental sciences, valueadded wood manufacturing, finfish and shellfish aquaculture, and technology-intense specialty agri-food production—these and other opportunities are ripe for foreign investor attention. FDI marketing will raise international awareness of these and other opportunities on Vancouver Island.

CollinsWorks Ventures of North Saanich has been contracted to conduct research and develop the portfolio of business cases. VIEA will be organizing stakeholder meetings in communities across the Island. This project has started in April 2018 and will conclude in December 2018.

We are happy to answer any questions you may have.

Please contact George Hanson
250.667.5225 george@viea.ca

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