For Canadian manufacturers active in the healthcare industry, now might be the perfect time to expand into European markets. With plans to increase reimbursement of export expenses to Canadian SMEs through the CanExport fund, the Government is actively helping businesses with expansion projects.
The CanExport Fund
When it comes to international development, many organizations are faced with a significant increase in expenses. Therefore, the Canadian Government has offered to shoulder some of the burden. The CanExport fund provides direct financial assistance to Canadian SMEs seeking to develop new export opportunities in international markets, such as Europe. Contributions range from $10,000 to $99,000. This fund offers financial support for a wide range of activities. These include:
- Business travel to target markets.
- Participation at trade fairs and trade missions.
- Adaptation of marketing tools for new markets.
- Intellectual property protection, certification, or adaptation of contracts for target markets.
- Business, tax or legal advice for target markets.
- Market research.
The fund offers reimbursements of up to 50% of your eligible expenses, with plans to expand coverage up to 75% as of August 22, 2019. Through the CanExport fund, you can even pursue a small number of adjoining markets rather than being limited to one single country. This makes for a strategic advantage when pursing expansion in Europe. As an organization with over 23 years of experience, EuroDev has successfully helped numerous Canadian companies. That’s why here at EuroDev we are proud that the services we offer are among those approved by the CanExport fund.
The Canada-European Union Comprehensive Economic and Trade Agreement (CETA)
Another reason European markets are currently looking more attractive for Canadian manufacturers, are the numerous benefits to be gained from trade deals such as CETA. After over 7 years of negotiations between the 29 countries involved, CETA was able to come into effect. This makes it the largest trade deal since NAFTA, with its influence spanning a wide range of industries, including healthcare. The goal of CETA has been to
make it easier to trade between the EU and Canada. Such a trade deal increases competitiveness and lowers shipping costs and processing times at borders. Furthermore, it offers the huge benefit of removing 98% of duties on products. Needless to say, this trade deal creates opportunities for Canadian organizations to operate in European markets.
The EU is a significant market to consider for Canadian medical device exporters. Nowadays, it is the world’s second-largest importer in the industry, totalling $60 billion in medical devices. Opportunities for growth in this industry are even more present, because CETA has eliminated all EU tariffs on Canadian medical devices.
Helping Canadian businesses succeed in Europe
Funding programs and trade deals such as these, have helped shift the views about globalization. Previously associated with risk and concern, globalization now stands for opportunity and growth, especially in the healthcare industry. Because we are an experienced business development organization, EuroDev can help your organization get more results whilst mitigating the risks.