Money from the federal government will support foreign trade missions by a Saskatoon organization. The Liberal government announced Wednesday that SREDA will receive $121,025 to help attract foreign direct investment in the region.
The Saskatoon Regional Economic Development Authority (SREDA) will use the money to hire in-market consultants to organize six trade missions to the U.S. and China, along with regions in Asia and the U.K.
“This funding allows SREDA to strengthen our efforts around attracting global companies and investments into the Region,” said SREDA CEO Alex Fallon.
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Government officials expect the project will attract $25-million in foreign direct investment (FDI) by the time it is complete.
“FDI is key to growing the local economy and creating new jobs, so we’re pleased with the support of the government of Canada to help showcase the Saskatoon region on the global stage,” said Fallon.
The missions will be used to attract investors and businesses in priority economic sectors like manufacturing, biotechnology, and mining and energy.
Foreign direct investment is expected to help new and existing small- and medium-sized companies grow.
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