Increased Investment in International Trade Will Ensure Economy Remains Strong

Released on March 22, 2023

A Strong International Presence Means More Jobs And Opportunity For Saskatchewan Residents

The 2023-24 Budget supports a strong and growing economy by amplifying Saskatchewan's presence in international markets to increase trade and investment opportunities, which in turn creates more jobs here at home.

"This budget is exactly what we need to continue leading the nation in economic development," Trade and Export Development Minister Jeremy Harrison said. "Here at home, we're fostering a competitive business environment that rivals any jurisdiction in Canada, and the positive economic impacts we've seen show we're on the right path. 

"Internationally, continuing to develop Saskatchewan's trade and investment interests while strengthening existing partnerships and relationships benefits all Saskatchewan residents. As a province that is dependent on exports, this work is invaluable to growing our economy and creating jobs."

Saskatchewan will open a new international trade office in Germany, which is the world's fourth largest economy. With the addition of Germany to the international trade network, Saskatchewan will have nine international offices located in China, India, Japan, Mexico, Singapore, the United Arab Emirates, the United Kingdom and Vietnam, as well as a dedicated US Relations Branch within the Ministry of Trade and Export Development here in Saskatchewan. 

"The efforts of these trade offices, working closely with Saskatchewan exporters, are paying off," Harrison said. "Saskatchewan's merchandise exports rose from $37.0 billion in 2021 to $52.4 billion in 2022 - an increase of 41.6 per cent. More exports abroad means more jobs here at home.  

"More exports, more investment, more jobs. That's growth that works for everyone."

Direct air connectivity between Saskatoon and the US will support economic growth in the province. Budget 2023-24 provides up to $2.2 million through a Minimum Revenue Guarantee to the Saskatoon Airport Authority to support a US direct flight. This funding will increase options for the province's business community, recreational travel for residents and support provincial tourism. Similar resources are also available to Regina's Airport Authority to support their efforts to attract a direct flight to a US hub city as well.

Budget 2023-24 provides continued support to advance economic reconciliation through the Saskatchewan Indigenous Investment Finance Corporation (SIIFC). Launched in 2022, the SIIFC will offer up to $75 million in loan guarantees to support Indigenous-equity ownership of major projects in mining, energy, oil and gas, forestry and value-added agriculture.

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