Northwest Territories Expands Fur Market Globally
A new multi-partnered initiative is working to increase consumer demand, broaden market reach and establish new overseas markets for Genuine Mackenzie Valley Furs from the Northwest Territories (NWT).
The Government of the Northwest Territories (GNWT)-led project was launched last month in Beijing. It will see NWT furs represented and promoted in coming months at fur and fashion tradeshows in Beijing, Hong Kong and Milan.
"In order to maximize opportunities and choices for residents working in our traditional economy, especially during times of economic uncertainty, we must expand beyond our traditional market base in Canada, Europe and the United States," Minister of Industry, Tourism and Investment Bob McLeod said.
"Countries such as China and Russia have a rapidly growing wealth base. Both of these countries are projecting annual growth in their economies five to ten times greater than that projected for both Europe and North America."
The mission, coordinated on behalf of the GNWT by Fur Harvesters Auctions Incorporated and supported by the federal Department of Indian and Northern Affairs' Strategic Investments in Northern Economic Development (SINED) Program, is also showcasing Government Certified Canadian Diamonds™.
If successful, it will provide the basis for a longer-term marketing and promotions strategy and a model to leverage further funding through Federal programs.
"This initiative complements ongoing GNWT efforts to provide growth and diversification in the NWT economy. It will help protect trappers from the impacts of uncertainty in the current market place," Minister McLeod said.