International Ports Partnership ‘Tip of The Iceberg’
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPorts of Indiana Vice President Jody Peacock says a formal partnership and forthcoming market study with the Port of Trois-Rivières in Québec is only the beginning of a powerful collaboration. He says Indiana and the Province of Québec already account for 40 percent of the estimated $34 billion in economic impact along the Great Lakes/St. Lawrence Seaway system. State economic development and port officials have just returned from a trade mission focused on solidifying ties to what Peacock calls the Gateway to North America and a "critical exchange point" for commerce between the two countries.
In an interview with Inside INdiana Business, Peacock says the state already does around $20 billion in trade per year with our neighbors to the north and that number could be even higher. Canada is Indiana’s largest trading partner. "This announcement of a partnership with the Port of Trois-Rivières is the tip of the iceberg. Indiana and Québec have established a partnership that’s gone on for several months and we’re going to continue to work together," he says.
Peacock says right now, only less than one percent of the trade totals between Indiana and Canada move by water, which he calls a "major issue." He believes there is an opportunity to unleash economic connections that don’t even exist currently. Peacock says by better aligning the industries and commerce of the two economies, "we can grow the pie for everyone, so to speak."
The province of Québec is now engaged in a $9 billion, long-term maritime strategy it says could eventually spur the creation of 30,000 jobs over 15 years. With Indiana’s position as a gateway of commerce to the inland waterway system of the U.S., Peacock says a more robust partnership of "complimentary" pieces could be big for the state’s economy.
You can connect to more about the partnership and study by clicking here.
In an interview with Inside INdiana Business, Ports of Indiana Vice President Jody Peacock says the state already does around $20 billion in trade per year with our neighbors to the north and that number could be even higher.