B.C.'s Minister of International Trade and MLA for Richmond Centre, Teresa Wat, toured several aerospace companies last week in a bid to grasp a greater understanding of what she says is a $1.2 billion industry in the province that competes with overseas markets.
She told reporters the government recently invested $5 million in the industry over the next five years in order to give it a boost as new rounds of federal grants will be dispersed to provinces.
"We are well known for our maintenance, repair and overhaul (skills)," said Wat.
On her agenda was a visit to Vector Aerospace on Sea Island, a company that focuses on the maintenance of helicopter and fixed wing engines and components. (See photos and video at richmond-news.com)
Notably, it has a number of contracts with the Department of National Defence and fixes components on the CH-124 Sea King helicopters. In the years to come, Vector will also be working on Canada's new Cyclone helicopters.
Vector's Richmond facility employs about 300 people. About half of Vector's entire workforce of more than 2,700 employees is based in Canada.
At issue for Wat is how to remain competitive with emerging aerospace markets, particularly from the BRIC (Brazil, Russia, India and China) countries.
Vector spokesperson Chelsie Aichelberger said her company is responding to emerging markets by "establishing a footprint with fixed wing and rotor wing maintenance repair and overhaul shops in Brazil and Singapore."
