Are you exploring the idea of global expansion to Canada? As you know, there are always risks in expanding to new markets, but if Canada’s opportunities outweigh your business risks, then it may just be the ideal destination for your global business expansion. To assess Canadian expansion potential for your business, consider the economic stability, industry strengths, labor market, and investment opportunities.
Canada’s economy, a highly developed mixed-market economy built upon the value of its natural resources, is one of the largest in the world. Ranked 1st among 32 countries in the Americas region and with an overall score above the regional and world averages, Canada’s economy is strong. International trade is also a significant component of Canada’s economy, with imports and exports each making up about one-third of the GDP.
Canada is a global leader in manufactured products, such as paper, high technology equipment, automobiles, aerospace technology, machinery, clothing, and food. Its largest international trading partner is the United States. Still, Canada’s industries are very diversified, and most sectors are advanced and highly successful.
Canada’s labor market has recent issues of a shrinking workforce. Workers are dropping out of the labor force, signaling the economy is losing momentum. The country has been shedding jobs in the summer of 2022 as economists predicted growth. Still, a record unemployment rate remained at 4.9% as the labor market shrank similarly.
If you want low costs and high rewards, Canada is the investment opportunity that can deliver. Top talent, an unbeatable tax environment, and unrivaled market access make Canada a fertile ground for growth opportunities for global investors.
Before expanding to Canada, you should first look for opportunities that align with your business goals. Next, consider the risks and find ways to mitigate them. Consult an expert for a risk assessment, and make an informed, sound decision for your global business growth.
So, if you’re interested in entering a market with high growth potential, Canada might be your next destination. For more information, please download our Destination Guide: Canada below.