Published by Carolin McCaffrey, Investment Trade Commissioner | 2020-07-23 12:36:31
Because Canada’s post COVID-19 economic recovery plan can help your organization grow.
#recover – rebuild – grow
#FDI destination: global market access, talent, cost
#COVID-19 recovery and support
#H1B solution provider
#Innovation and technology
#Superclusters
The Coronavirus outbreak (COVID-19) has affected us in ways we would have never imagined and it continues to spread around the world. While its full impact on the global economy remains to be seen, the Government of Canada has taken significant and decisive action to fight the pandemic and to protect Canadian citizens and businesses. Canada has been resilient in the face of crises and quick in its economic recoveries. It remains open for business and welcoming to Foreign Investment.
Before the outbreak of the novel Coronavirus, Canada has regularly claimed its spot under the Top 10 countries to invest over the last years. Just recently, in the Global Business Policy Council of Kearney annual FDI confidence report for 2020, Canada has again retaken the number two position right behind the U.S, while Germany has fallen to third place.
As a New England company – where does Canada fit into your business strategy in the new 2020 normal and beyond?
There will be huge opportunities for those sectors that provide an immediate or mid-term solution to the COVID-19 crisis, and innovation, technology, and R&D are and will remain strong indicators of future success. Especially now, spurred by the quest for new treatments, vaccines, and medical equipment, Boston is a leading force and Canada can be a continued, preferred, and complementary partner.
If your company is looking to grow in the following sectors: Life Sciences, Digital Health, AI, Big Data, Advanced Manufacturing, IIoT, Robotics, Cyber Security, Ocean technologies, CleanTech, AgTech, EdTech – Canada is your partner for growth.
Canada has several programs and initiatives that New England companies should consider. Companies of any size investing in research and development (R&D) in Canada can take advantage of the Scientific Research and Experimental Development (SR&ED) tax incentive program. Another program, the Strategic Innovation Fund (SIF) includes financial incentives that encourage R&D which will accelerate technology transfer and commercialization of innovative products. As a result of the Pan-Canadian Artificial Intelligence Strategy, companies can tap into a growing AI talent pool, leverage national AI research capabilities, and partner with leading AI research institutes on new technology developments. Canada’s Innovation Superclusters Initiative focuses on technology innovation and acceleration in the areas of ocean sciences, artificial intelligence, advanced manufacturing, the protein industry, and digital technology. Finally, did you know that Canada has 14 trade agreements with 51 countries, ensuring global market access? Canada is low cost and offers reduced risk, it has the lowest tax rate on new business investment in the G7.
If none of this has caught your attention yet, highly skilled talent is readily available in Canada. Plus, if your company is affected by the latest executive order suspending new work visas for immigrants, including the H-1B high-skill visa, Canada has the ability to solve your immigration and talent challenges. Canada can fast track your global talent needs, minimizing red tape for employees facing H1B rejections in the U.S.
So many reasons to choose Canada these days! We understand, that with the ongoing uncertainty it can be difficult to contemplate investment decisions in order to minimize potential risk. The good news is that, now more than ever, Canada is committed to helping U.S. companies to unlock business opportunities to prepare them for the post-pandemic new normal business environment. Canada’s value proposition as a competitive, resilient, and stable country for global investment is strong and the country will remain a top investment choice for global investors.
If your New England company wants to learn more about how to emerge from this pandemic well-positioned and full of opportunities – in Canada, please contact us at: carolin.mccaffrey@international.gc.ca.
We’re here to help!