The buzz over BRICs (Brazil, Russia, India and China) may have been replaced by news of CIVETS (Colombia, India, Vietnam, Egypt, Turkey ans South Africa), but opportunities still abound in all these countires, Make sure you’re ready to begin trading with these busy markets- join I.E.Canada for its upcoming international webinars. Sign up for one [...]
The buzz over BRICs (Brazil, Russia, India and China) may have been replaced by news of CIVETS (Colombia, India, Vietnam, Egypt, Turkey ans South Africa), but opportunities still abound in all these countires, Make sure you’re ready to begin trading with these busy markets- join I.E.Canada for its upcoming international webinars. Sign up for one or take advantage of the savings and sign up for an entire series!
Series I
1) Importing into Russia
April 11, 2013 1:00pm – 2:30pm EST
2) Importing into Japan
April 25, 2013 1:00pm – 2:30pm EST
3) Importing into India
May 9, 2013 1:00pm – 2:30pm EST
CLICK HERE for more information and to register.
Series II
1) Importing into Turkey
June 6, 2013 1:00pm – 2:30pm EST
2) Importing into Vietnam
June 20, 2013 1:00pm – 2:30pm EST
3) Importing into South Africa
July 11, 2013 1:00pm – 2:30pm EST
CLICK HERE for more information and to register.
Member Registration Rate: $150/session or 3 for $300 (full series)
Non-Member Registration Rate: $200/session or 3 for $500 (full series)
The region of Upstate New York, next door to Ontario, is dividing along trade lines: into businesses that export and those that do not. A new study of the region’s top 30 publicly traded companies shows clear evidence of a two-track economy, with a widening gap in revenue growth between companies that have expanded abroad [...]
The region of Upstate New York, next door to Ontario, is dividing along trade lines: into businesses that export and those that do not.
A new study of the region’s top 30 publicly traded companies shows clear evidence of a two-track economy, with a widening gap in revenue growth between companies that have expanded abroad and those focused on the domestic market. Between 2007 and 2011, companies with international operations or exports have grown their revenue an average of 13% more annually than companies that have stayed at home.
The comprehensive study, done jointly by the World Trade Center of Buffalo Niagara and HSBC Bank (which owns Business without Borders) “reaffirms a lot of things we know,” says Chris Johnston, president of the World Trade Center. “There is a big variance between companies doing business internationally and companies doing business domestically, and that spread directly relates to their growth rate.”
The study looked at the numbers of 30 leading companies headquartered in the area, such as Constellation Brands, Moog Inc., Paychex, National Fuel Gas Company and Seneca Foods. It found that while both international and domestic companies suffered a decline in the darkest days of the global economic recession, from 2008 to 2010, the decline was not as steep for international companies. In the global rebound period of 2010-2011, international companies in Upstate New York grew at a rate of 4.59% versus 1.69% for domestically focused companies.
Click here to read the complete article (free subscription required)
Source: Deborah Stokes | Business without Borders
Do you currently operate in a niche market? Have you considered expanding into new markets? The decision to export a product or service to an international market often depends on the financial resources of a company, the product lifecycle and the product itself. However, a recent survey completed by EDC’s Online Research Panel also found [...]
Do you currently operate in a niche market? Have you considered expanding into new markets?
The decision to export a product or service to an international market often depends on the financial resources of a company, the product lifecycle and the product itself. However, a recent survey completed by EDC’s Online Research Panel also found that the push to diversify can be dictated by the demand for their products or services, and a planned strategy.
A market entry strategy details how to market, sell, deliver and distribute your products in another country. The strategy also defines ways of obtaining contracts and delivering them in that country. Some of the most common methods for selling to a new market include: directly exporting products or services to a foreign buyer, indirectly exporting products or services using a distributor or consultant, and manufacturing products in the target market.
Description:
What does a strong market entry strategy require? Join Export Development Canada and its panel of international experts as they explore:
• All potential market entry methods, such as licensing, Greenfield projects, franchising, turnkey projects, and joint ventures;
• How to develop a thorough analysis of potential competitors and possible customers;
• Some of the risks incurred when entering a new market; and
• Domestic and international partners that are available to assist in your international trade success.
Who Should Attend:
Canadian companies interested in developing or enhancing their international trade portfolio.
Date: Thursday, February 28, 2013
Time: 1:30 p.m. – 2:30 p.m. (EST)
Cost: Free
Click here to register for this event.
SMART Prosperity Now: Go Global! will be the last full event in the FedDev Prosperity Now funding. The purpose of the event is to highlight CME’s Smart Prosperity Now initiative, provide the latest information to manufacturers on export opportunities and to share best practices on export strategy and financing. Don’t miss this opportunity to find out [...]
SMART Prosperity Now: Go Global! will be the last full event in the FedDev Prosperity Now funding.
The purpose of the event is to highlight CME’s Smart Prosperity Now initiative, provide the latest information to manufacturers on export opportunities and to share best practices on export strategy and financing. Don’t miss this opportunity to find out how you can access up to $75,000 in funding.
Date: Thursday, February 14, 2013
Time: 8 a.m. to 3:30 p.m.
Place: The Mississauga Convention Centre | 75 Derry Road, Mississauga, Ontario
Click here for the official flyer, including information, agenda, and registration.
Virtual Summit: September 27, 2012 Expanding your business into new markets can be daunting; however the benefits can open your business to a world of opportunities. But how do you know which markets are right for you? Join global business specialists and a panel of experts for a full day of presentations on trade solutions that [...]
Virtual Summit: September 27, 2012
Expanding your business into new markets can be daunting; however the benefits can open your business to a world of opportunities. But how do you know which markets are right for you?
Join global business specialists and a panel of experts for a full day of presentations on trade solutions that will help you grow your business. On September 27, 2012, Export Development Canada (EDC) will present Get in Top Shape for Trade 2012, an inventive virtual conference and exhibition intended to provide you with information, tips and resources that will help you succeed more efficiently in international trade.
Highlights:
• Find the right markets and learn how and where to diversify
• Discover how to achieve operational excellence by leveraging cash flow management, avoiding financial fraud, and more.
Who Should Attend:
• Canadian exporters considering doing business in markets such as China and India.
• Canadian companies interested in the infrastructure, cleantech and healthcare sectors.
More information on event speakers and partners here.
Click here to register for this free event.
I.E.Canada kicks off its first of a kind INTERNATIONAL WEBINAR SERIES on July 18th with a 90-minute session covering the basic customs process and procedures of Brazil. (Other webinars in the series deal with importing into Mexico and China.) With a population of almost 200 million, Brazil is by far the largest market in South [...]
I.E.Canada kicks off its first of a kind INTERNATIONAL WEBINAR SERIES on July 18th with a 90-minute session covering the basic customs process and procedures of Brazil. (Other webinars in the series deal with importing into Mexico and China.)
With a population of almost 200 million, Brazil is by far the largest market in South America and, in fact, recently overtook the UK to become the world’s sixth-largest economy. The country offers prospects across various sectors, many of which match Canadian industry strengths. Don’t be intimated by unfamiliar customs requirements; learn what you need to know to capitalize on trade with Brazil.
Time: July 18, 2012 – 1:00 pm – 2:30 pm EDT
Speaker: Arnon Melo, Managing Director, Mellowhawk Logistics Inc.
Webinars in this series are offered on a per session basis as well as a package deal. The prices are as follows:
Member Registration Rate: $150/session or 3 for $300 (full series)
Non-Member Registration Rate: $200/session or 3 for $500 (full series)
Webinar login information will be sent prior to each session. Click here to register.
A Delta Economics report commissioned by HSBC predicts that U.S. trade will increase by 95% by 2026 and that growth in exports will be led by shipments to developing countries. “Traditional export•driven economies in ‘emerging’ markets are becoming more consumer•driven and importing more from high•end developed nation producers like the United States to fulfill demand,” [...]
A Delta Economics report commissioned by HSBC predicts that U.S. trade will increase by 95% by 2026 and that growth in exports will be led by shipments to developing countries. “Traditional export•driven economies in ‘emerging’ markets are becoming more consumer•driven and importing more from high•end developed nation producers like the United States to fulfill demand,” an HSBC press release quoted Senior Executive Vice President Steve Bottomley as saying. “U.S. businesses should not ignore this important shift, and growth driver, but instead position themselves to become beneficiaries of this opportunity that is expected to help fuel global trade for many years to come.”
Highlights of the report include the following:
• U.S. trade growth is forecast to average 3.3% annually over the next five years and then accelerate to more than 6% by 2021.
• Canada and Mexico will remain the two main export partners for the U.S. and its number two and three sources for imports through 2016. However, growth will be relatively slow, with annual exports up 1.7% to Canada and 4% to Mexico and imports rising 0.7% and 3%, respectively.
• Emerging nations expected to import U.S. goods at the fastest pace during the next five years include Peru (8.7%), Turkey and Brazil (each more than 8%) and India (7.6%).
• U.S. imports from emerging nations are also expected to rise during this period, led by Vietnam at around 7% and Colombia, Russia and Singapore at 5•7%.
• Exports of soy beans, coal and petroleum should all see significant growth during the next five years, above 9%. Biopharmaceuticals and telecommunications equipment are the two fastest growing non-commodity exports at 8.6% and 6.7%.
• 59% of U.S.-based importers and exporters anticipate an overall increase in their trade volumes over the next six months, with 29% identifying Latin America as their greatest opportunity for trade growth and 23% naming China. U.S. businesses are also more optimistic about the state of the global economy, with 44% expecting it to improve by the end of the year, up from 29% in the latter part of 2011.
• China is expected to continue see strong annual growth in both imports (5.1%) and exports (4.7%) through 2016. The annual growth rate of U.S. exports to China is forecast to outpace that of U.S. imports from China during this period.
• China and Germany are set to leapfrog the U.S. to become the world’s largest importers by 2026.
Source: STR Trade Report
Export Development Canada (EDC)… announced that is has parlayed the success of its annual Canadians at Work: 50 International Infrastructure Projects publication into a new online resource for Canadian companies. “Connecting Canadian companies to global infrastructure projects, and to other Canadian companies already involved in them, is another opportunity to help create trade opportunities for [...]
Export Development Canada (EDC)… announced that is has parlayed the success of its annual Canadians at Work: 50 International Infrastructure Projects publication into a new online resource for Canadian companies.
“Connecting Canadian companies to global infrastructure projects, and to other Canadian companies already involved in them, is another opportunity to help create trade opportunities for Canada’s infrastructure sector,” said Francoise Faverjon-Fortin, Vice-President, Infrastructure and Environment, EDC. Continue reading »
Businesses thinking of importing, exporting or doing business in Brazil have an excellent chance to learn more about the South American giant in an upcoming forum. The Burlington Economic Development Corporation will present, An Export Forum: Being Successful in Brazil on Thursday, Feb. 9 for those considering doing business in Brazil. Brazil boasts the world’s [...]
Businesses thinking of importing, exporting or doing business in Brazil have an excellent chance to learn more about the South American giant in an upcoming forum.
The Burlington Economic Development Corporation will present, An Export Forum: Being Successful in Brazil on Thursday, Feb. 9 for those considering doing business in Brazil.
Brazil boasts the world’s seventh largest economy, with GDP of US$2.2 trillion in 2010. And, unlike most major economies, Brazil is expanding quickly; GDP growth topped 7% in 2010. That dynamism is driven largely by youthful demographics. Just 6.7% of Brazil’s 193 million citizens are older than 65. The country’s middle class also is growing rapidly, driving up demand in a range of sectors, from household goods to automobiles.
The country known for its love of soccer and samba also is growing enamoured with foreign suppliers. Growth has simply outstripped the ability of domestic firms to find talent and ramp up production quickly enough to deliver the products and services Brazilians want. “Brazil has the potential to produce almost everything, but it needs more of everything to maintain growth,” according to jean Cardyn, Export Development Canada’s regional vice-president for South America.
For just $20, participants can learn from experts at the Brazil Chamber of Commerce, the Canadian Association of Importers and Exporters, KPMG and Export Development Canada on: keys to success for entering the Brazil market, global customs compliance, tax considerations and risk mitigation and financing.
The event takes place from 7:30-9:30 a.m. at the Holiday Inn Burlington Hotel and Conference Centre, 3063 South Service Rd. A light breakfast will be served.
To register, call the BEDC at 905-332-5352.
Foreign Affairs and International Trade Canada (DFAIT) is accepting another round of applications for their Canadian government funding program called Going Global Innovation (GGI). Applicants who are accepted into the program will receive government funding towards specific project expenditures. These expenditures must be related to the creation of relationships with potential global partners and product [...]
Foreign Affairs and International Trade Canada (DFAIT) is accepting another round of applications for their Canadian government funding program called Going Global Innovation (GGI). Applicants who are accepted into the program will receive government funding towards specific project expenditures. These expenditures must be related to the creation of relationships with potential global partners and product developers.
The GGI program is intended on providing innovative SMEs in the science and technology fields with an opportunity to attract foreign direct investment and global R&D partnerships. Applications require an 8-week review process so the funding will apply to projects occurring from March 2012 onwards.
Eligible expenses include travel and related costs such as: airfare; local transportation; accommodation; and meals. Other non-research expenses that will be covered by the program include: meeting costs (workshop or seminar expenses, hospitality), participation at targeted exhibitions and conferences; pursuit of large scale projects (such as EU Framework); development of legal documentation to solidify partnership; translation services; photocopies or printed material; and, pursuit of financial support.
Applicants must request a minimum of $5,000 from the GGI program in order for the proposal to be considered. The maximum payable to any organization for an approved project is $75,000.
Additional information can be obtained from the Going Global Innovation Handbook or by contacting:
Erika Mallett
Trade Commissioner – Going Global Administrator
innovation@international.gc.ca
Note: For more information on the Going Global Initiative or any other Canadian Government Funding Programs, please contact Mentor Works, The Government Funding Experts.
With a free trade agreement between Canada and Colombia now in place, there are more reasons than ever to consider this fast growing country with the world’s third-largest Spanish-speaking population. Although it has had a troubled past Colombia is very different from its fellow Andean nations of Venezuela, Ecuador and Bolivia with their populist and sometimes [...]
With a free trade agreement between Canada and Colombia now in place, there are more reasons than ever to consider this fast growing country with the world’s third-largest Spanish-speaking population.
Although it has had a troubled past Colombia is very different from its fellow Andean nations of Venezuela, Ecuador and Bolivia with their populist and sometimes erratic governments. It is closer to another Andean nation, Peru, which is forging ahead with pro-business, pro-development policies and is leaving the recent era of disorder behind it.
Don’t expect that the cost of doing business in Colombia will be a big advantage even if it is a developing nation. The cost of fuel is only slightly lower than in Canada and office rents are only 20% lower there. Monthly housing costs are very close to those in Canada and industrial space is almost on par. A recent article in The Economist magazine noted that the costs of Colombia’s deficient infrastructure – which came 79th of 139 countries’ networks ranked by the World Economic Forum – are massive. Moving goods from inland cities to a port can sometimes be more expensive than shipping them from the port to a market halfway around the world.
As for taxes, the nation has slashed its business and personal tax rates and steps have been taken to simplify the tax code but recent governments have failed to restrain spending and differential rates and loopholes continue to complicate paying taxes. You can get more information on taxation from the World Bank Group’s Doing Business site.
Export Development Canada publishes a useful guide to Colombia and other Andean nations. It outlines industrial sectors where there are opportunities for Canadian businesses, including mining, oil and gas, power generation, construction, environmental equipment and services, and government sales.
Colombia maintains 40 free-trade zones which attract overseas investors with 15% tax rates and a 40% tax deduction for fixed assets as well as exemption from customs duties and value-added taxes on imported materials. In addition there are investment incentives for hotel and ecotourism services; late-yield crops; medical and software products; Aeolian, biomass and agricultural energy generation; and publishing. Get more information from the Colombian government.
Importers should know whether their products need to conform to technical standards laid down by the Colombian Technical Standards Institute. Obtain a “certificate of conformity” from an accredited testing laboratory before selling goods in Colombia.
For more detailed information on doing business in Colombia, a comprehensive and up-to-date guidebook published by Deloitte Touche Tohmatsu can be downloaded here.
(CME via Marketwire) Governments on both sides of the Canada-US border must take decisive action to respond to the competitive challenges facing manufacturers and the economy, according to a joint statement released today by North America’s top two industry groups. Canadian Manufacturers & Exporters (CME) and the National Association of Manufacturers (NAM) are calling on [...]
(CME via Marketwire)
Governments on both sides of the Canada-US border must take decisive action to respond to the competitive challenges facing manufacturers and the economy, according to a joint statement released today by North America’s top two industry groups.
Canadian Manufacturers & Exporters (CME) and the National Association of Manufacturers (NAM) are calling on policymakers to minimize lingering uncertainty and establish winning conditions for businesses to compete in the global marketplace and create stable, high-paying jobs. The announcement, made at the first-ever Canada-US Manufacturing Summit in Montreal, outlines nine priorities for government leaders at all levels.
“Canada does more than just trade with the United States,” says CME President & CEO Jayson Myers. “We build things together. We innovate together. And we need our governments to work together to translate good intentions into bottom-line results.”
“We can work together to better integrate our two economies for the common cause of a robust manufacturing sector in North America, as well as creating jobs and opportunity for the collective good of our two countries,” adds NAM President and CEO Jay Timmons.
Among the priorities, CME and NAM highlight the need to implement a tax structure that encourages business investment, innovation and growth, as well to reduce costly and duplicative regulations. The US remains Canada’s largest trading partner, accounting for more than three-quarters of all bilateral trade.
“We commend our governments for the steps they have already taken in support of manufacturing,” says Myers. “But we urge them to do more, and to see the urgency of the challenges as we do. The relationship between our two countries is strong, and now is our opportunity to lay the framework for future prosperity.”
“We need for our two governments to work with us in the private sector,” says Timmons, “on taxes, regulations, energy and trade to benefit Americans and Canadians alike.”
(DFAIT) The Embassy of Canada in Japan is inviting businesses to take part in the program planned around BioJapan World Business Forum 2011 (BioJapan), which will be held October 3-7, 2011 in Yokohama, Japan. Participating companies will be able to profile their capabilities, seek new partners, develop new sales channels, and/or find new strategic investors [...]
(DFAIT)
The Embassy of Canada in Japan is inviting businesses to take part in the program planned around BioJapan World Business Forum 2011 (BioJapan), which will be held October 3-7, 2011 in Yokohama, Japan. Participating companies will be able to profile their capabilities, seek new partners, develop new sales channels, and/or find new strategic investors in Japan.
Last year’s event attracted 15,175 visitors and 425 exhibitors from 25 countries. Major Japanese pharmaceutical companies are also participating in BioJapan 2011.
Click here for more information.
(DFAIT) The Canadian Trade Commissioner Service is organising CE-Certification workshops designed to provide medical device companies with an overview of the EU regulatory system. Certification is mandatory on many Europe-bound products and certifies that a product has met EU consumer safety, health and environmental requirements. These workshops will provide an opportunity for Canadian manufacturers of [...]
(DFAIT)
The Canadian Trade Commissioner Service is organising CE-Certification workshops designed to provide medical device companies with an overview of the EU regulatory system.
Certification is mandatory on many Europe-bound products and certifies that a product has met EU consumer safety, health and environmental requirements.
These workshops will provide an opportunity for Canadian manufacturers of health products to learn how to seek regulatory approval for medical devices and prepare for exporting products to the EU market.
Monika de Villiers, Trade Commissioner from Germany, will attend the workshop and will answer questions regarding the European market.
Toronto – September 21
Vancouver – September 23
Calgary – September 26
Winnipeg – September 27
For more information, contact:
Anona Lukawiecki-Vydelingum
Trade Commissioner, Regional Office of the TCS in Toronto
Tel.: 416-973-5053, anona.lukawiecki-vydelingum@international.gc.ca
Wendy Trusler
Trade Commissioner, Regional Office of the TCS in Vancouver
Tel.: 604-666-0434 wendy.trusler@international.gc.ca
David Freeman
Trade Commissioner, Regional Office of the TCS in Edmonton
Tel.: 780-495-2944 david.freeman@international.gc.ca
Nicki Dewar
Trade Commissioner, Regional Office of the TCS in Winnipeg
Tel.: 204-983-7349 nicki.dewar@international.gc.ca
(The Council of the Federation) Premiers released a strategy entitled Canada in the Global Economy. They also announced that, within 12 months, Premiers will pursue a joint Council of the Federation mission to Asia with the federal government to advance an ambitious international trade agenda for Canada. As committed international actors with increasingly sophisticated global [...]
(The Council of the Federation)
Premiers released a strategy entitled Canada in the Global Economy. They also announced that, within 12 months, Premiers will pursue a joint Council of the Federation mission to Asia with the federal government to advance an ambitious international trade agenda for Canada.
As committed international actors with increasingly sophisticated global connections and capabilities, provinces and territories are an integral part of any international strategy for Canada, particularly given their responsibility for many of the matters addressed in modern trade agreements. The four-point strategy released today by Premiers outlines specific actions to harness the common and individual strengths of provinces and territories and help position Canada strongly in the global economy:
1. Ensure a robust and forward-thinking Canadian trade and investment agenda is in place with appropriate attention to markets including the United States, the European Union (EU), Asia, as well as other emerging markets.
2. Maintain and expand Canada’s physical infrastructure and gateway policy to accommodate and encourage the flow of people, services and goods.
3. Facilitate the movement of people – including tourists, immigrants, international students, and business people – and capitalize on the opportunities available to Canada through globally connected Canadians and the linkages they can create between Canada and the world.
4. Build and deepen productive relationships with Canada’s trading partners by becoming better educated about international cultures, economies and global connections – and better educate the international community about Canada.
Continue reading »
(FoodNavigator.com – Ankush Chibber) Food and beverage makers should be prepared to move away from the conventional marketing strategies when it comes to countries like India and China, a white paper from UK-based Healthy Marketing Team said. According to the white paper, to succeed in the emerging BRIC (Brazil, Russia, India, China) markets, innovations in [...]
(FoodNavigator.com – Ankush Chibber)
Food and beverage makers should be prepared to move away from the conventional marketing strategies when it comes to countries like India and China, a white paper from UK-based Healthy Marketing Team said.
According to the white paper, to succeed in the emerging BRIC (Brazil, Russia, India, China) markets, innovations in food and beverage industry must reflect the fast changing aspirations of the consumers these markets.
The paper, published in the journal, AgroFood Industry HiTech warned that, while the BRIC markets present a tantalising market prospect for any company or brand with global ambitions, a simplistic, fit all solution is unlikely to succeed across the countries like China and India. Read more here.
(The Toronto Star) The Conference Board of Canada says businesses need to redouble their efforts to innovate and diversify their sales if they are to remain globally competitive amid the economic turmoil in the United States. The board says the economic outlook for Canada is generally positive, but the U.S. may be in the midst [...]
(The Toronto Star)
The Conference Board of Canada says businesses need to redouble their efforts to innovate and diversify their sales if they are to remain globally competitive amid the economic turmoil in the United States.
The board says the economic outlook for Canada is generally positive, but the U.S. may be in the midst of a lost decade. There is no pain-free way for the U.S. government to deal with its deficit estimated at more than $1.3 trillion a year, the board says.
However the Canadian economy appears on track and short-term interest rates are expected to rise, which will put upward pressure on the loonie and hurt companies that depend on U.S. markets.
Roughly 70% of Canadian exports go to the United States. The automotive and forestry sectors in Ontario and British Columbia are also expected to remain sluggish as mediocre U.S. growth will weigh them down.
(Forum for International Trade Training) New research confirms critical importance of human resources, international trade expertise and training to Canada’s future competitiveness Canada’s greatest international trade challenges depend upon the development and delivery of effective and innovative human resource solutions to ensure our future international competitiveness – part of the findings from a new report [...]
(Forum for International Trade Training)
New research confirms critical importance of human resources, international trade expertise and training to Canada’s future competitiveness
Canada’s greatest international trade challenges depend upon the development and delivery of effective and innovative human resource solutions to ensure our future international competitiveness – part of the findings from a new report released by FITT (Forum for International Trade Training). Globalization has complicated the way in which international business is understood and the concept of “Integrative Trade” has emerged to describe a much more complex global system. International trade now sees goods, services and services related to goods traded across borders many times along global value chains, all powered by large amounts of foreign direct investment. The report coupled secondary research with industry engagement to uncover and describe the realities Canadian businesses face in international trade and the resulting human resource challenges that are emerging and shaping the sector’s future.
“The research confirms that Canada’s historically strong international trade position is deteriorating and our economic success in the future will largely be determined by the strength of the human resources that drive international trade,” said Caroline Tompkins, President of FITT. “There is a clear urgency – both in terms of opportunity and competition – for Canadians to engage more proactively, more effectively and much more broadly in international business, trade and investment, and to do so we need a talented labour force with effective international business skills in practically all industries,” added Tompkins.
The research highlighted a few important areas where skills and competencies are needed:
Without the protection of a low-value currency, sharpened business development competencies are required to identify new opportunities and participate in global value chains;
Problems related to regulatory compliance today poses one of the greatest obstacles to international trade and firms urgently require skills to manage these new barriers;
Extending services sector growth in international markets will be integral to sustaining Canada’s economic growth, and therefore a growing need for international trade skills is emerging in this sector;
Canadian firms require skills to support innovation and gains in productivity as they cannot compete in an environment of a high Canadian Dollar if productivity levels remain at 75% of that of US firms.
Among the specific findings in the report are nine key drivers in international trade and the human resource implications associated with them. For example, there is a lack of awareness and appreciation for the importance of global trade for Canada’s prosperity and only a fraction of Canadian businesses are directly engaged in international trade. Neglect of the awareness of the importance of international trade puts Canadian competitiveness and economic prosperity at risk, yet the return on investment to increased trade is high. “Every additional $1-billion in exports creates on average 11,000 new jobs. In addition, jobs at international businesses pay higher-than-average wages contributing directly to increased prosperity,” said Tompkins. The research findings also demonstrate that a highly skilled international business labour force lowers costs to companies as they make fewer mistakes and will act on global opportunities more quickly.
The Executive Summary is now available on the FITT website. The full report will be made available shortly.
In 2009 Rotec Industries in Chicago, Illinois struggled to keep its doors open. Rather than close down, they expanded into New Markets…
(Department of Commerce)
In 2009 Rotec Industries in Chicago, Illinois struggled to keep its doors open. Rather than close down, they expanded into New Markets abroad. This is their story.
