Emerging Sectors in Canada
Canada’s economy is amongst the wealthiest in the world offering a breadth of opportunities across a diverse portfolio of industries driven by innovation. Cross industry partnerships and close-knit relationships with universities have been key to pumping investments into research and development. The result is a substantial balance between high-tech manufacturing sector and knowledge intensive services. Aerospace, automotive, bio-products, biopharmaceuticals, chemicals and plastics, medical devices, renewable energy, software and wireless technologies, banking and insurance, finance and business consulting are some areas in which Canada finds itself expanding its core competencies. Hence, Canada has essentially built a solid economy around high growth sectors that indicate healthy prospects for the future.
Canada is one of the largest manufacturers in automotives due to its dominant position within NAFTA attracting global players including General Motors, Toyota, Volvo and Ford to set up base manufacturing centres. Canadian establishments possess a great deal of expertise in high-tech machinery and equipment that widens their impact across sub-sectors including agriculture, metalwork, natural gas and oil drilling as well as mining, amongst others. One of the highest growing industries in Canada is pharmaceuticals with manufacturing centres, R & D facilities and sophisticated distribution networks setup all across the country. Naturally, Canada is a leader in manufacturing advanced medical equipment that spreads its impact on a number of other sectors. Advancements in telecommunications, microelectronics, informatics and software as well as biotechnology are incorporated in producing therapeutic and diagnostic instruments including cardiovascular equipment, home healthcare products and dental material as well as implants. Also, given that Canada has a population with high disposable incomes and credit markets that believe in robust consumption, retail and consumer goods are consequently a significant contributor in Canada’s USD$ 1.8 Trillion Gross GDP. Furthermore, sustainable building and construction is increasing momentum along with the promise solar energy has shown with latest developments in furthering the efficiency of solar panels both technically and economically.
In addition, the impact of institutional banking and business consulting services cannot be underestimated as it is the core function that fuels and supports the economy’s investment needs, attracting global investors to a somewhat more stable and regulated than the usual financial market.