We’ve entered a new era in global economic competition and the race is on for the US, Canada and the UK to do more to attract foreign direct investment to counter global competition. The G7 economies are at a critical juncture on how best to navigate their economies into, through and beyond the next decade.
A major driver motivating the G7 economies including the US, Canada and the UK, is the emergence of the BRICS economies. (Brazil, Russia, India, China, and South Africa) BRICS has emerged as a formidable economic bloc with a GDP valued around $20 trillion in 2021, compared to the G7’s $35 trillion.
To compete, the US, UK and Canada are investing heavily in their own markets.
North America investing Trillions of dollars of public funds across key sectors
New Preferential Trade agreement between the UK and Canada
North America and UK committed to attracting investment from abroad
Exponential demand to build local capacity from overseas firms
Statistics Canada organization counted 1 million unfilled jobs by Q4 2022, the most on record & double pre-pandemic levels. In late 2022, early 2023, Canadian unemployment rate post Covid, fell by 5%, the lowest since the 1970s. Public sector owner clients increasingly lack internal resources to plan, organize & deliver their schedule of capital projects, are turning to the private sector for support.
Consequently, the US, Canada & the UK is increasing the tempo to attract overseas contractors & consultants, technologists, manufacturers, trades professionals, engineers & scientists, project partners & investors, with the promise of multi-year rolling contracts.
Public & private sector clients in every sector across North America & the United Kingdom are actively looking to attract proponents from overseas. Over the last decade the shortage of technical labor, particular in the United States & Canada, has grown exponentially. Chronic labor shortages exist in every technical discipline & every sector, resulting in projects being cancelled, postponed or deferred.
As a major global trading bloc, North America and the United Kingdom are at risk of losing historic economic gains made in industrial, commercial & technological development & productivity. A lack of industry capacity & the shortage of skilled labor in virtually every sector, threatens their global competitiveness.
Countries around the World are competing hard for the same skills, offering long-term incentives to attract investment from abroad. Consequently, Governments, investment ready start-ups, owner-operators, Business Chambers of Commerce across North America & the UK are motivated to attract investment & build capacity from the International markets.
Thousands of Government funded contracts are available to qualifying proponents in every sector. As one client stated “the problem is not a lack of funding, but insufficient industry capacity to deliver our projects” In early 2023, the Provincial Governments of British Columbia & Alberta each posted a surplus of $1.3BN & $2.4BN, respectively. A similar picture exists across the United States.
The US, Canadian & UK Transatlantic trading corridor provides a significant & timely opportunity for growth focused businesses to position, partner & procure large contracts in markets offering long-term financial stability, predictable deal-flow, & large-scale revenue.
In North America, Canada is often overlooked by some firms exclusively focused on the United States. Whilst the United States offers more, Canada is in fact one of the largest and fastest growing economies in the world, rich with funded opportunities across every sector.
Canada has the world’s second largest land surface area and a population of 37.5 million, and the fastest population growth of all the G7 countries. In 2019, its GDP reached a high of US$1.731 trillion and its economy is projected to become the sixth largest by 2035.
Canada has become a highly attractive destination in which to grow and expand a business, and to launch into other international markets.
The US, Canada and the UK hold significant appeal to businesses interested in growth, due in part to the transatlantic economy, an abundance of natural resources, political stability and good governance.
The US, Canada and the UK remain bullish on the opportunities to further strengthen and enhance their shared economies. To shore up this confidence, Governments and Municipalities have earmarked vast amounts of tax payers money to fund thousands of projects across every sector, over the next decade and beyond.
North America in particular, is seeking to build industry capacity in all of the following disciplines:
Canadian/UK Bi-lateral relations
United States/UK Bi-lateral relations
Canadian/US Bi-lateral economic relations.
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