British Columbia's Trade And Investment Future: Opportunities And Strategies

Trade and Invest British Columbia (B.C.) is an organisation that works with international enterprises to help them build strong links to the resources, skills and businesses that make British Columbia an attractive place to work, live and invest. B.C. is a natural fit for big thinkers, innovators and change-makers, providing an environment where cutting-edge companies can grow sustainably and inclusively.

B.C. has a rich and diverse economy, generating a wide range of trade and investment opportunities across multiple sectors. The organisation helps international companies invest in British Columbia, which is one of North America's most competitive and dynamic business environments. B.C. is strategically located at the crossroads between the Asia-Pacific region and North America, and companies in the region benefit from low taxes, competitive operating costs, stable labour conditions, and a multicultural workforce that is well-educated, highly skilled, and productive.

Trade and Invest B.C. offers assistance to export-ready firms in British Columbia through local support and its network of international trade and investment representatives based in China, Japan, Korea, India, Southeast Asia, Europe, and the United States. The organisation facilitates foreign investment and enables businesses to successfully expand to and establish a business presence in British Columbia, Canada. It also helps build connections and partnerships by promoting the trade of B.C. products and services globally.

British Columbia's economy and business climate

British Columbia's economy is rich and diverse, offering a wide range of trade and investment opportunities across multiple sectors. The province is strategically located at the crossroads of the Asia-Pacific region and North America, making it an ideal gateway for businesses looking to expand globally.

British Columbia has a dynamic and competitive business environment with several advantages, including low taxes, competitive operating costs, and stable labour conditions. The province also boasts a highly educated, skilled, diverse, and productive workforce.

The government actively encourages investment and has a stable fiscal and political environment, as well as a dependable legal system. The "Doing Business in British Columbia" guide is a valuable resource for businesses looking for general information about laws, regulations, employment, taxes, and business practices relevant to operating in the province.

British Columbia is also committed to adopting ESG (Environmental, Social, and Governance) principles as pillars of its economic strategy, with Environmental, Social, and Governance advantages integral to its economic strategy and industrial blueprint.

The province has a network of international trade and investment offices, connecting BC companies to international enterprises and helping them build strong links to resources, skills, products, and services. These offices are located in Japan, South Korea, India, China, Southeast Asia, Europe, and the United States, with recent expansions in the US and Southeast Asia.

The Trade and Invest BC team facilitates foreign direct investment and provides confidential advice and support to businesses looking to invest in, expand to, or export from British Columbia. They assist in areas such as commercial location identification, transportation infrastructure information, talent facilitation, legal and tax matters, and industry insight.

With its diverse economy, skilled workforce, and supportive business environment, British Columbia presents a compelling case for businesses looking to establish or expand their operations.

British Columbia's skilled, diverse workforce

British Columbia's skilled, diverse, and adaptable workforce is an important economic advantage, making it an attractive place for companies to establish or expand their operations. The province has over 2.9 million workers with experience across a broad range of sectors, including clean and high technology, mining, agriculture, and transportation.

B.C.'s diverse, multilingual talent pool is a significant draw for companies. The province's highly-trained workforce is regularly replenished by a talent pipeline from over 25 provincial institutions, including top-ranked universities such as the University of British Columbia and Simon Fraser University. B.C. also has a high number of international students, with the second-largest concentration in Canada, contributing to its diverse and skilled workforce.

The province offers a highly skilled workforce with strong talent pipelines. Vancouver, for example, ranks in the top ten best markets for tech talent in North America, and employment in B.C.'s professional, technical, and scientific services industries has grown by 26% in the past five years, outpacing the national average.

B.C. and Canada offer progressive and robust immigration programs, such as the B.C. Provincial Nominee Program, which provides a pathway to permanent residency for high-demand international workers and experienced entrepreneurs. These programs help attract and retain global talent, further strengthening B.C.'s diverse and skilled workforce.

The combination of a large, educated workforce, top-ranked universities, and progressive immigration policies makes British Columbia a desirable location for businesses looking to tap into a skilled and diverse talent pool.

British Columbia's international trade offices

British Columbia's network of international trade and investment offices is managed by the Ministry of Jobs, Trade and Technology. The province has about 65 trade and investment representatives based in 17 locations worldwide. These representatives work to connect BC companies to international enterprises, helping them build strong links to the natural resources, skills, products and services that make British Columbia an attractive place to invest and do business.

Offices in the United States

British Columbia has long-standing relationships and extensive business connections with the United States. The province has trade and investment offices in the following cities:

• Seattle
• San Francisco and Silicon Valley area
• Los Angeles
• Sacramento
• Boston
• New York

The team in these offices has developed extensive networks in the United States and helps businesses capitalise on shared opportunities, especially in sectors such as clean technologies, digital media, agrifoods, life sciences, and information and communication technologies.

Offices in Asia

British Columbia has trade and investment offices in several Asian countries, including Japan, South Korea, China, and India. The province also has a strong presence in Southeast Asia, with offices in Singapore, Indonesia, the Philippines, and Vietnam.

The representatives in these offices have extensive networks and strong connections to British Columbia, helping businesses capitalise on shared opportunities in various sectors. For example, the Canada-Korea Free Trade Agreement (CKFTA) has strengthened bilateral relationships and trade connections between British Columbia and Korea, particularly in goods such as coal, copper, unwrought aluminium, and wood products.

Office in Europe

British Columbia's trade and investment office in Europe is located in London, United Kingdom. This office serves as the centre for the province's programs throughout the continent. Europe's multi-faceted economy presents numerous opportunities for trade and partnership in key sectors, including resources, biomass and green technologies, information and communication technologies, life sciences, and education.

British Columbia's trade diversification strategy

B.C.'s Trade Diversification Strategy was developed to leverage the province's economic strengths to support sustainable, innovative, and inclusive economic growth. The strategy aims to support B.C. businesses in accessing international opportunities and protecting them from market volatility and geographically specific trends and changes. The strategy is informed by various organizations and partners, including Indigenous-led organizations, organizations led by underrepresented groups, and federal and provincial government partners.

The strategy focuses on two main goals:

• B.C. businesses have more trade and investment opportunities in new markets: This includes establishing B.C. trade and investment staff in new markets such as Mexico, Taiwan, and Vietnam, delivering strategic export and investment initiatives, strengthening bilateral relationships, and helping B.C. businesses showcase their export products and services.
• B.C. has a greater number and diversity of businesses exporting goods and services: This involves providing tailored export and investment attraction supports, offering access to professional advisory services, partnering with Indigenous-led economic development groups, and working with underrepresented businesses to enhance export and investment programming and address barriers.

By implementing these goals and actions, B.C.'s Trade Diversification Strategy aims to increase the participation of B.C. businesses in international trade, create a more balanced and diverse customer base, and attract investment that aligns with social, environmental, and governance values. It also aims to enhance the province's global profile as a supplier of innovative goods and services that reduce carbon emissions and promote environmental responsibility.

B.C. is well-positioned for trade and investment, with a rich and diverse economy, a skilled and diverse workforce, and a high quality of life. The province is also leading the way in adopting ESG (Environmental, Social, and Governance) principles as pillars of its economic strategy, making it an attractive destination for businesses seeking innovation and sustainability.

British Columbia's investment review process

British Columbia is a natural fit for big thinkers, innovators, and change-makers, providing an environment where cutting-edge companies can grow sustainably and inclusively. The province boasts a rich and diverse economy, generating a wide range of trade and investment opportunities across multiple sectors.

The review process is generally not required for the direct acquisition of an established business. However, transactions are subject to pre-merger review under the Investment Canada Act, depending on certain thresholds. On the other hand, the indirect acquisition of a company doing business in British Columbia, such as through the acquisition of a parent company, is subject to review if the affected Canadian business's assets are worth $50 million or more, or if the Canadian business represents 50% or more of the acquired company's assets.

British Columbia offers a welcoming environment for investors, known for its ease of setting up businesses, safety, stable fiscal and political landscape, dependable legal system, and top-ranked quality of life. The province is an ideal choice for businesses looking to establish themselves in Canada, with a strong reputation for innovation and sustainability.

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