Canada: growth prospects for Italian companies, between innovation and entrepreneurship

Canada also holds a strategic position and serves as a privileged gateway to important markets, both through participation in the’Free trade agreement with the United States and Mexico, a market with a Gross domestic product of $30 trillion, both thanks to the developed network of infrastructure in the area. 

Companies that decide to expand their business in Canada also have the advantage of having access to a highly educated local workforce. In fact, Canada ranks first among OECD countries in postsecondary education completion rates, making the country a particularly favorable environment to the activities of R&D and to the investment in technology and innovation, especially in advanced manufacturing, AI and ICT in its different declinations such as big data, cyber security, AR-VR and Cleantech.

In addition, thanks to the Joint action plan in technological and scientific innovation between Canada and Italy, they identified some areas of collaboration between the two countries mainly involving marine and biological sciences, aerospace, agriculture and agribusiness.

Italy is currently one of the main business partners of Canada within the EU, thanks in part to the 2017 entry into force of the Canada-European Union Free Trade Agreement (CETA), which removed 98% of import duties. In 2022 in fact, canadian exports have increased by 4,2% totaling C$3.24 billion, up from C$3.11 billion in the previous year. Also Canadian imports from Italy have continued to grow with an increase of 5.12%, totaling $9.46 billion compared to $8.99 billion in 2021.

Among the our major exports include machinery, motor vehicles and transport equipment, beverages, spirits (wine in particular) and food products. In the latter sector Italy is the leading European supplier And the fourth globally. 

As for imports, also in 2022, have registered important achievements In the following areas:

- Growth of 34% of pharmaceutical products. (mainly drugs, vaccines, and immunologicals) totaling $729 million
- 48% increase of gemstones (mainly jewelry and precious metals such as platinum) reaching $296 million
- 10.4% increase in leather goods

Canada therefore represents an interesting opportunity for Italian companies as it offers ample opportunities for growth in various sectors, coupled with a particularly open and advantageous business environment.

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