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

Canada also holds a strategic position and serves as a privileged access door to important markets, both thanks to participation in thefree trade agreement with the United States and Mexico, a market with a gross domestic product equal to $30 trillion, and thanks to the developed network of infrastructures in the area. 

Companies that decide to expand their business in Canada also have the advantage of having access to one highly educated local workforce. Indeed, Canada leads the OECD country in post-secondary education completion rates, making the country one of the particularly favorable environment to the activities of R&D and to investments in technologies and innovation, especially as regards advanced manufacturing, AI and ICT in its various forms such as big data, cyber security, AR-VR and Cleantech.

Also, thanks to the Joint action plan in technological and scientific innovation between Canada and Italy, some have been identified collaboration areas between the two countries that mainly concern the marine and biological sciences, the aerospace industry, agriculture and the agri-food sector.

Italy is currently one among the major trading partners of Canada within the EU, thanks also to the entry into force in 2017 of the Free Trade Agreement between Canada and the European Union (CETA) which removed the 98% of import duties. Indeed, in 2022, Canadian exports have increased by 4,2% for a total of C$3.24 billion, compared to C$3.11 billion a year earlier. Also Canadian imports from Italy continued to grow with an increment of 5.12%, for a total of $9.46 billion compared to $8.99 billion in 2021.

Between our biggest exports they include machinery, motor vehicles and means of transport, drinks, spirits (wine in particular) and foodstuffs. In the latter sector Italy is the first European supplier and fourth worldwide. 

With regard to imports, again in 2022, they signed up important results in the following sectors:

– Growth of 34% of pharmaceutical products (mainly drugs, vaccines and immunologicals) for a total of 729 million dollars
– 48% increase in gemstones (mainly jewelry and precious metals such as platinum) reaching $296 million
– Increase of 10.4% in leather goods

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

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