Canadian businesses need to act quickly to grab a share of the global market before we are left behind advises a report which the Canadian Chamber of Commerce has just released.
According to the report, Canadian Businesses Go Global For Growth, projections suggest the global economic balance of power will continue to transition toward developing countries, and their share of global trade will increase further. These trends present new challenges and opportunities.
As developing countries creep up on industrialized nations, including Canada, to gain an edge in the race for global market share, technological innovation, foreign investment and high value-added activities in global supply chains. Canadian businesses are at risk of being left behind as more aggressive nations power ahead.
Developing countries offer enormous opportunities for Canada’s businesses. Many are investing significantly in infrastructure, including transportation networks, power generation, urban development and environmental protection – areas in which Canadian businesses have tremendous expertise. And there is huge scope for further expansion as developing countries remain relatively untapped by many Canadian exporters.
Governments can play a role in creating the conditions for businesses to take advantage of global market and investment opportunities, but the onus is on businesses to craft a sustainable competitive advantage to capitalize on these opportunities. These businesses are in communities across this country.