Canada’s economy has grown slowly during the last months. The country has suffered from trade deficit due to the record high shortfall in the export of Canadian goods. Wild fires on Canada’s oil sands region have hit the economy reducing the production, especially in the Alberta region. Commodity prices have dropped and Brexit has caused uncertainty at the same time. Despite of the difficulties the Canadian economy is expected to grow by 1.4 per cent in 2016.

Canada’s fundaments are strong

Canada’s fundaments are still strong. Canada is an open market with solid protection of property rights and independent judiciary. Canada is a politically stable country. Due to successful immigration processes, Canada has benefited from the talents, qualifications and experience of skilled immigrants. Labor force is highly educated and competent. Canada has also enormous natural recourses. Canada is the port to the North America and its market, explains Mr Vesa Lehtonen, the new Finnish Ambassador to Canada.

The Comprehensive Economic and Trade Agreement (CETA) which is set to benefit people and businesses across Europe and Canada generating growth and jobs, will entry into force after being accepted in the Council and the European Parliament and going through the relevant national ratifications procedures in the EU Member States.

Finnish companies can offer sustainable solutions for Canadians

The Canadian Government aims to achieve a stronger economy, a cleaner environment and more prosperous, safer communities. Its goal is to build strong, modern, world-class public infrastructure. Finland can offer Canadians its expertise in these areas, especially in the Arctic (icebreakers, transport, energy production, infrastructure, basic services, cleantech, meteorology and ICT solutions).

Cleantech, maritime and mining industries are the top three areas where Finnish companies have the most relevant business opportunities in Canada. Foreign companies are allowed to take part in the infra projects financed by budgetary funding. Finnish know-how and offering would provide excellent solutions in renewing and upgrading the existing shipyard capacity and infrastructure. Not to forget that Finnish companies already traditionally have a wide offering in new shipbuilding and ship conversion projects. Firms should be aware of on which political and business level the decisions are made in Canada and its provinces. Companies should also be well prepared to work abroad and able to find a Canadian partner or entity to better succeed in the Canadian market, says Mr Jarno Valkeapää, Councellor, Commercial and Trade Affairs.

Mr Vesa Lehtonen, the new Finnish Ambassador to Canada, and Mr Jarno Valkeapää, Councellor, Commercial and Trade Affairs shared their views on developments in Canada on 26 August 2016 in Helsinki in a morning session organized by the Finnish-Canadian Business Club.

Written by Ms Anne Hatanpää, Secretary for the Finnish-Canadian Business Club and Liaison Manager of
the Finland Chamber of Commerce.