Today I'm writing about America's most important and strategic trading partner. Not only is Canada our largest export market, but the US-Canadian relationship is the higest volume trading relationship between two countries in the world ($535 billion last year).
For American readers, here are a few facts you should know:
- Canada's GDP and population is roughly 1/10th of that of the U.S.
- Most of its population lives within 100 miles of the U.S. border.
- Canada has solid governance, with relatively low corporate tax rates, a low cost healthcare system, and have their national debt under control.
- Many industries in Canada are clustered in cities with university programs and local infrastructure to support local companies. For instance, the biofuels industry has a cluster around the city of Guelph in southern Ontario.
- The Canadian government has many grants for companies in industries it tries to cultivate. If your US-based company is lucky enough to be in one of these industries, then I recommend seeking out a Canadian partner to help finance innovation to keep on top of competition in your field.
- Canada has a progressive immigration policy that has attracted professional talent from all over the world. This talent pool may be particularly appealing to technology sector companies.
Entrepreneurs, I wish you the best success in Canada and any other markets you enter!
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