Industry of Canada

Industry Canada has a broad and diverse mandate to help make Canadian industry more productive and competitive in the global economy, thus improving the economic and social well-being of Canadians. In support of this mandate, Industry Canada uses its financial and human resources to develop, implement and
Oversee a wide variety of programs and activities related to industry, science, technology and innovation, commerce, telecommunications, consumer affairs, corporations, competition and restraint of trade, weights and measures, bankruptcy and insolvency, intellectual property, investment, small business and tourism. In addition to its ongoing activities, the Department is often called upon to undertake initiatives related to government priorities. Recently this has included implementation of parts of Canada’s Economic Action Plan, including the Knowledge Infrastructure Program, as well as leading negotiations with General Motors Canada Limited and Chrysler Canada Inc. to facilitate their restructuring.
Key Industries in Canada
When looking at the major industries in Canada from a business point of view, then industries vary as look across Canada. For example, British Columbia on the west coast has historically relied on natural resources such as mining and timber. Manufacturing is now becoming much more important to the economy. Alberta has benefited from considerable natural resources including oil and natural gas. It is also has an abundance of Zinc, silver, nickel, and uranium.
On the other hand, the prairie provinces of Manitoba, Saskatchewan and parts of Alberta produce more than 20% the world’s wheat. In this part of Canada, there are also other notable forms of farming that contribute to the country’s economy.
Importantly, Ontario and Quebec form the industrial center of Canada. They have a variety of manufactured goods. In the lower part of Ontario is very rich farmland, housing a number of orchards. The Niagara area is also widely known for its wine production.
Lastly, the maritime provinces of New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland rely heavily on fishing and natural resources such as timber. Interestingly, Prince Edward Island is also known for its potatoes.
With that in mind, here is a list of the top five industries that are huge and prospering in Canada.
1. Agriculture
When it comes to wheat and grains, Canada has it covered.
In fact, Canada is one of the largest suppliers of agricultural products in the world. Due to its strategic location Canada exports most of its crops to its big brother of the south, America.
As part of the World Trade Organization (WTO), Canada practices fair-trading and ensures that whatever is put on the market agriculturally does not have any influence on the price of crops in other countries. Canada’s agricultural sector is steadily growing every year and accounts for 8% of the country’s Gross Domestic Product.
2. Energy
Due to its abundance of oil and natural gas, Canada has quickly become a world leader in energy resources.
Canada not only has the third largest oil reserve in the world, it’s also a world leader in hydroelectric power with Quebec, Ontario, and Saskatchewan all using vast amounts of hydroelectric energy.
Because of the abundant energy resources available, Canada’s oil exporting and other energy related products make up for 2.9% of the country’s GDP. Additionally, Canada has adopted solar and wind energy production as the next major industry in the energy sector ensuring continued prosperity.
3. Technology
Although it’s for the most part undervalued, Canada’s technology industry is one of the strongest in the world.
In addition, in part thanks to the Canadian Start-up Visa, which is a government Visa aimed at bringing in new tech companies from all over the world, Canada will continue to change the world’s technology landscape.
The government Visa will undoubtedly bring the brightest minds to Maple Leaf Country and give places like Silicon Valley and India a run for their technology. Canada’s technology industry is currently prospering the most in areas such as digital media, wireless infrastructure, Ecommerce, and general Internet services.
4. Services
Accounting for an incredible 80% of Canada’s GDP and employing nearly three quarters of the entire country is Canada’s service sector. In addition, within the sector itself, industries like retail, business, education, and health make up the largest portions.
Although the strength of the Canadian dollar has hurt tourism numbers, Canada still has a strong tourism industry with most of its international travelers hailing from the United States. In fact, Canada’s retail sector, which directly relates to tourism, accounts for 12% of the GDP and that percentage is steadily growing.
5. Manufacturing
Although the global financial crisis took its toll on Canada from 2008 to 2010, the country’s manufacturing industries are on the rebound and make up for 14% of Canada’s GDP. And, like never before, Canada’s automotive branch plants are back in full swing.
American and Japanese auto industries are attracted to Canada’s highly educated workforce and low labor costs making it a go-to destination for automobile manufacturing. Automotive parts production is one of fastest growing manufacturing sectors in the country.
It’s hard to ignore the fact that Canada’s industries are booming. With the abundant natural resources, government incentives, and stellar workforce, it will continue to prosper for years to come.
Sources:
https://canadianvisa.org
https://www.ic.gc.ca
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