Canada continues to be an attractive destination for international arrivals of all types, from those going on holiday to those traveling for business. Per Statistics Canada, foreign direct investment (FDI) in Canada increased four percent in 2023 to a total of $1.36 billion, of which 34.3% came from Europe. European companies, especially tech start-ups, are continuing to come to Canada, choosing it as a home base for expanding their presence in North America.
As a result, there's a clear reason why European carriers and service providers should also be considering setting down roots in this country: our thriving, diverse, technology-forward economy and all the potential it offers for their long-term growth.
Navigating the journey across the Atlantic requires more than a map. You will need a reliable passport – a gateway for seamless connectivity into the Canadian market. For growth-minded carriers, cloud providers, and Information and Communication Technologies (ICT) consultants in Europe, BCE Global's transatlantic passport is the London, UK to Canada via Halifax route – the shortest direct route between Europe and North America. Read on to discover the favorable economic conditions that exist in Canada for European businesses as well as how you can leverage this subsea route for fast, reliable access.
European-Canadian Trade Relationships: A Thriving Economic Landscape
Canada and Europe have a long, intertwined, and celebrated history together. From an economic perspective, the European Union (EU) is one of Canada's largest and most important trading partners. According to the Canadian government, “the Canada-EU relationship is based on shared values, a long history of close cooperation and strong people-to-people ties.” In fact, out of all the industrialized countries the EU has formal relationships with, ours is the oldest one, dating back to 1959. Now, leveraging the Canada-EU Strategic Partnership Agreement (SPA) and the Canada-EU Comprehensive Economic and Trade Agreements (CETA), these two economic powerhouses continue to collaborate closely on everything from trade, investment and development cooperation to health, climate change and the environment.
Here are a few statistics that help illuminate just how strong the bilateral partnership between Canada and the EU is:
- Post CETA's ratification in 2016, bilateral trade between Canada and the EU has soared, reaching a value of $158.1 billion in 2023
- The known stock of EU foreign direct investment (FDI) in Canada in 2023 reached $158.1 billion, representing 11.6% of global FDI in Canada
- Canada-EU bilateral merchandise trade rose by 65.1% in the 6 years since CETA's provisional application
A recent report from the Canadian Global Affrs Institute called the history of CETA a “feel good story”, noting that further discussions between Canada and the EU could highlight even more ways companies on both sides of the Atlantic can benefit from this agreement. In addition, the U.K. is Canada's fourth-largest trading partner, and the two countries traded $45 billion in two-way goods and services in 2023. Canada, with vast landscapes and thriving economy, continues to beckon European businesses with opportunities for growth and prosperity.
The Canadian Opportunity: A Promising Destination for European Businesses
Canada stands as a beacon of economic potential, boasting a diverse industry landscape with vibrant innovation centres and access to top-tier tech talent. According to legal experts, the Canadian market has a lot in common with that of the EU, with similarly affluent and educated consumers. Canada is also incredibly multicultural. Major Canadian metropolises like Toronto, Montreal and Vancouver are home to considerable communities of European expatriates. As a result, many European companies that enter the Canadian market can quickly gain high-converting consumers from across wide metropolitan footprints. For example, the European supermarket Starsky™, in the Toronto area, attracts customers living considerable distances from it. EU brand recognition can translate into the Canadian market thanks to this country's cultural diversity.
European businesses coming to Canada are also welcome domestically, from a job creation perspective. For example, during the Canadian Minister of Innovation, Science and Industry's tour of Belgium and Germany in 2022, Volkswagen CEO Oliver Blume announced that the automaker was interested in building a new battery plant in Canada – the first in North America. On that subject, Germany's BASF and Belgium's Umicore have also recently made investments in Canada's electric vehicle (EV) battery supply chain. Per BASF's news release, it has secured land for a future cathode active materials and recycling site in Becancour, Quebec to support North American producers in the move towards e-mobility.
When it comes to emerging technologies, especially artificial intelligence (AI), the prospects are also excellent for European companies. Though it is home to thousands of AI start-ups, Canada continues to incentivize European AI companies and researchers to move across the Atlantic with subsidies, favorable tax laws, and friendly regulation. Such internationally-minded moves align well with the federal government's efforts to invest in AI here at home through Scale AI, an innovation cluster dedicated to making Canada a global leader in AI technologies.
With European businesses continuing to arrive in Canada, the opportunity for EU-based cloud providers, carriers, CDNs, MSPs and other ICT solutions providers is clear. European companies across all types of verticals that are establishing or expanding their footprint in the Canadian market require a network of Canadian and European service providers, ICT solutions advisors, and other trusted consultants to catalyze their growth. That's where the opportunity lies – in meeting their needs for various ICT solutions through the trusted, reliable offerings available through BCE Global. What is the key to unlocking this opportunity? Seamless, high-speed transatlantic connectivity into Canada from Europe.
The Transatlantic Passport: From London, UK to Anywhere in Canada via Halifax
Crossing from Europe to Canada can take a while, even by air. Between getting to the airport, clearing security, flying across the Atlantic and clearing customs on arrival, the journey can easily eat up most of your day. When it comes to your data traffic, a much faster option awaits! It's the London, UK to Canada via Halifax route.
With this data superhighway, BCE Global, a Bell Canada company, extended its footprint to Europe, providing European carriers and service providers with a passport into the Canadian market. Offering rapid speeds, reliability, and geographic diversity, this subsea route is your fast lane to growth in North America.
Once you arrive in Canada, the journey gets even better. Across the country, we've deployed more than 329,000 kilometres of fibre – enough to circle the globe more than eight times. We also have an extensive footprint across multiple public data centres in Canada. Further, with key POPs strategically located in European and U.S. cities, BCE Global can also help you extend your reach beyond Canada's borders.
Of course, when in Canada, data sovereignty regulations apply, especially in highly regulated and globally competitive sectors like oil and gas, pharmaceuticals, healthcare, and defence. With BCE Global, once your data arrives in Canada, you can be confident it will stay 100% inside the country on our diverse, coast-to-coast data-sovereign network. Although there are other aspects of complying with Canada's regulations and data security requirements, leveraging a network that enables data sovereignty is an excellent first step.
Get Ready to Stamp Your Passport to Canada
Are you ready to make the move for your future success? If so, we can help. From rapid, reliable data transmission across the Atlantic to data sovereignty compliance, we can make your journey and stay in Canada an amazing experience. We'll be with you every step of the way. As we say, your success is our success. Contact us today for more information.
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