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There is a brighter and more prosperous future for Atlantic Canada that can beachieved through increased global competitiveness and international trade flows.Canadian sectors, (e.g., energy, mining, agri-food, information &computertechnology, aerospace and education) can all be positioned to garner significantbenefits from the growth in global trade flows from these rising economies.We in the Atlantic Region possesses many of the necessary “raw ingredients” forsuccess.The Important Issues
Emerging economies and their rising middleclasses will rely on the rest of the world forinputs to build their infrastructure, supply theirfactories, design and fuel their modes oftransport, as well as feed, house and educatetheir children.The GDP of emerging economies nowaccounts for nearly half of global GDP and isgrowing at more than double the rate ofwestern economies.By 2025, 52%of global middle classconsumption (approximately $22 trillion) will bederived from the middle class in Asia andalmost half will come from China.In Indonesia alone, over 90 million people(2.5X population of Canada) will join themiddle class.The Important Issues1-2%world5-8%world2012 2013 2014Adv.Econ. 1.2 1.2 2.2U.S. 2.2 1.9 3.0EuroArea -0.6 -0.3 1.1Japan 2.0 1.6 1.4U.K. 0.2 0.7 1.5Canada 1.8 1.5 2.4China 7.8 8.0 8.2India 4.0 5.7 6.2Brazil 0.9 3.0 4.0Russia 3.4 3.4 3.8Growth Prospects(IMF, April 2013)
Switzerland and Singapore arethe most prosperous andcompetitive in the world and akey source of theircompetitiveness is not naturalresources but based onsuccess in international trade.Critical success factors are:– Conscious selection of“champion” industries andsectors.– Broad coordination acrosspublic sector, private sector andacademic institutions.The Important Issues (continued)4
BUTToday, approximately 75% of all Atlantic Canada’s regional international exports areto the USA and are accounted for by fewer than 500 companies.Even if the U.S. pulls out of its slow-growth rut, we can no longer afford to be soreliant on one market which faces such severe headwinds – and with so fewinternationally oriented companies.Canadian capacity, such as energy, mining, agri-food, information and computertechnology, aerospace, education and tourism can all be positioned to garnersignificant benefits from the growth in global trade flows from these rising economies.The challenge is that other regions, often better organized and financed, see thesesame opportunities. They are creating strong linkages among their private and publicsectors, and leveraging these linkages to make informed choices about where theycan create global and national champions. They have a focused global tradingstrategy – and that is what we need now.The Important Issues (continued)
What’s NeededAtlantic Canada must have a clear,granular and region-wide global trade andinvestment strategy if we are to seize theincredible opportunities in emergingmarkets.Atlantic Canada must have a clear,granular and region-wide global trade andinvestment strategy if we are to seize theincredible opportunities in emergingmarkets.
We urge a focus on strategic sectors where we believe we can create sustainableand globally competitive national champion industries and companies that will, inturn, provide a net benefit to Atlantic Canada’s economic prosperity.– These would likely include defence and security, aerospace, information andcommunications technology, oceans technology, education and training, tourism andagri-food.– A “Going Global” Steering Committee should be formed to ensure focus is maintainedand goals are managed for this critical objective.– Membership should be a cross- section of both private and senior public sector leaderswho wield enough knowledge, access and influence to drive alignment and makebinding commitments at the Atlantic Canada level.Our “Big Ideas”
Each task force must be given the mandate to develop a detailed regionalstrategic plan for its industry sector including:– Providing five year blueprints for building business processes, globally relevantcompetencies, strengthening competitiveness and expanding international trade flows ineach sector.– Recommending supporting activities in the areas of training (including immigration),applied academic research, government processes, and innovation and productivity.– Tracking our international trade performance against a peer group of countries usingkey measures, such as export growth, trade penetration and share of exports toemerging markets.Our “Big Ideas” (continued)
We need a focus on making Atlantic Canadian small and medium-sizedenterprises (SMEs) more export ready. Growth-oriented SMEs are the key to jobgrowth and wealth creation in every region and country. To grow, SMEs need totrade, and they need the skills to compete in global markets.– Private sector, in partnership with governments across Atlantic Canada, and federalagencies and organizations, should develop a series of “reverse trade missions”,focusing on the most promising global opportunities.– A reverse trade mission is a new format where we bring global firms to us, rather thantravelling to them.– This transforms what we are currently doing to build export capacity into bigger,integrated and high-impact events focused on emerging markets. Reverse trademissions can engage literally thousands of our local firms, particularly Atlantic SMEs, atmuch lower cost and higher impact.Our “Big Ideas” (continued)
The big ideas outlined are appropriately ambitious, hopefully exciting, but they arenot “blue-sky impossible” – far from it.They will flow from the collective product of thousands of personal actions takenby committed, passionate individuals like us who want Atlantic Canada tosucceed in the changing and challenging world arena.On the following slide is a list of some things you can do, as a business leader inour region, to help create a better Atlantic Canada.What You Can Do
Learn more about BRICS countries.Organize or attend a “reverse trade mission” where key foreign companies cometo Atlantic Canada.Do a strategic competitive assessment of your own company: Consider goingglobal: do a strategic competitive assessment of your own company. Is it ready tocompete globally? How can your company benefit from:– Rapid economic expansion in emerging economies?– Greater regional focus on champion industry sectors?– The $150 billion in major capital project investment in Atlantic Canada over the next 20years?Mentor a new immigrant to Atlantic Canada.Volunteer to participate on a regional sector task force to develop regionaleconomic and export strategies.What You Can Do
Thank you for your helpwith this importantinitiative