Best Country in the world to do business.
By Omer Gulzar
Finally Canada makes headlines for something other than hockey. I know I know the Maple Leafs are three for nil but this story really takes the cake. Canada ranks number one, moving up from four by Forbes magazine’s list of “best countries in the world for business” achieving such a high ranking for the first time.
Canada boasts the 9th largest economy with $1.6 trillion. GDP grew by 3.1% last year and is projected to be 2.4% for 2011 according to the Royal Bank of Canada. The real potential of Canada’s banking system was put to the test in the financial crisis of ’07 that saw the failing and bankruptcy of many well established firms across the United States and Europe. In the face of such a meltdown Canadian banks not only were profitable but came out stronger than before the crisis.
Forbes used 11 indicators that make a country worthwhile in terms of doing business, including stock market performance, innovation, technology, investor protection and lack of red tape (barrier to start up a business). Interestingly enough the Region of Peel and more specifically Mississauga seems to harbour a chamber where these combustible ingredients are given a place to emulsify.
The commitment of RIC Centre along with other government agencies such as the National Research Council Canada to encourage and regulate innovative thought and push forward technology, is essential for Canadian entrepreneurs to utilize in order to maintain the current ranking that Canada holds.
The Region of Peel provides
- Diversity of economic activity: industrial manufacturing to healthcare and research intensive industries;
- A high quality labour force;
- Well-recognized post-secondary education institutions for its innovation assets;
- Costs and transportation for the business environment.
The intelligent and conservative practices of Canadian banking systems allowed these institutions to avoid the biggest financial crisis in recent history. The Canadian economy has catapulted first place owing to its continual advances in innovation, stock market performance and over all ease in starting a business not to mention its avid technological capability.
Omer is currently at the University of Toronto finishing his undergraduate degree in Biotechnology. At the RIC he is undertaking an internship as a Bio-business intern, where he brings together his science based analytical skills and merges them with business development.
The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.