Canada fosters business ties with Spain and Italy

The Diplomat Twenty-six Canadian economic development agencies visited Madrid and Milan on October 30 and 31 as part of the Investment and Innovation Roadshow in Europe, which “served as a crucial platform for Canadian provinces and municipalities to establish connections with Italian and Spanish companies”, according to the Canadian Embassy in a note sent to The Diplomat. The Investment Roadshow offered companies unique opportunities to learn first-hand about the “advantages of establishing and doing business in Canada's robust economic ecosystem,” adds the release, which calls the event a “success” because “by fostering interactions between Economic Development Agencies and foreign companies, the roadshow strengthened economic ties between the two countries and promoted investment in Canada.” In 2023, Spain's Foreign Direct Investment (FDI) stock in Canada reached C$7.5 billion using the Ultimate Investor Country (UIC) approach, with Spanish investments concentrated mainly in the business management (37%), mining, quarrying and oil and gas extraction (19%), and real estate and rental and leasing (18%) sectors. Economic contributions In 2021, the more than 130 Spanish subsidiaries in Canada employed more than 7,600 Canadians. These subsidiaries generated nearly €2.5 billion in revenues. Imports of goods were valued at more than €1 billion, while exports amounted to almost €800 million. Spanish subsidiaries invested more than EUR 70 million in non-residential construction, machinery and equipment, and intellectual property. Spanish subsidiaries contributed more than €650 million to the Canadian economy in 2021. The most important sectors for these subsidiaries were construction and retail, which accounted for a significant share of output and employment. Both Canada and Spain benefit from their membership in the Comprehensive Economic and Trade Agreement (CETA). This agreement creates a very attractive market for investors, reinforcing Canada's position as an attractive investment destination. Spain benefits from this agreement mainly thanks to the opening of the municipal and provincial bidding system for EU companies. This has allowed Spanish infrastructure companies to win bids for the execution of a multitude of projects in Canada. La delegación a España incluyó estas 26 Agencias de Desarrollo Económico de Canadá: Bay of Quinte Economic Development, Calgary Economic Development, City of Charlottetown, City of Summerside, City of Vaughan, Economic Development Winnipeg (EDW), Halifax Partnership, Innovation PEI, Invest Alberta, Invest Durham, Invest in Hamilton, Invest Mississauga, Invest Ontario, Invest Ottawa, Invest Surrey, Invest Vancouver, Investissement Québec, Kingston Economic Development Corporation, London Economic Development Corporation (LEDC), Montréal International, Niagara Economic Development, Opportunities New Brunswick (ONB), Québec International, Toronto Global, Trade & Invest British Columbia y Waterloo EDC.

Related Content

The European Commission's website publishes the full text of the treaty on Gibraltar

The 23F papers: Haig's lack of tact and exchange of messages with the US

Congress denounces Trump's blockade of Cuba with votes from Sumar and PSOE and rejection from PP and Vox

Spain and Panama sign bilateral cooperation agreement for sustainable development

Albares conveys Spain's "support and solidarity" with Ukraine to Zelensky and Sybiha in Kyiv