Highlights benefits of international trade deals, importance of women entrepreneurship
VANCOUVER, Nov. 17, 2018 /CNW/ - Today, the Honourable Mary Ng, Minister of Small Business and Export Promotion, wrapped up her trip to British Columbia. During her visit she met with small business stakeholders in several communities across the province to highlight the importance of export and entrepreneurship and promote the benefits of exporting for small and medium-sized enterprises (SME).
In Vancouver, Minister Ng met with board members of the Asia Pacific Foundation to discuss the importance of trade and of supporting Canadian SMEs looking to export. She participated in the Japan-Canada Innovation Partnership Forum hosted by the Japan External Trade Organization (JETRO). She then spoke about the Government's Women Entrepreneurship Strategy at the Greater Vancouver Board of Trade's WE FOR SHE conference. Finally, Minister Ng met with the BC-India Business Network to talk about how the Government of Canada is supporting small businesses looking to access new markets.
While in British Columbia, Minister Ng also met with members of the Greater Vernon Chamber of Commerce and participated in an export promotion roundtable at Accelerate Okanagan.
Quotes
"Companies that export are more productive, pay higher wages and invest more in research and development. However, only 12% of Canadian small and medium-sized businesses are exporting. This represents a big opportunity. Our government is promoting export opportunities so that British Columbia's small and medium-sized businesses can unlock the economic potential of trade deals like the Canada–European Union Comprehensive Economic and Trade Agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the United States–Mexico–Canada Agreement and the global customer base they provide.
– The Honourable Mary Ng, Minister of Small Business and Export Promotion
Quick facts
- Small and medium-sized enterprises (SME) account for the vast majority of businesses in Canada—99.8%. Over 1.1 million SMEs employ about 90% of the private sector workforce (over 10.6 million Canadians) and are responsible for over 52% of Canadian GDP generated by private sector businesses.
- Our government is lowering the small business tax rate to 9% in 2019, putting $7,500 back into Canadian small business owners' pockets annually.
- To help SMEs find funding, advice and information, the Government launched Innovation Canada, an online one-stop shop for business owners.
- On average, SMEs that export pay higher wages than firms that do not export; however, only around 12% of Canadian SMEs export.
- The Government is helping SMEs expand into new markets abroad—and reach over 1 billion new customers—by promoting export through the negotiation and implementation of free trade agreements, such as the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Associated links
- Innovation and Skills Plan
- Innovation Canada
- The Canadian Trade Commissioner Service
- CanExport
- Accelerated Growth Service
- Industrial Research Assistance Program (IRAP)
- Innovative Solutions Canada
- Venture Capital Catalyst Initiative
- Women Entrepreneurship Strategy
- Canada-European Union Comprehensive Economic and Trade Agreement
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership
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SOURCE Innovation, Science and Economic Development Canada
Mallory Clyne, Director of Communications, Office of the Minister of Small Business and Export Promotion, 343-291-3553; Media Relations, Innovation, Science and Economic Development Canada, 343-291-1777, [email protected]
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