BCAdvantage 2008; Business and investment across British Columbia

New B.C. rules are in place to help quicken the entrance process for skilled workers or investors and entrepreneurs who have the ability to become economically established

By Jan-Christian Sorensen

Beyond a safe refuge for the tired, poor and huddling masses yearning to breathe free, British Columbia also offers a hotbed of economic opportunities for foreign-born investors and immigrant workers alike.

It looks like the word is out.

According to the latest census, the number of foreign-born residents in B.C. is 1,119,200, or 27.5% of the total population in the province, a ratio second only to Ontario, at 28.3%. About 16% of the 1.1 million newest immigrants who came to Canada during the five-year intercensal period settled in British Columbia.

The numbers are even more telling at the civic level.

In the Vancouver census metropolitan area (CMA) – the third-largest CMA in the country, behind Toronto and Montreal – the 2006 population of foreign-born people was 831,300, or 39.6% of the area’s total population of 2,098,000. Between 2001 and ’06, the foreign-born population in the Vancouver CMA grew by 12.6%, outpacing the 2.3% growth rate in the Canadian-born population during that span. By the time the 2006 census was tallied, the proportion of foreign-born people in the Vancouver CMA had surpassed other major international immigration centres such as Miami (36.5%), Los Angeles (34.7%) and Sydney, Australia (31.7%).

In Richmond, B.C., foreign-born people (57.4%) outnumbered Canadian-born people in 2006 – the highest proportion of foreign-born people in all of Canada’s municipalities.

The vast majority of new arrivals to B.C. hailed from Asia; of the 42,208 immigrants that came to the province in 2006, more than 75% were from the Asia-Pacific region. Over the last five years, one-quarter of the 177,840 immigrants who came to B.C. were from China, while significant numbers of people also arrived from India (23,990), the Philippines (17,585), South Korea (13,335) and Taiwan (7,425). On average, these landed immigrants are better educated than their Canadian-born counterparts. In 2006, half of “very recent” immigrants (defined as being in Canada five years or less) had a university degree, compared to only 21% of Canadian-born residents.

Thanks to the forward-thinking trade policies of the provincial government, B.C. is poised to take full advantage of the Pacific Century, stimulating continued foreign investment here at home by building partnerships abroad.

“We have some real business opportunities here, in terms of both business prospects and government perspective. [The provincial government] is making a good effort to bring attention to B.C.,” said Kenny Zhang, senior research analyst with the Asia Pacific Foundation. “We can observe that the provincial governments – not only in B.C., but all across Canada – are very active in trying to promote opportunities for Asian-Pacific businesses. From that perspective, the future is quite promising.”

To that end, the province recently instituted changes to the British Columbia provincial nominee program to help speed up the immigration process for skilled workers or investors and entrepreneurs who have the ability to become economically established in B.C. Individuals who are nominated by the province – along with their spouse and dependent children – are eligible to apply for a “priority” permanent resident visa from Citizenship and Immigration Canada (CIC) in the provincial nominee class.

The province has also organized a series of trade missions to countries such as India and China; the most recent trip coming last fall, when Premier Gordon Campbell escorted an education and life sciences delegation to Asia for a 10-day tour. And by establishing B.C. business outposts in China – such as the Dream Home China forestry demonstration centre in Shanghai – the province is helping a number of B.C.-based companies tap into a whole new investor base.

Another golden opportunity to promote B.C. businesses in Asia will occur later this summer, when Beijing, China, plays host to the 2008 Summer Olympics. A joint B.C./Canada pavillion will be established to promote the province, country and the 2010 Winter Olympics, which will be held jointly in Vancouver and Whistler.

“I think that’s quite important because we both have some common interests there,” said Zhang. “Obviously, it’s easier for people of different cultures and backgrounds to share something in common like the Olympics, and it is a truly unique opportunity for B.C. to develop some leverage through this Olympic opportunity.”

The key to continued growth, Zhang said, is establishing and maintaining the lines of communication.

“The first thing to do is engage – to begin communicating with the players in that market and get familiar with what Chinese companies are interested in, and provide them with the information they need. Then, long-term and successful relations will develop out of that mutual understanding and trust.” •

TOP OF PAGE

Comments about this site should be sent to:
Business in Vancouver Webmaster
Copyright © 2008 BIV Publications Ltd.
102 East 4th Avenue, Vancouver BC V5T 1G2
Tel 604-688-2398 | Fax 604-688-1963
Terms of use for this site.