Vancouver is in an enviable position to become a comprehensive hub for international business, but more needs to be done to nurture growth in the post-recession global economy.
“Vancouver is very well positioned, but it’s a competitive world,” Bruce Flexman, president of the International Financial Centre of BC, said in an interview last week.
A key strength is the city’s ties to Hong Kong, which, like Vancouver, is also defining itself as a gateway city. Both jurisdictions facilitate business development in the Asia Pacific region and are connected to the largest economies in the world. Hong Kong, as a special administrative region, has favoured access to China and Canada, as a party to the North American Free Trade Agreement, has favoured access to the United States and Mexico.
B.C. is also becoming one of the most competitive places to conduct international business with decreasing corporate tax rates, favourable immigration policies and a high standard of living.
Flexman suggests these fundamental strengths should be better utilized and marketed.
We sometimes take it for granted, but in a business sense, we have to get our message out. Because there are a lot of people who have positive messages and marketing themselves and we compete against places like Singapore and San Francisco. It will take a lot, plus some, to become a true centre that operates between Asia and North America.”
More about B.C.’s competitive advantages are in this week’s issue of print edition of BIV, which highlights the Top 100 Public Companies in B.C.