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Opportunity Knocking for Canadian Business The global crisis, slowly receding in certain sectors and markets, was (relatively) well weathered by Canada, though we were particularly vulnerable given our close relationship with, and dependence upon, the United States. Despite this, Canada has done better than most in managing through the crisis, even as we wrestle with significant impacts to the auto sector and other areas. The American economy remains the most powerful on the globe, and provides the consumer purchasing capability that drives manufacturing and exports across Asia and in many parts of the world, yet the crisis has brought sharply into focus, the need for economies to diversify their economic interests and their markets. While the Middle East looks to develop markets regionally and China looks, along with other Asian markets, at the practicality of ‘decoupling’ from the US economy, India is enjoying continued growth driven primarily by domestic demand. Commodity-based economies are seeing a re-emergence of this sector, and Africa is experiencing unprecedented inward investment flows from China, in a bid by an emerging world power to secure natural resources. In Canada, our financial sector has been singled out across the world for its robust state, partly a result of effective regulation and partly the result of careful management – to the point that big-name institutions in the US and elsewhere have asked Canadian banks for support in their international and trade financing activities. Our manufacturing sector continues to face challenges and serious questions about its sustainability, and our export sector wrestled with both the evaporation of traditional markets, and the appreciation of the Canadian Dollar relative to the US and European currencies. Despite these tough realities, Canada continues to be present internationally, with numerous trade agreements closed or under negotiation, and with significant efforts directed at ensuring fair access to the US market despite “Buy American” provisions in US stimulus spending. Recent progress on that front has been positive for Canadian business, though protectionist sentiment remains an element of the current political reality, with some suggesting that a renegotiation of NAFTA is required. While the mantra of diversification of export and investment markets has been repeatedly invoked in Canada, we have not fully explored or developed the opportunities available to Canadian businesses in many markets – and yet experience has demonstrated, convincingly, that Canada can field competitive product and service offerings in a wide range of sectors and industries, to the most remote corners of the planet. Canada, the world awaits, and Northstar is here to help Canadian business to seize opportunities and turn potential into profit. I invite you to call our team to see how we can partner together to bring Canadian ingenuity to the world. |
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Northstar Trade Finance was formed in 1994 to support new and growing exporters by filling a market niche that was not being served by conventional sources of trade finance, but which is nonetheless critical to exporters' success in world markets.
