By Nicole Cornett, Expansion Solutions Magazine
British Columbia (B.C.) is a natural place to start a business or expand existing operations. The province’s stable, welcoming government has streamlined regulations, economic plans and a competitive, pro-business tax system that makes it easy to get business started and keep growing. Combined with a top-ranked quality of life and a diverse, skilled workforce, B.C. is a prime location for your business.
The Province of British Columbia has eight distinct economic regions, each with advantages in various sectors. These diverse communities, energetic and educated workforce, powerful transportation and communication networks, abundance of natural resources, and unmatched quality of life makes B.C. naturally easy to love.
The province’s natural advantages include two of Canada’s largest ports which serve as a gateway to Asia along with abundant resources, incredible natural beauty, a competitive business climate, strong public services, and a shared commitment to community. This business-friendly environment along with abundant trade opportunities attracts investments and companies from all over the world. Homegrown international brands like Slack, Hootsuite and Lululemon have embedded innovation and inclusion into their culture.
Canada provides investors with preferential market access through 14 trade agreements with 49 countries. Additionally, B.C. offers stability with one of the highest credit ratings among the Canadian provinces, as well as some of the lowest electricity rates in North America.
Home to vast resources of natural gas and aiming to have one of the most responsible, inclusive and progressive natural gas industries in the world, the province is committed to working with the industry to meet climate targets by investing in the electrification of upstream oil and gas production.
As global demand for the minerals and metals needed for transitioning to a low-carbon future increases, B.C. is at the forefront. Its clean and reliable hydroelectric power, offered at some of the lowest rates in North America, helps companies save on costs and reduce environmental impact.
British Columbia is harnessing the power of innovation to add value to its community by focusing on producing better products and offering services in new and traditional industries. Together, innovation and government action plans are driving the expansion of B.C.’s high tech, clean energy and life sciences sectors, while adding value to traditional industries like mining and forestry.
Emerging industries such as Mass Timber, Hydrogen Energy and Agri Technology are examples of where innovation thrives, connected by researchers, industry partners and funding. Commercialization of the next generation of solutions is made possible due to a healthy business climate that nurtures innovation. Vancouver’s virtual and augmented reality sector is the second largest in the world, trailing only the Bay Area and Silicon Valley. B.C. is also the birthplace of the one-way quantum computer and home to the Quantum Algorithms Institute.
Programs like the StrongerBC Economic Plan and InnovateBC are funded by the provincial government to help companies choose B.C. to thrive and grow. As the programs are key contributors to the new jobs and growth throughout B.C.’s economy.
The StrongerBC Economic Plan improves B.C.’s long-term competitiveness through a range of measures aimed at nurturing talent, promoting investment, strengthening infrastructure, and fostering innovation in both traditional and new industries. The StrongerBC Economic Plan includes the Future Ready: Skills for the Jobs of Tomorrow plan which develops and attracts new talent, the CleanBC: Roadmap 2030 to counter climate change, and new social and physical infrastructure to strengthen communities and promote economic development across the province.
Through Innovate BC, the government is also providing support to businesses, entrepreneurs, and nonprofits to bring new products and ideas to market, adopt leading-edge technologies, and secure talent, while opening doors of economic opportunity for Indigenous Peoples and traditionally under-represented groups.
Economic Plan Actions
- Helping high-potential businesses grow in B.C. through InBC, a $500-million strategic investment fund that will deliver economic, environmental and social returns
- Creating the new B.C. Centre for Innovation and Clean Energy
- Positioning B.C. to be a world leader on quantum computing by creating the Quantum Algorithms
- Institute at Simon Fraser University in Vancouver
- Developing a Coastal Marine Strategy, Wild Salmon Strategy and Watershed Security Strategy
- Creating 2,000 new tech-relevant spaces in public post-secondary institutions on top of the 2,900 new tech spaces already created
- Working with government and business leaders from both sides of the border, through the Cascadia
- Innovation Corridor, to create a global model for sustainable growth
- Investing in B.C.-based carbon capture and storage and other low carbon technologies.
- Developing a long-term provincial shipbuilding strategy to ensure continued growth and jobs
- Developing an intellectual property strategy to support the growth and innovation of B.C. companies
Through the StrongerBC Economic Plan, the government is fostering innovation across the economy by supporting talent development, tech adoption, scale-up of small businesses, and collaboration between the innovation ecosystem and other sectors of the economy. This mission will position B.C. as a global innovation leader so that British Columbians benefit from new jobs and opportunities across an innovation-driven economy.
More companies (with valuations over $1 billion) have come out of B.C. in the past year than anywhere else in Canada, and the province boasts some of the highest technology sector growth rates in the country.
Businesses in B.C. are developing solutions to global challenges—from reimagining energy to revolutionizing technology. A well-educated, skilled, and flexible workforce of more than 2.4 million workers, many with an education from world-class colleges and universities, help businesses embed and embrace innovation and become competitive, locally and globally.
Of all British Columbia’s many advantages, the most important asset is people. And its people – everyday British Columbians – who are at the heart of this plan. Because if an economy is not working for people, then it’s simply not working.
