Canada must enhance support to Immigrant Entrepreneurs that will help in flourishing as per the latest report of Conference Board of Canada. Improved support to the immigrant entrepreneurs will help Canada’s efforts to strengthen its economy and diversify overseas trade. The Government of Canada must enhance initiatives in this direction, adds the report.
The Canadian government has expressed enhanced interest to tap the emerging Asian and South American markets. National Immigration Centre of the Conference Board of Canada has said that the success rate of immigrant entrepreneurs must be improved. Specifically, those in the knowledge-based sectors must be focused upon. This will be in the best potential interests of Canada, adds the report, as quoted by the CIC News.
Immigrant entrepreneurs have overseas business networks, language skills, and valuable education. They also possess crucial knowledge of developing markets including consumer preferences and emerging trends adds the CBC report.
The CBC report says that entrepreneurs with international experience are more likely to succeed in overseas business. This skills set and experience makes them stand apart from their counterparts in Canada elaborates the report.
The report elaborates that many studies have indicated that 10% increase in the immigrant population of Canada corresponds to 1% increase in the nation’s exports. Applying this to the latest figures, 10% increase in 7.5 million immigrant population of Canada will imply an increase in exports by 5.5 billion dollars.
On the other hand, immigrant entrepreneurs in Canada face several unique challenges. These are not confronted by their counterparts in Canada adds the CBC report. They include difficulty in access to bank loans, weak business and social networks in Canada, and cultural barriers. It also includes lack of familiarity with available overseas and domestic business supports.
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