So Ottawa is attracting foreign investments

Andrea Ferrari, Italian Ambassador to Canada: incentives and funds from the government and provincial authorities

Interviewee

Andrea Ferrari

Italian Ambassador to Canada

Andrea Ferrari, Italian Ambassador to Canada, shares his views with us about the opportunities for Italian companies and technologies in Canada.

With a population of 39 million and high per capita income, Canada has a pro-innovation business culture offering great opportunities for business. What are the most interesting and promising sectors for investment by Italian companies?

I believe that Canada has a lot of unexplored potential, which Italian companies, with their creativity and strive for innovation could take advantage of. Among the most interesting sectors for Italian investments and exports, I can recall:

1. Clean Energy and Renewable Resources. Canada has a strong commitment to clean energy and is a global leader in renewable resources. The country offers opportunities in wind, solar, hydro, and biomass energy projects, as well as energy storage and smart grid technologies.

2. Advanced Manufacturing. Canada's advanced manufacturing sector is strong, emphasizing high-tech industries such as automotive parts and components, machinery, aerospace equipment, and robotics. There is room for Italian companies in these areas and leverage their expertise.

3. Construction and Information Technology and Digital Media. To this last regards, Canada's tech sector is thriving, particularly in cities like Toronto, Vancouver, and Montreal. Opportunities exist in software development, artificial intelligence, cybersecurity, cloud computing, e-commerce, and digital media production.

Italian technologies are highly esteemed in Canada. What initiatives are being undertaken by various Italian representatives in Canada to promote the innovative capabilities of Italian design and manufacturing and encourage the exchange of knowledge and information between the two countries?

Italian representatives in Canada, including the Embassy, the Consulates, the Italian Trade & Investment Agency and Chambers of Commerce, organize business events, trade fairs and exhibitions, conferences, and seminars to showcase Italian technologies and products. These events provide a platform for Canadian businesses and individuals to learn about the latest innovations and technological advancements from Italy. In November, an online Business Matching Platform developed by Cassa Depositi e Prestiti was launched in Canada to connect Italian and Canadian companies.

What measures are Canadian institutions (from the government to the Central Bank) taking to create an environment that is also conducive to investment by foreign companies?

The framework of the Canadian economic system is composed of many different actors, such as the Federal Government and the various Provinces, with different tools aimed at attracting foreign companies. The Federal Government is trying, for example, to implement benefits and tax credits for companies that invest in green technologies, to compensate for the effects of the Inflation Reduction Act introduced by the US last year. Moreover, some federal funds support investments by foreign companies in Canada, focusing especially on the development of Southern Ontario (a strongly industrialized area). Most Provinces also compete in attracting foreign investments by contributing with local funds to the opening and expansion of successful foreign companies.

Does the presence of a strong and well-established Italian-Canadian community in the country offer a useful means of promoting Italian manufacturing/design companies and industries?

The presence of a strong and well-established Italian-Canadian community offers a useful means to promote Italian manufacturing/design companies and industries. Thanks to the cultural Influence of many Canadians of Italian origin, it is possible to raise the interest and demand for our products and brands. The community's strong network and connections can provide valuable opportunities for Italian companies to establish partnerships, collaborations, and distribution channels.

Italian-Canadians often maintain strong ties to their Italian roots and tend to exhibit a preference for Italian products. This preference can create a ready-made market for Italian companies, who can leverage the community's interest and pride in their heritage to showcase their products and gain a competitive edge in the Canadian market. The Italian-Canadian community frequently collaborates in organizing cultural events, festivals, and fairs that celebrate Italian traditions, cuisine, craftsmanship, and design. These events provide an excellent platform for Italian manufacturers to showcase their products, engage with potential customers, and build brand awareness among the community and the wider Canadian audience.

Interviewee

Andrea Ferrari

Italian Ambassador to Canada

Tag

#market