Conference Board of Canada firmly believes that strong government support for immigrant entrepreneurs will maximize international trade and strengthen the Canadian economy. Lately, the Canadian government is taking a lot of interest in Asian and South American markets, which is are emerging more than ever. National Immigration Centre run by Conference Board of Canada agrees that encouraging immigrant entrepreneurs and improving their success rate is Canada’s best way to grow the national economy.
Entrepreneurs are highly skilled and exceptionally talented individuals that possess excellent language skills, valuable education, foreign business networks, and knowledge of developing markets including consumer preferences and emerging trends. A National Immigration Centre report says that immigrant entrepreneurs with international experience are more likely to do business abroad and be successful at it. According to the latest figures, 10 percent increase in immigration increases international trade by one percent. It means that when 10 percent of Canada’s 7.5 million increases, the country sees an increase of $5.5 billion in merchandise trade.
Unfortunately, immigrant entrepreneurs have to face a lot more challenges than Canadian-born ones including weak social and business networks, cultural barriers, lack of familiarity with international and domestic business support, financing, and difficulty in accessing bank loans. The limitations are more profound in immigrants that are living in Canada for less than 10 years. According to Statistics Canada 2018 study, 51 percent of businesses started by immigrant entrepreneurs between 2003 and 2009 were in operation for more than seven years, compared to 58 percent Canadian-born entrepreneurs.
Recommendation by Conference Board of Canada
The Conference Board of Canada has given four recommendations to Canadian trade department to help immigrant entrepreneurs have a successful, high revenue yielding business. First, one is building networks for recent immigrant entrepreneurs, enhancing awareness of domestic and international business supports, easier access to financing, and dedicated settlement support programs.