| Invest Vancouver Releases New Report: Impact of Foreign Direct Investment in British Columbia | Invest Vancouver Releases New Report: Impact of Foreign Direct Investment in British Columbia | | <div class="ExternalClass8464CB00B1004C649942D4DA33D41724"><p><strong>Invest Vancouver Releases New Report: Impact of Foreign Direct Investment in British Columbia</strong><br></p><p><strong></strong></p><p style="text-align:justify;">Today, Invest Vancouver, Metro Vancouver's regional economic development service, released a new report, <a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=df9aaf04-b381-450e-b827-5b9567db4251&eg=1ff0a0fb-b744-45bc-bc52-a874fde022a1&lg=5b731a0e-90e6-4ca7-babe-52ad00fdc1ed<p=c"><em>Impact of Foreign Direct Investment in British Columbia</em></a><em>. </em>The report illustrates how foreign direct investment is a powerful driver of employment and economic growth in BC. The findings provide a roadmap for effective investment attraction strategies and bolster Invest Vancouver's initiatives to attract companies and create high-quality jobs in the Metro Vancouver region.</p><p style="text-align:justify;">“Foreign multinational enterprises operating in BC have played a significant role in boosting economic activity and delivering substantial benefits to the Metro Vancouver region," said Mike Hurley, Chair of the Metro Vancouver Board. “By spurring local business activity, expanding job markets, and broadening our tax base, foreign direct investment directly supports vital employment and GDP growth."</p><p style="text-align:justify;">Key findings in the report include:</p><ul><li>In 2022, foreign multinational enterprises employed more than 349,000 people.</li><li>Foreign multinational enterprise employment in BC increased by 46.3 per cent from 2016 to 2022, significantly more than the 14.3 per cent increase Canada-wide.</li><li>The largest driver of employment growth by sector at foreign multinational enterprises in BC is the professional, scientific, and technical services, increasing by 191.4 per cent from 2016 to 2022.</li><li>Sweden (+886 per cent) and China (+832 per cent) were the fastest growing sources of foreign multinational enterprise employment by home country.</li></ul><p style="text-align:justify;">"Foreign investment in British Columbia is pivotal in driving employment growth and fostering a dynamic economy. By bringing innovative technologies and advanced practices to our region, these companies not only create valuable job opportunities but also strengthen our workforce's skill base. This, in turn, boosts productivity and enhances the competitiveness of local industries, helping British Columbia stand out on the global stage," said Linda Buchanan, Chair of the Invest Vancouver Management Board.</p><p style="text-align:justify;">These findings reaffirm that the Metro Vancouver region is a prime destination for foreign investment opportunities and aligns with Invest Vancouver's mandate to cultivate opportunities that raise regional prosperity.</p><p style="text-align:justify;">This report looks at data from 2016 to 2022 and builds on Invest Vancouver's previous study, <a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=df9aaf04-b381-450e-b827-5b9567db4251&eg=1ff0a0fb-b744-45bc-bc52-a874fde022a1&lg=a4c9ca07-ec43-4bb6-bd4c-c5781356394d<p=c"><em>Foreign Direct Investment in British Columbia</em></a><em>.</em> It dives deeper into the downstream impacts of FDI, including trends by sector and country of origin.</p><p style="text-align:justify;">To learn more and read the full report, please visit: <a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=df9aaf04-b381-450e-b827-5b9567db4251&eg=1ff0a0fb-b744-45bc-bc52-a874fde022a1&lg=5b731a0e-90e6-4ca7-babe-52ad00fdc1ed<p=c">Invest Vancouver - Impact of Foreign Direct Investment in British Columbia</a><br></p><p><strong></strong></p><p style="text-align:justify;"><strong>About Invest Vancouver</strong></p><p>Invest Vancouver is Metro Vancouver's regional economic development service that aims to amplify economic opportunities and advance broadly shared prosperity as one region, one workforce, and one economy. By conducting research and policy analysis, fostering collaboration on a local, national, and global scale, and attracting foreign direct investments, Invest Vancouver is facilitating the creation of high-value jobs to achieve a resilient and inclusive regional economy. Working closely with leaders across all levels of government in the region and beyond, Invest Vancouver is addressing regional concerns to increase economic resilience, strengthen strategic export-oriented industries, and attract world-class companies for the region and residents to thrive in today's rapidly evolving global economy. Learn more about <a href="https://subscription.metrovancouver.org/sites/Media/default.aspx?jg=df9aaf04-b381-450e-b827-5b9567db4251&eg=1ff0a0fb-b744-45bc-bc52-a874fde022a1&lg=119fa4bc-a3d1-42b4-b4c4-99b510131497<p=c">Invest Vancouver</a>.<br></p><p><br></p></div> | 11/14/2024 8:00:00 AM | | Metro Vancouver Media Relations | media@metrovancouver.org | | |