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Trade, Productivity & Competitiveness

BC’s ability to adapt to a rapidly changing world economy will depend on how well we can find new ways of doing business, adopt new ideas and practices, and connect with new trading partners. The Council encourages public policies that support research and innovation, business practices that increase productivity, connections that open new trading opportunities, and processes to commercialize BC’s best research.

BCBC Statement regarding Canada's decision on foreign investment

The Business Council of British Columbia today welcomes the decision by the federal government in the purchasing processes involving Nexen Inc. and Progress Energy. While we will need to review the conditions in greater detail, we believe this decision sends a positive investment signal and balances the important need for capital investment with a net-benefit framework that advances the interests of all Canadians.

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Jock Finlayson: The centre of economic gravity is tilting (Vancouver Sun)

The rise of China and other emerging economies is having a profound impact on the international economic and political order established by a handful of Western countries at the close of the Second World War. Collectively, the emerging economies of Asia, the Middle East, Latin America and Africa will soon account for half of world production and consumption. They have also driven most of the growth in the global economy since the mid-2000s. One area where emerging economies are making a notable difference is the pattern of foreign direct investment (FDI). Long viewed solely as destinations for FDI by Western-based multinational companies, some emerging economies have become important sources of investment into the U.S. and other advanced country jurisdictions.

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Submission: 2013 Provincial Pre-Budget Submission

The Business Council of British Columbia submits preliminary advice on the 2013 provincial budget to the legislature's Select Standing Committee on Finance and Government Services.

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A Snapshot of British Columbia's International Exports: Commodities (Still) Rule

The latest issue of the Business Council’s economic newsletter, Policy Perspectives, provides a snapshot of British Columbia’s international exports over the last decade.  Resource based products as a share of total exports have increased from 76% in 2002 to 80% in 2011.

  • Metallic minerals and energy products more than doubled their share of the composition of BC’s exports with coal, equal to one fifth of the province’s merchandise exports, being a significant contributor to the overall increase
  • The value of BC”s wood product exports dropped from $9.3 billion in 2002 to $5.7 billion last year, however with a US housing recovery and the development of new offshore markets in Asia, wood products are set to rebound in dollar terms
  • With 80% of BC’s workforce in the service industry, the export of services to international markets is often overlooked. Canada ranks among the top ten global service exports and while there are significant limitations in the available data on services trade at the provincial level, estimates suggest that this could be as high as 20-25% of BC’s international exports

Maintaining a competitive environment for investment and economic development across our key resource sectors – and primary export industries - is critical to BC’s future economic well-being.

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Business Council of BC Launches New Platform for “Next” Generation of Leaders

September 14, 2012 (Vancouver, BC) – The Business Council of BC and TELUS President and CEO Darren Entwistle today launched a unique new engagement platform called “Next” that is bringing today’s young leaders together and ensuring their perspectives are brought forward to shape the future policy and economic development conversations taking place in British Columbia. “As Generation X and Y begin to assume key leadership roles in companies and communities across BC and Western Canada, there are shifts occurring that require an active dialogue between the baby boomers still leading businesses and these Next leaders,” said Greg D’Avignon, President and CEO of the Business Council. “Working with our member companies and our sponsoring corporate partners TELUS, Stantec and RBC, we have created a movement of young business people and a place for them to share fresh ideas, build knowledge and provide the mentoring and networking that supports collaboration.”

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Jock Finlayson: Everything you wanted to know about the TPP

(but were afraid to ask)

Back in June, Canada entered into talks aimed at concluding what some experts believe may eventually become the world’s most exciting modern trade agreement, the Trans-Pacific Partnership (TPP). Why does Canada want to be part of the TPP?

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Canada Joins the Trans-Pacific Partnership

Canada is now actively negotiating for a formal spot in what many expect will become the world’s most exciting modern trade agreement – the Trans-Pacific Partnership (TPP). This is good news for British Columbia; as the country’s Pacific province we have more to gain than most other provinces. The benefits of the TPP could include increased exports to Pacific Rim markets, a boost to the local tourism sector and the development of stronger business-business and people-people connections between our province and fast-growing Asian economies. This partnership, however, is about more than trade. It will set a course for how nations manage future economic relations with China and there will be challenges for Canada along the way.

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BC More Than Holding Its Own Amid Global Economic Turbulence

At a time of pronounced global uncertainty, BC's economy continues to grow at a decent pace and to outperform many other North American provinces and states. Although there are significant downside risks, BC's economy remains quite resilient with a rapidly shrinking deficit, an increasingly diversified export sector and steady population growth.

Over the 2010-2011 period, BC’s real economic growth averaged 3% - the fourth strongest in Canada and among the top jurisdictions in North America. Although growth will ease over the coming 18 months, this resilience will help to sustain provincial economic activity and keep BC in a relatively strong position even in the face of weaker international conditions.

The Business Council's mid year economic review and outlook anticipates that BC’s economy will grow by 2.0% for 2012 and 2.2% for 2013. Relative to our January outlook there is no change in the forecast for this year, but we have trimmed our growth projection for 2013 due to global turbulence and a slower local housing market.

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Canada's Economy in for a Rough Ride

By Jock Finlayson, Executive Vice President and Chief Policy Officer, Business Council of British Columbia
This summer marks the third anniversary of the economic recovery that began following the 2008 global financial crisis and the recession that descended upon much of the world in its wake. By any measure it has been a subdued economic rebound, particularly for many of the “advanced” countries that belong to the Organization for Economic Cooperation and Development (OECD).

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Boomtown or Ghost Town? The Need to Secure BC's LNG Opportunity

By Greg D'Avignon, President and CEO, Business Council of British Columbia
Even in the best of times, it is extremely rare that a province is presented with an opportunity to develop a new industry with the potential for $50 billion in capital investment over the next five years. Over the longer-term there may be as much as 1.2 million person years of employment, a six-fold increase in annual government royalties and a cumulative total upwards of $1 trillion in additional GDP over the next 30 years. Such are the magnitudes of the economic and social benefits that BC could realize by developing a new liquefied natural gas (LNG) export industry, serving the rapidly expanding Asian markets.

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Submission: Provincial Government's Expert Panel on Business Taxation

In response to the provincial government's request for input, the Business Council of British Columbia is pleased to share our views with the Expert Panel on tax measures that could be implemented to strengthen BC’s economy and competitive position as the province shifts from the HST back to the dual PST/GST system. The Panel is familiar with the benefits of the HST, and the many reasons why economists and public finance scholars almost universally see value-added taxes like the HST as an important and useful element in the revenue mix for governments.

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Public Sector pensions are sure to be reviewed

By Jock Finlayson, Executive Vice President and Chief Policy Officer, Business Council of British Columbia
With governments across the country addressing budget deficits pushed higher by the 2008-09 recession, attention is turning to the pay levels of employees in the public sec-tor and how these compare with private-sector practices.

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The Impact of Canadian Environmental Regulatory and Approval Regimes on Business Competitiveness

Environment and Energy Bulletin       v4 n3
The global economic environment remains challenging, as Canadian firms and industries address the need to be competitive and maintain jobs and investment in the country. For Canada, one positive trend is the rise of Asia in the global economy. Today, Asia as a whole accounts for more than 35% of global output, and the figure is expected to approach one-half by 2025. Some analysts believe that sustained growth in China and other emerging economies in Asia (and elsewhere) will fuel a prolonged “up-cycle” for many internationally traded commodities, as rapidly expanding middle class populations in these nations enjoy steadily rising incomes and businesses and governments there invest to build infrastructure, factories, and other fixed assets.

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Presentation: BC's Economic Outlook

Presented to Economic Development Association of British Columbia by Ken Peacock, Chief Economist, Business Council of British Columbia

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British Columbia Perspectives on a National Energy Strategy (NES)

Environment and Energy Bulletin       v4 n2
There was a time when the words “National Energy Plan” would have caused blood pressure to spike across much of Western Canada, which would then have been followed by colorful descriptions of the federal government. This may no longer be the case - and certainly not if many of the West’s leading think tanks, energy companies and provincial leaders have their way.

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Resource Industries Drive Investment Spending Higher in BC

Business Alert
The release of Statistics Canada’s annual Public and Private Investment survey provides information on recent business capital spending and affords a useful glimpse into where and how much BC businesses are planning to invest in the coming year. The latest survey predicts a healthy increase in capital spending in 2012, and confirms that business investment will be a significant economic driver in the province. It also underscores the important role that resource industries and related infrastructure development are playing in the growth of BC’s economy.

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Slow But Gradually Improving Growth In Store For BC

BC Economic Review and Outlook       Feb 2012
BC’s economic growth in 2011 was modest and uneven. The first half of the year was particularly weak, as global equity markets underwent a steep sell-off, the American economy stumbled, the earthquake and tsunami sent Japan into a temporary recession, and financial stresses in the Eurozone escalated. Towards the end of the year, economic conditions in the US improved and, judging by job growth and a handful of other indicators, BC’s economy also appeared to pick up. This helped the province’s real gross domestic product (GDP) to expand by an estimated 2.0% in 2011. BC’s performance was reasonable compared to many other advanced economies, and was in the middle of the provincial growth rankings within Canada.

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Submission: Select Standing Committee on Finance and Government Services

The Business Council of British Columbia submits preliminary advice on the 2012 provincial budget to the legislature's Select Standing Committee on Finance and Government Services.

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British Columbia in the Asian Century

Policy Perspectives       v18 n4
It is no longer a question of if but rather a matter of when. Almost a decade ago – back in 2003, to be precise – the global economics group at Goldman Sachs drew attention to the rise of Asia and sent minor shockwaves through the US establishment with its proclamation that China would overtake America to become the world’s biggest national economy in 2041. At the time this was viewed as a credible projection, but the fact that the eclipse date was nearly forty years away meant it was still fairly abstract and was enveloped with the uncertainty that invariably attends multi‐decade forecasts. Sustained double-digit growth in China prompted Goldman Sachs to revise its projection for the crossover date to 2027 a few years later. And now, following the Great Recession and what is expected to be a subdued economic expansion for the United States, 2019 is the most widely cited year for China to surpass America in overall economic size.

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Asian century: How BC can profit

By Jock Finlayson, Executive Vice President and Chief Policy Officer, Business Council of British Columbia
How long before a surging China eclipses a slumping United States as the largest national economy? The question is timely as the world continues to recover from the 2008-09 financial crisis and economic downturn.

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