Why Do business in Nova Scotia?
Nova Scotia is one of those provinces that has the most competitive and business-friendly environment in Canada. The Government of Nova Scotia, Department of Business has been working on eliminating the barriers for the development of sustainability and encouragement to the innovative entrepreneurs to make NS a more substantial province. A lot of potential business opportunities are able to create billions of commercial values.
What are some important sectors that have been identified and what are their advantages?
To explore the venture of doing business in Nova Scotia, it is necessary to identify some of the primary business key sectors, which includes oceans, seafood, information communication technology, natural resources, digital media as well as clean technology.
The ocean resources and production is contributing double the amount to Nova Scotia’s economic growth as it did in 10 years ago. The ocean sector is one of the most important resources of foods, minerals, entertainment and transportation which connects with millions of people’s daily life in Nova Scotia.
As a branch of the ocean sector, seafood occupies a great portion of nova scotia’s exports. According to Statistics Canada, Nova Scotia exported $1.68 billion to more than 75 countries in 2015. With the geographical advantages of those all year ice-free, low-ocean-current ports, it is very convenient to export large amount of fishes, shellfishes, lobsters and other seafood with a high level of freshness and quality.
Information Communication Technology (ICT)
Specialized education programs are provided by Nova Scotia which directly related to the industry demands such as software design, communication tech and artificial intelligence. Besides, Nova Scotia has some of the best information communication technology infrastructure and a vibrant eco-system.
Nova Scotia is an ideal place to develop clean technology. Some of the emerging clean technology including tidal energy, solar energy and win energy. Besides, Dalhousie University is one of the leading research institution located in Nova Scotia with more than 50 research chairs, which provided a strong backup to the development of clean tech.
Nova Scotia is rich in minerals, growing soil and natural resources.
According to KPMG’s Competitive Analysis (2016), Halifax, Nova Scotia ranks in the top 10 cities worldwide, among recognized video game clusters, for having the lowest operating costs. In recent years, famous digital company Ubisoft has set up their mobile game hub in Halifax, Nova Scotia.
Some of the other benefits of doing business in Nova Scotia
According to the Government of Nova Scotia, In Jan-Feb 2018, Nova Scotia merchandise trade exports increased by $67.2 million (8.7 per cent) comparing to Jan-Feb 2017. Businesses that do export have better performance on operation and sales, as well as higher profits and longer business life expectancy. Exports also strengthen a company’s business structure by increasing the diversity of the company and constructing connections to the international markets. Eventually, it leads to a long-term success. Companies that do export is 25% more innovative than those do not. And they are more open to innovative technology. (Source EDC)
Logistic and Transportation Advantages
Nova Scotia has a lot of ports because of its geographical Advantage. Those ports are ice-free all the year, well protected and has excellent visibility, which keeps the logistics industry growing in the past few decades. The logisticians are paid more than ever in NS.
Nova Scotia is home to 10 universities and 13 community colleagues. Dalhousie University is one of those leading research institutions in Canada. There are more than 50 research chairs at Dal which provided a strong knowledge base and valuable information for the new business and entrepreneurs.