Running Head: ASSESSING THE ECONOMIC-GEOGRAPHIC ENVIRONMENT 1
ASSESSING THE ECONOMIC-GEOGRAPHIC ENVIRONMENT
Assessing the Economic-Geographic Environment
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Synopsis of geographic factors, natural resources, major industries, imports, and exports
Setting up a business in Canada is a dream of many people. Still, it is important to consider some important facts about the country, and the niche of business should be selected accordingly. The global enterprise should consider the geographical factors, industries, and imports and exports of the country. Canada is known for the black, blue lakes, rivers, Western mountains, central plains, and eastern valleys. Canada is a hilly region of lakes and swamps, which are the country’s geographical factors. The country is rich in natural resources as it has been mentioned about the rivers and mountains with the mesmerizing eastern valleys (Bakari, 2016).
The major industries in Canada include the timber and wood industry, pharmaceutical industry, automotive, aviation, petroleum, coal, healthcare and mineral ores, etc. all these industries exist in the country, and the organizers are making a huge profit by importing and exporting millions of products. So, market research on these niches is necessary. The total export value was 446,080 million in 2019, and the total value of imports was 453,360 million. The country imports vehicles, automobiles, and phones, whereas the exports are gold, medication, crude oil, etc. The research on the import and export both are extremely important (Moran, 2014).
Overview of the economic environment and infrastructure
It has already been mentioned that the Canadian government has opened the door for global investment. Several countries and well-known business people have already started their businesses in the country. The economy of the country is highly developed with a mixed approach. The poverty ratio is less compared to many other developing countries. Almost three-quarters of people are associated with the service industry. It has been seen that the country is at the 9th GDP position, showing its prosperity and success ratio among the other countries. The financial state of most families is stable, and they intend to make more success.
Canada is known for its best and highly developed infrastructure system where the people are provided with several facilities. There are more than 300 earth-based relay centers, and the telephone system is supported by the telephone. The country uses the highly developed tech system through which the people take out benefits for their businesses. It has been seen that the country has entertained the public with the best infrastructure to make innovations in business and to make the country feasible for global businesses. So, there is no question or doubt on the economy and infrastructure (Loftus, 2019).
Recommendations
The existing or proposed businesses should consider the following recommendations in Canada. The businessmen should know the statistical facts and market details before planning to start a business in Canada.
Only those businesses should be set where the market research is highly strong, and the competition is less than the others.
The country’s exports should not be induced again in the market, but the proposals should be brought in imports.
The market research should be strong enough to know the expected risks and benefits for the countrymen and foreigners.
The business should be set up with low investment, so the taxation, imports, exports, and geographical factors should be completely understood.
References
Bakari, S. (2016). Impact of exports and imports on economic growth in Canada: an empirical analysis based on causality.
Loftus, A., Marsh, H., & Purcell, T. F. (2019). The political economy of water infrastructure: An introduction to financialization. Wiley Interdisciplinary Reviews: Water, 6(1), e1326.
Moran, C. N. (2014). Industrial Hemp: Canada Exports, United States Imports. Fordham Envtl. L. Rev., 26, 383.
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