OTTAWA: In 2017, Canadian exports to the Middle East were $5.7-billion and imports were $6.3-billion. While not insignificant, these figures are tiny in comparison to Canada’s overall trade, at just 1 per cent. In sharp contrast, in the same year, Canada’s exports to the United States alone were $415-billion and imports were $288-billion, constituting 76 per cent and 51 per cent of Canada’s exports and imports, respectively.
There are many reasons for such an imbalance, including the size of the U.S. economy, its proximity, shared language and culture, and a free-trade agreement. However, there is another important reason: a lack of familiarity and understanding of the countries of the Arab world, which are distant and, in many ways, unknown to Canadian business. Given systematic negative and incomplete news coverage of the region, the perception that Canadian executives hold of the region is far from reality.
Enter the Canada Arab Business Council (CABC), a non-profit organization that works to build awareness and familiarity between Canada and the Arab world, and showcase the tremendous opportunities for collaboration and investment between the region and Canada.
This Middle Eastern economy is currently at US$3-trillion, which is more than 50-per-cent larger than Canada’s economy, and is expected to grow faster in the coming years. While there is turmoil in Syria, Iraq and Yemen, the vast majority of the Arab world is at peace, growing well, and investing significantly in innovation to diversify and modernize national economies. The International Finance Corporation (IFC), the private-sector lending arm of the World Bank, plans to increase lending to the region this year by around 20 per cent to US$2-billion, with a focus on infrastructure spending, particularly for renewable energy projects.
