Calgary is the largest city in the province of Alberta, and the third-largest municipality in Canada.
Calgary is the focal point of Canada’s energy industry. One in six major Canadian companies has its headquarters in Calgary, and the city has been Canada’s most concentrated head office location for the past decade1.
Calgary ranked third out of the top ten cities for business friendliness in 2018, according to fDi American Cities of the Future 2017/18. It is ranked the fourth most liveable city in the world, according to the 2018 Global Liveability Rankings.
1 Factsheet: Calgary Head Offices, Calgary Census Metropolitan Area (CMA) 2016 Edition, 3rd March 2017
As of 2017, Calgary had the highest GDP per capita of any Canadian city. It has the highest median family income among Canadian cities, with an estimated household income of S$103,500. This has led to strong retail sales, and Calgary becoming a distribution and transport hub. Online retail giant Amazon is building a distribution centre in the area2.
The affluence of the city presents many opportunities for Singapore businesses to find a new market.
2 “‘Amazon knows exactly where we are’ Online retailer to open Calgary distribution”, BNN Bloomberg, 16 October 2017
Calgary benefits from Alberta’s top export category – oil and gas extraction – which stood at around S$68 billion in 20183.
The energy industry contributes a third of the city’s GDP. Oil companies with a presence in Calgary include BP Canada, Canadian Natural Resources Limited, and Shell Canada. Many head offices in Calgary are linked to the energy sector. In 2016, 70 of Calgary’s 134 top head offices were energy-related4.
Singapore energy companies will find Calgary an ideal location, given the high concentration of related entities.
3 Trade Data Online, Government of Canada, November 2018
4 Factsheet: Calgary Head Offices, Calgary Census Metropolitan Area (CMA) 2016 Edition, 3 March 2017
Toronto is the capital of the province of Ontario. It is the largest city in Canada by population, and is considered to be the financial hub of the country.
Toronto is widely considered one of the world’s most culturally diverse cities, and has been identified as such by BBC5. It is estimated that the city is home to around 230 nationalities, and is a historical point of arrival for many immigrants.
5 “Toronto named the most diverse city in the world by BBC Radio”, Culture Trip, 9 February 2017
As of 2018, the Toronto Stock Exchange (TSX) is the ninth largest exchange in the world by market capitalisation.
Along with the TSX, the Financial District houses a large number of banks and brokerages along the famed Bay Street area. Canada’s “Big Five” banks – BMO, CIBC, RBC, Scotiabank, and TD all have their national offices in Toronto.
Toronto houses two of the top 20 global pension funds, three of the top five largest Canadian insurers, and eight of the top ten largest Canadian asset managers6.
Besides traditional banking, Toronto is a fintech hub. The city houses over 140 fintech firms, ten venture capital firms, and ten incubators and accelerators.
Singapore finance businesses, whether you are conventional or fintech oriented, can derive many advantages from Toronto’s stable and growing economic environment.
6 “Ontario’s financial services industry”, InvestInOntario.com, 2017
Toronto is home to 55% of Canada’s pharmaceutical companies, within its Discovery District.
53 of the world’s top life sciences companies, and 16 of the top 25 medical device companies, operate in the Toronto area. These include AstraZeneca, GlaxoSmithKline, and Roche7.
The city’s Discovery District is a 2.5 square kilometre concentration of research institutes, educational facilities, and incubators. The Discovery District attracts an estimated S$1 billion in funding every year8.
Singapore’s life sciences companies can find many avenues for collaboration here.
7 “Toronto Canada biotech cluster”, Lifestream, 2018
8 MARS Discovery District website, 2018
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