Innovation / Canada
Agility and acumen boost business in Alberta
As Alberta strategically adapts to the shifting global economic landscape, the convergence of resource wealth and proactive governance makes for an enticing prospect for international stakeholders seeking long-term viability and resilience.
When chemical giant Dow sought the best location for a first-of-its kind net zero petrochemicals facility, Canadian province Alberta won the race through a remarkable instance of agility. Following a meeting with Dow’s leadership, Alberta was given six months to enact the regulatory changes to secure the contract. They succeeded in less than a week.
Premier Danielle Smith emphasizes the significance of this achievement. “This project is one of the largest private sector investments in our history.” The Premier is excited to share Alberta’s incredible story. “Our province boasts the most investment-friendly environment in Canada, a competitive tax system, a highly educated workforce, an abundance of energy products such as hydrogen and ammonia, a world-class education system and a robust research and development pipeline.”
Rick Christiaanse, CEO of Invest Alberta
Rick Christiaanse, CEO of Invest Alberta, also underscores the province’s distinctive competitive edge. “Alberta has all the ingredients investors are looking for: competitive cost, skilled labor, smart regulations, and space to grow. But our secret sauce is that we make things happen and enable companies to move things through,” he adds, pointing out that Invest Alberta is dedicated to showcasing the province as a stable base for global investors.
At the forefront of attracting international investments
It seems that the province’s effort to draw in foreign investments is bearing fruit. Alberta accounts for 10% of Canada’s overall inbound FDI annually. “We have new investors from Japan, the US, UK, India, Ireland, and other countries,” Rick Christiaanse points out.
Global giants such as Amazon, GoodLeaf Farms, and De Havilland are all proud to call Alberta home. Recent investors include ExxonMobil and Huawei, among others. “We are seeing major domestic and foreign investments across a variety of sectors. WestJet has made their headquarters in Alberta and De Havilland is moving their headquarters here.” says Danielle Smith.
Danielle Smith, Premier of Alberta
A powerhouse in the global energy transition
Alberta is home to the third-largest proven oil reserves in the world, making it a significant player in the global energy market. With a wealth of oil sands and conventional oil and gas deposits, “Alberta is a leader on all energy fronts,” Danielle Smith points out, adding that the energy sector is a powerhouse, contributing significantly to the province’s GDP. With advancements in technology and a commitment to sustainable practices, Alberta is poised to retain a leadership role in the global energy landscape and transition.
In line with a global pivot to best sustainability practices, Alberta has also been making strides in renewable energy production. The province boasts substantial wind and solar potential, providing opportunities for investors in the clean energy sector. Government incentives and a growing focus on sustainability are quickly turning Alberta into a hub for renewable energy projects.
“Making it clear that we’re transitioning from emissions, and not from oil and natural gas, we want to be the greenest consumer of electricity, power, and heating. We want to have the greenest technology. We want to be on the forefront of emissions capture and developing hydrogen, as well as carbon capture utilization and storage and other emerging technologies of the future,” says Premier Smith. “We can be a model on developing new technologies that are going to make us increasingly zero carbon, but also a responsible provider for the world.”
The fastest growing economy in Canada
“It is a good time to be in Alberta. We’re the fastest growing economy in Canada and one of the fastest growing economies in North America,” Rick Christiaanse points out, adding that the government’s efforts towards cutting taxes and cutting red tape has led to an increase in new business as well as drawing in new talent.
For investors seeking opportunities in diverse sectors, Alberta presents a compelling case with its abundant natural resources, robust industries, and a government committed to fostering economic growth. Beyond energy, Alberta is emerging as a promising frontier in agriculture, aviation and logistics, financial services, life sciences, etc. “Over the last two years, Alberta created about 250,000 jobs, 85% of which are in non-traditional sectors. We want to continue to diversify and grow these key sectors,” Christiaanse adds.
The government is committed to fostering innovation through incentives and supportive policies. Alberta continues to focus on reducing red tape and providing support for businesses and entrepreneurs to thrive. “We’ve cut red tape by over 33%, saving businesses over $2.75 billion,” Danielle Smith explains.
Alberta’s pursuit of economic diversification reflects a proactive approach. “We want to be at the forefront not only when it comes to the energy transition, but also in other emerging sectors, such as virtual reality, AI, robotics. Venture capital numbers are growing, and Alberta’s economic evolution will enable us to stay on top of our progress and remain Canada’s economic engine,” the Premier concludes.
