Despite the explosion of FDI occurring in the Far East, companies looking for a sure and safe bet and access to the world’s largest market of consumers find the US and Canada are still the two safest havens for secure investments. With a gross domestic product of more than $13,000bn, the US has the largest national economy in the world. Less populous Canada, with its GDP of $1165bn, is also one of the wealthiest nations in the world.
Canada enjoys a substantial trade surplus with its principal trading partner, the US, which absorbs about 85% of Canadian exports. Both countries have benefited considerably from the North American Free Trade Agreement (Nafta). Mexico remains Arizona’s largest international market for goods and services. Canada’s province of Ontario enjoys brisk cross-border trade with the US. Both offer key assets that attract FDI, particularly their top cities: Phoenix and Toronto.
Mirroring the industrial trends of each country, cutting-edge technologies, such as information and communication technology, aerospace and biotechnology (especially in Phoenix) are leading the economies in both Phoenix and Toronto. Both are home to leading institutions of higher education that train their respective workers and leaders of tomorrow.