Apr 24, 2015
(News Release) VICTORIA – 4,000 people in Greater Victoria are directly employed by foreign-owned companies. A recent study conducted by the Greater Victoria Development Agency (GVDA) and supported by Invest Canada - Community Initiatives (ICCI), interviewed 36 companies - 18 of which were started here in Victoria but are now foreign-owned - in order to best determine how to support and grow these opportunities.
“We create great companies in Victoria that are recognized globally and many are acquired by foreign owners. We commissioned this study to find ways to both retain these businesses and hopefully grow their footprint in Victoria. This study provides some excellent input into that process,” says Dan Dagg, Chair of the GVDA.
“These companies not only represent 8% of our GDP but are ambassadors for doing business in Victoria. We need to ensure that the management of these companies is aware of the advantages of doing business in Victoria,” offered Dallas Gislason, GVDA Economic Development Officer. “The work ahead is substantial but essential to implement the recommendations and work to improve our economic performance”
· 36 companies were identified:
· 18 “homegrown” companies who, with the exception of shipbuilding, are mostly export-oriented, including ecommerce; and,
· 18 “Inbound” companies who mainly serve the Information and Communications Technology needs of the Provincial government and agencies or the Canadian Navy.
· The companies employ 4,231 employees
· Direct economic impact $846.2 million
· Indirect economic impact $211.5 million