Michael Denham, the new CEO of the Business Development Bank of Canada, recently acknowledged the fact that small to medium-sized enterprises (SMEs) represent 99.8% of all Canadian companies, produce 66% of jobs in the country and represent more than 50% of Canada’s GDP.
Denham noted that, in an era of globalization and increasing numbers of “free trade agreements,” we need more SMEs generating more growth to sustain our economy.
While this applies across multiple sectors, it is especially valid in the most sophisticated underground technology centres in Canada. In northern Ontario, the 500-plus mining supply and service companies based there employ 23,000 people – double the number of direct mining occupations in northern Ontario – and are an important component of wealth creation and innovation.
Free trade agreements, which are proliferating in the global market, will be advantageous to SMEs offering sophisticated technologies that will enhance productivity and efficiencies.
These companies are very visible in our mining cluster in northern Ontario. The Sudbury Area Mining Supply and Service Association (SAMSSA) has seen a membership shift over the years from companies offering traditional services to much more emphasis on innovative products and services with exciting additions to their existing software and hardware.
For the rest of this column: http://www.canadianminingjournal.com/features/sudbury-mining-cluster-grows-global-position/