The United States is the most popular market for Canadian business owners looking to expand internationally, according to a new BMO Bank of Montreal report. Europe ranked second, despite ongoing economic and political uncertainty.
The survey results compare business owners’ views from a year ago; they appear to reflect a strengthening U.S. economy, with 68% looking to expand south of the border, up 12% from 2011.
Meanwhile, 32% of Canadian entrepreneurs were interested in expanding their business in Europe; this is similar to last year, despite continuing economic challenges – most notably in Greece.
According to the survey conducted by Leger Marketing, the top markets for expansion after the U.S. and Europe include:
- India – 15%;
- Central and South America – 15%;
- China – 12%; and
- Mexico – 6%.
Benjamin Reitzes, senior economist, BMO Capital Markets, said, “Canadian businesses appear to be positioning themselves to take advantage of an expected pick up in the global economy in the later part of this year.
“While the domestic market is important, geographical diversification can be an engine for growth as well.”
