Abundant opportunities exist for Canadian small and mid-sized businesses in Asian markets, despite slowing growth in the Chinese economy, according to a pair of leading international business experts.
“We remain bullish on China,” said Geoff Chutter, President and CEO of Whitewater West Industries, the world’s leading supplier of waterparks and attractions based in Richmond. “We do not see our sales dropping at all.”
Scotiabank Chief Economist Warren Jestin echoed Chutter’s optimism, noting that economic growth in China still remains good at 6-7 per cent annually, even as it has slowed from the typical 10 per cent annual growth rate of recent years.
”China is a huge opportunity for Canadian businesses,” said Jestin, noting it is still the largest market in the world, with lots of opportunities for smaller and mid-sized companies selling high value consumer products and services.
Recognizing Asian market potential
Jestin and Chutter were the keynote speakers recently at the City of Richmond’s 4th annual Business and Partner Appreciation event.
Chutter said Whitewater West has grown by building on a reputation for product excellence, diversifying both its market and operations internationally, expanding its product lines and putting increased emphasis on customer service and relationships.
The company has been involved in more than 4,000 projects worldwide and is represented in 19 of the world’s top 20 waterparks. Even though global expansion meant outsourcing some of the company’s operations internationally, the resultant growth in business has seen his local workforce double in size to more than 600 jobs.
Jestin noted that while the U.S. market should enjoy the best growth in the short term, export companies should not “fixate” on the American market at the expense of losing out on the long-term potential of the Asian market.
Overall, Jestin said the forecast for the Canadian economy is sound with continued low interest rates and a generally favourable value for the Canadian dollar. He said B.C. should continue to lead economic growth among provinces due to its balanced economy and global focus.
Richmond's economy blossoming
Mayor Malcolm Brodie opened the session by highlighting Richmond’s economic growth.
“Our business retention, expansion and attraction efforts continue to yield results,” he noted. “Over 130 companies have accessed the city’s economic development information and services dedicated to business. Our business outreach campaign of the last three years has facilitated the retention and addition of over 3,500 jobs.”
The city’s annual Business and Partner Appreciation event provides an opportunity to strengthen ties among stakeholders with a joint interest in economic development in Richmond. It is also an opportunity to recognize the corporate partners who’ve helped directly support city programs and events.
In appreciation of the two keynote speakers, the city will make a contribution to the Young Entrepreneur Leadership Launchpad (YELL) program.
Published in partnership with Asian Pacific Post.