Employment from foreign multinational corporations has increased in B.C. greater than across the country, since 2016, according to a new report from Invest Vancouver, an economic research division for Metro Vancouver Regional District.
The report, based on Statistics Canada data, explains that foreign direct investment occurs “when an individual or firm from one country invests in a business in another and the investor has significant control or influence over the business’s decisions.” With relatively low shares, Sweden and China were the fastest-growing sources of foreign MNE employment by home country.
The U.S. firms contribute to $22.8 billion of the $37.1 billion of the province’s GDP; by comparison, United Kingdom firms account for $3.3 billion or 9.0 per cent and Chinese firms account for $676 million, or 1.8 per cent, on par with Swiss firms.