Foreign Direct Investment (FDI) has and will continue to play a significant role in the Canadian economy. In 2018, FDI accounted for 52% of total gross domestic product (GDP) in Canada—a figure that was among the highest in the OECD. Although FDI to Canada was traditionally directed, in large part, toward sectors like oil and gas and primarily came from the United States, global oil crises coupled with escalating trade tensions highlight the need for diversification. Through primary research in the form of interviews with businesses across the European Union, this study explores Canada’s opportunity for attracting FDI from the EU, via high-growth sectors such as Information and Communications Technologies (ICT). This study investigates the following: European technological priority areas, including digital industries, clean technologies, life sciences and others; local market needs in countries such as Germany, the Netherlands, Spain and others; the viability of the Canada-European Union Comprehensive Economic and Trade Agreement (CETA) as a mechanism for investment; and critical sentiments (both positive and negative) regarding the willingness of European businesses to invest in Canada. The report concludes with a set of tactical and timely recommendations for shaping a robust FDI strategy, based on the research findings. While not intended to be representative of the entire European Union (EU), this study showcases key insights for Canadian policymakers, economic development agencies, and other stakeholders interested in attracting FDI from technology businesses in the EU.
