National

Foreign investment drives growth in BC

Darpan News Desk The Canadian Press, 14 Nov, 2024 12:40 PM

Invest Vancouver — Metro Vancouver's regional economic development service — has released a new report that it says shows "how foreign direct investment is a powerful driver of employment and economic growth in B-C."

The report says in 2022 that foreign multinational enterprises employed more than 349-thousand people in B-C, which marked a 46.3 per cent increase when compared to 2016.

It says the largest driver of employment by sector for foreign enterprises in the province is the professional, scientific and technical services, which increased by more than 190 per cent from 2016 to 2022.

Mike Hurley, chair of the Metro Vancouver Board, says in a news release that foreign investment spurs local business activity, expands job markets, broadens the tax back and "directly supports" employment and G-D-P growth.

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