Alberta has attracted significant foreign direct investment, receiving nearly $20 billion and creating over 27,000 jobs across various sectors like energy, agriculture, finance, and technology. Invest Alberta, the province’s investment promotion agency, has had a presence in London for the past 2 years and is now welcoming its newest team member – Nick Williams who is based in Manchester.
Why Alberta? Alberta boasts the lowest corporate income tax rate in Canada at 8%, no provincial sales tax, and no payroll tax. Alberta’s largest city, Calgary, has the largest concentration of company headquarters in all of Canada and is home to 7:10 of world’s biggest banks. Edmonton, Alberta’s capital, is home to North America’s fastest-growing tech ecosystem. Plus, there is room to grow, with some of the most affordable Class A downtown office space in North America and ample and affordable land for development.
While business rates and taxes are critical, Alberta’s appeal doesn’t stop there. The province’s emphasis on affordable living, high wages, and a stunning natural environment adds to its allure. Employees enjoy a high quality of life, which is often reflected in higher productivity and satisfaction levels.
Another key differentiator is Alberta's workforce, boasting the highest average annual population growth in Canada, the most H.E. educated workers, and the highest concentration of STEM degree completions is in Calgary. The province is home to leading educational institutions like the University of Alberta and the Northern Alberta Institute of Technology, nurturing a multicultural hub for talent.
Alberta’s key industries: Alberta's commitment to sustainability is evident in its energy and clean tech sectors, where the province leads North America in renewable energy investments. Notably, Alberta has attracted over $2 billion in renewable energy investments since July 2019, positioning itself as a future-forward partner for companies prioritising sustainability goals. The province's petrochemical and hydrogen industries are also gaining traction, with Alberta being recognised as an ideal location for scaling up new energy projects. The agriculture industry is investing significantly in digital transformation, with forecasts indicating a $246 million investment by 2024. Alberta's aviation and logistics sector benefits from strategic infrastructure and location, facilitating trade and export growth.
Alberta's incentives programs: Providing investors with a 12% tax credit or cash grant in sectors such as Petrochemicals & Hydrogen, Carbon Capture & Storage or Agriculture & Food Processing – can be combined with federal investment tax credits of up to 30% for various sectors such as Clean Technology.
Interested in learning more?
Email us at international@gmchamber.co.uk for an introduction to an Invest in Alberta Adviser.
Source: Invest in Alberta