Introduction
Western Canada amasses a considerable amount of Canada’s total gross domestic product, being responsible for at least 38%. It is a place with strong entrepreneurship and many opportunities for people, to both start their own business and find employment. The five most developed sectors are as follows: Construction, Scientific and professional services, sales in retail, various types of care and others (“Economic overview,” 2018). In addition, the region is deals with many types of trade, both domestic and international. The biggest and most profitable partner for Canada is the United States, and the two nations have had an extensive history of fruitful relations. Industry exports in the area are led by oil and gas, which remain firmly among the biggest sources of profit (“Economic overview,” 2018). Aside from that, there is a heavy focus on agriculture, which is the second most profitable sector.
On the other hand, the province of British Columbia has found its own success in a large number of economic areas. The region has been steadily growing and reporting considerable profits for its residents. The land of British Columbia remains its largest commodity, as the real estate scene is among the largest sources of profit. In addition, the state displays heavy focus on its forest sector (“Financial & economic review,” n.d.). The state is one of the largest exporters of wood, wood products (“Financial & economic review,” n.d.). This industry is supported by a vast supply of natural resources, well-developed technology and infrastructure, coupled with a large variety of available tree species. The forestry industry appears to be thriving, and many people found themselves investing into this sector of Canada’s economy.
Similarities in Approaches and Focus
There are a number of similarities and comparisons that can be made with the two States. Both of when have found success in utilizing natural resources and their regional capabilities to their full potential, deriving large profits from existing assets. In addition, other aspects of the process, such as potential l investment opportunities in both locations have significantly interested locals and businessmen alike. The problem comes from considering such industries as one of the main sources of profit in the region. As mentioned previously, it is necessary to invest money into renewable industries, instead of wood or agriculture. While many businesses in the area worked to adapt their approaches to the needs of the market, and environmental regulations, it is still important to consider their business models as unsustainable. In the long term, it will be impossible to maintain consistent growth, profits and benefits from using these methods.
Conclusion
In conclusion, it can be noted that both regions in this discussion are immensely successful, being responsible for a large portion of the nation’s profits. They are both known for specific types of produce, and the focus on more sustainable practices can be dangerous for long-term success. Canada works with considerable effort in order to reduce its carbon emission, and build on more renewable methods of harvesting natural resources. It order to remain successful and well-known for their regional specialties, it is vital that both regions of Canada consider sustainability their top and only priority..
References
Economic overview. (2018). Western Economic Diversification Canada | Diversification de l’économie de l’Ouest Canada. Web.
Financial & economic review. (n.d.). Province of British Columbia. Web.