World Trade Center Saskatoon - A Year In Review

Apr 17, 2023

The world has witnessed an unjust and unprovoked war in Ukraine that is impacting livelihoods and families, global nutrition needs, costing lives and has had untold damage to property that will take years and reparations to rebuild. All of this on the heals of post COVID inflation, corresponding interest rate fluctuations and supply chain challenges, have all contributed to pain in everything from household budgets to trade balances.

Known as “Paris of the Prairies,” Saskatoon, Saskatchewan (Canada) is located at the heart of Canada’s food production system housing 45% of Canada’s arable land, in 2022 it led Canada with a 6.8% economic growth rate and projected to grow again by another 3.6% in 2023 followed by another 2.4% in 2024. The unemployment rate has dropped from 5.6% at the beginning of 2022 to 4.0% today. It remains one of these few places where incomes are strong, housing prices low and quality life is remarkable. It is an economy that addresses basic needs worldwide.

Saskatchewan produces and exports almost everything that Ukraine, Belarus and Russia produce at a world scale. There have been disruptions in basic goods including fertilizer, food, and fuel. Saskatchewan is home to  50% of the world supply of potash, 5% of the world’s edible oil, 35% of the world supply of durum wheat, 4% of the world supply of spring wheat, and 5% of the world supply of barley. It is also the fifth largest producer of oil and gas products in North America, is home to 10% of the world supply of uranium but among the purest deposits in the world and one of few places in the world with 23 of 31 critical minerals (including rare earth elements), it is Canada’s sunniest province, has known reserves of geothermal heat and has 11 million hectares of forest. The net result, Saskatchewan has trade demands on it like seldom in its history. 2022 was a standout driving investment like never before with major investment announcements in the agrifood industry, mining industry, forestry industry and energy industry. As we look toward 2023, it appears that it will be more of the same in Saskatchewan.

With a land mass twice the size of Japan, nearly the size of Texas and Ukraine and just under three times the size of the United Kingdom, Saskatchewan’s welcoming population comprised of Indigenous, Metis, German, British, Scottish, Irish, Ukrainian, French, Norwegian, Polish, Dutch, Russia, and Swedish ethnicities. Since its inception in 1905 it has welcomed immigrants from every part of the planet. It also enjoys four distinct seasons.

The World Trade Center Saskatoon was established to enhance Saskatchewan’s economic future by helping facilitate economic growth. WTC Saskatoon is supported by entrepreneurs who share this goal in the areas of law, logistics, farm input supply, automotive industry, insurance, investment, finance, retail operations, food manufacturing, construction, and commercial development. If you have members seeking profit centers in a stable, affordable jurisdiction, we at WTC Saskatoon would be pleased to discuss the possible.

Photo compliments of Tourism Saskatchewan and Nick Biblow.