Global Economy: State leaders work to strengthen ties with Canadian cities

Arizona and Canadian business leaders are trying to bolster ties among their largest cities -- connections that historically have not existed.

Representatives from the Greater Toronto Marketing Alliance two weeks ago met with Tucson and Phoenix officials, executives and business groups during their week stay. That followed Gov. Janet Napolitano's October trip to Toronto, the country's financial center. Those meetings also were attended by Arizona Department of Commerce and Greater Phoenix Economic Council members.

For some in the know, it was long overdue.

"You have the largest city in Canada without a link to Phoenix," said Glenn Williamson, CEO of the Canada Arizona Business Council and Scottsdale private equity firm NestVentures LLC.

Despite the lackluster partnership, the two cities share common business sectors, namely information and communication technology, medical devices, construction, informatics and investment capital.

For years, Arizona business groups focused on building relationships in Ottawa, Montreal and Calgary, but now "the chemistry is right," to build partnerships with Toronto, said Lou Milrad, GTMA chairman and chief operating officer. He said both regions are working to further educational ties among colleges and universities.

Canada is a major trade partner with Arizona, importing $1.6 billion worth of goods last year. Canada is the state's second-largest export market, behind Mexico. Because of these trade ties, Arizona plans to establish a foreign trade and investment office there early next year.

Canada's largest exchanges also have been courting Arizona companies to cross the border and list on the Toronto Stock Exchange, or its smaller board, the TSX Venture Exchange. Numerous corporations with an Arizona presence are cross-listed in Canada, including Citigroup, Merrill Lynch, Morgan Stanley and Mobile Mini Inc.

Jon Jung, president and CEO of GTMA, said building relationships with stakeholders and decision makers in both regions will take time.

"We need to develop an understanding of these regions," and a "a mutual benefit," he said.



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Greater Toronto Marketing Alliance: www.greatertoronto.org