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German-Canadian Business Update
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Fielmann Expands in North America: Acquisition of SVS Vision and Befitting
Fielmann, the renowned German optical retailer, announced its entry into the US and Canadian markets through strategic acquisitions. The company has confirmed its purchase of SVS Vision, a prominent US optician with over 80 stores, and Calgary-based Eyevious Style, a Canadian company known for its online platform Befitting. The companies are valued at 105 and 35 million euros respectively. The acquisition of SVS Vision still has to be approved by the American authorities.
More information (article in German)
Food from the Bioreactor
A German-Canadian company wants to use novel bioreactors to drive large-scale production of lab-grown meat.
The Cultivated B company, part of the German food group InFamily Foods, has set up a production facility in Burlington near Toronto, where the first bioreactors will soon be delivered, enabling industrial mass production of cultured meat.
Said reactors produce artificial meat based on collected cells from cattle, pigs, sheep and poultry, while avoiding genetic engineering.
The goal is to produce sufficient quantities of cultured meat in a few years to serve the mass market at prices lower than those of conventional meat. The sustainability effect only comes into play when production is destined for the mass market.
The first market entries in Europe are planned within the next five years. According to the company's management, the speed with which the mass market is served will also depend to a large extent on the political support given to the issue. According to surveys, there is a strong interest among the population to try cultured meat, especially among the younger generation. According to the company, however, there is a lack of awareness in German and European politics of the urgent need and the growing demand for future-oriented solutions.
Due to the major restrictions in the area of food production in the EU, the new company producing the bioreactor was built in Canada, which is much more liberal and business-friendly in this area.
More information (article in English)
More information (article in German)
German-Canadian Business Alliance Calls for Stronger Cooperation
On the occasion of the second meeting of the ''German-Canadian High-Level Steering Group on Bilateral Cooperation'' in Ottawa in early June and in the wake of the recent visit of German President Frank-Walter Steinmeier to Canada, the Transatlantic Business Initiative (TBI), the Business Council of Canada (BCC), the Canadian Chamber of Commerce (CCC) and Canadian German Chamber of Industry and Commerce (CGCIC) issued a joint statement, which aims to strengthen Canada and Germany's economic and political cooperation on trade and investment, energy and climate, critical raw materials and technologies, as well as advance joint research in artificial intelligence, quantum computing and other key technologies.
The communiqué is intended to call on the governments of both countries to create a mutually favorable business environment and accelerate technology approval processes to strengthen the economies and prosperity of both countries.
World Business Outlook Spring 2023: Outlook More Positive, but Expectations Subdued
German companies at their international locations are more positive about the future than they were in autumn 2022. However, expectations remain subdued - this is shown by the assessments of the more than 5,100 companies surveyed by the German Chambers of Commerce Abroad (AHKs) in spring 2023.
German companies in North America (Canada, USA, Mexico) are more optimistic than in most other regions. Consistent with the previous survey, the majority of companies in North America report a good business situation. Canada showed the second-best assessment of the current business situation of all countries after Lithuania.
German companies in Canada are particularly concerned about the lack of skilled workers, rising demand, and supply chain disruptions, according to the survey. Inflation is regarded as the greatest geopolitical challenge in Canada in the next 5 years followed by digital transformation.
“Germany has Gained in Importance for Canada”
Interview with Yvonne Denz, President & CEO of the Canadian German Chamber of Industry & Commerce in GTAI Germany Trade and Invest (PDF download).