We can’t overlook the power of international trade when looking to empower more Indigenous businesses

Long before the first settlers arrived in Turtle Island, or what is today known as North America, trade and entrepreneurship were pervasive.?

Nation-to-nation commerce flourished, contributing to prosperity and self-sufficiency.??

Indigenous peoples’ unique expertise, groundbreaking inventions, technologies, communications networks and resource access underpinned their commerce.??

Though stifled for centuries, that entrepreneurial spirit lives on.?

Today, there are about 50,000 Indigenous-owned and -led businesses across Canada, working to restore prosperity and financial sovereignty – and many with a keen eye toward international trade as a means to achieving those goals.?

June 21 is National Indigenous Peoples Day – an opportunity to recognize and celebrate the history, heritage, resilience and diversity of First Nations, Inuit and Métis across Canada.??

The history, art, traditions, and cultures of Indigenous Peoples are an important part of Canada’s past and continue to shape who we are today.?

Strength in diversity?

At Export Development Canada | Exportation et développement Canada , we work with the understanding that it takes people of different backgrounds and traditions, and different ideas, strengths and interests for businesses – and for the country – to succeed.??

But Indigenous peoples, and other equity-seeking groups, face unique business challenges in today’s economic landscape.??

Some are shared challenges, such as having limited networks or financial history. Others are specific, like facing unconscious bias, racism and sexism.??

One of the most significant barriers Indigenous-owned companies face, we have found, is accessing capital.??

To help address the problem, we’ve worked to improve the relevance of EDC’s services and to develop meaningful relationships with financial institutions that share the goal of promoting equity for underserved people in the business community.?

We’ve also developed an inclusive trade strategy, which has helped us progress in our support for members of equity-seeking groups who export.?

Between 2021 and 2023, EDC had the privilege of working with more than 400 Indigenous business, facilitating more than $560 million in trade-related activities.?

One of those businesses is the the yukon soaps company , whose CEO said the EDC Trade Accelerator Program and knowledge services helped her learn about marketing outside of Canada, and to connect with tools, resources, and educational opportunities.?

Another is Cheekbone Beauty Cosmetics INC , Canada’s first Indigenous-owned makeup company.??

While Cheekbone Beauty was expanding, the biggest obstacle they faced was accessing capital. The founder met with Raven Indigenous Capital Partners – an Indigenous-led venture capital fund – who, in turn, pointed her toward our Export Guarantee Program (EGP).?

The EDC EGP is a solution that provides a guarantee to a business’s lender, giving that financial institution the confidence to increase the business’s access to financing. Through the guarantee and EDC credit insurance, we were able to help support Cheekbone Beauty’s move into the U.S. market.??

These entrepreneurs are outstanding role models. They stand as inspiration to Indigenous youth, showing they can find success in their dreams if they can access relevant resources.??

But the onus for the future prosperity of Indigenous businesses does not fall only to the Indigenous community.??

The responsibility falls to us, as well. To all Canadians standing as leaders in business today.??

Economic reconciliation?

Over the past several years, more and more Canadians have confronted the darker aspects of this country’s history. Alongside that, the national dialogue on reconciliation has taken on a new urgency.??

There are many aspects to reconciliation; to renewing the relationship between settlers and Indigenous Peoples. These include recognizing rights, exhibiting respect, co-operating, forming partnerships and reciprocity.??

Critically, there is also the economic piece laid out in the Truth and Reconciliation Commission’s Calls to Action, and in the National Indigenous Economic Strategy.??

This is where EDC’s commitment to the community comes in.??

We commit to learning from and engaging with the Indigenous community. We commit to freeing up space for Indigenous ways of life, values, communities, business and sovereignty to grow, while at the same time ensuring those attributes are included in all Canadian business.?

This is our promise to do our part for economic reconciliation, to help heal the wounds of the past and make reparations.??

Room for growth & empowerment?

Like Indigenous Peoples, Canada is rooted in trade. Our economy depends on it.??

Together, imports and exports represent 68 per cent of the country’s GDP, with exports specifically accounting for 34 per cent of GDP.??

In this context, and in a world where economies are increasingly connected, it is near impossible to overstate the importance of trade to our country.??

But, according to research from the Canadian Council for Indigenous Business , only 7.2 per cent of small- and medium-sized Indigenous businesses export, compared to the national average of 12.1 per cent.?

That is significant room for growth. That is significant room for empowerment.?

We have more work to do at EDC. But we are confident that, in time, we’ll see more and more of these business owners entering international markets with confidence and finding success.??

And, in turn, their success will become Canada’s.??

We will continue to work with our partners like NACCA , Canadian Council for Indigenous Business, Cando EDO , Pow Wow Pitch and the First Nations Major Projects Coalition , to ensure our solutions relevant and tailored to the specific needs of Canada’s equity-seeking groups.??

By encouraging – and enabling – more Indigenous business owners to embrace international trade, we will begin to see an economy that incorporates, reflects and honours Indigenous traditions.?

As we enable and find more success among Indigenous-owned and -led businesses – and as and the world gets more of Canada’s Indigenous trade – we will begin to see the restoration of Indigenous culture, language, and pride.??