The province of Saskatchewan has a lot going for it. It has 40% of Canada's arable land, making it the country's largest breadbasket. It is known as the birthplace of Medicare and residents can receive free medical care. Theeducation system offers many advantages to Saskatchewanians. For example, the Graduate Retention Program reimburses up to $20,000 Canadian on tuition fees paid by graduates residing in the province (including international students who live in the province and report their income). Housing costs are also lower than in most major Canadian cities.
The province of Saskatchewan has the same type of government as other Canadian provinces, based on the Westminster system, with a Premier, a unicameral Parliament (the Saskatchewan Legislative Assembly) and a Lieutenant Governor. The Saskatchewan Legislative Building is located in Regina, the capital of the province.
Scott Moe of the Saskatchewan Party, has been the province's premier since February 2, 2018 and chairs the Executive Council. The Saskatchewan Party is a center-right political party.
Saskatchewan's economy is stable and provides businesses with the confidence they need to invest and grow their operations. For example, theSaskatchewan Business Innovation Incentive is a tax incentive that offers eligible companies a 6% corporate income tax (CIT) rate reduction for 10 years. In addition, the sales tax rate is one of the lowest in the country.
The province's economy is based on the development of natural resources. Saskatchewan has a variety of resources such as potash, uranium and oil. It is the world's largest exporter of potash. The province is also at the forefront of new technologies to reduce its greenhouse gas emissions. In particular, it emits 50% less greenhouse gas emissions during the potash production process than other producing countries.
The province is also a leader in sustainable agriculture and in reducing greenhouse gas emissions. It was one of the first provinces to convert to no-till farming in the 1970s. No-till farming traps carbon in the soil and enriches it with nutrients while reducing the impact on the land. As a result, Saskatchewan has become a leader in the production of pulse crops, such as lentils and peas, which require minimal moisture for growth and help fix nitrogen in the soil.
The territory's rich and diverse resources offer many investment opportunities in several key sectors. In addition, the province has one of the lowest corporate income tax rates in the manufacturing and processing sectors. As a result, capital investment totaled C$171.7 billion between 2011 and 2021, and in the year 2022, capital investment increased by 18.5%.
Saskatchewan is known around the world for the quality of its crops. Located in the heart of the Canadian Prairies, the province is home to over 40% of Canada's arable land and some of the most productive land in the world. For example, 40% of the world's lentils in 2018 came from Saskatchewan. It is also the second largest livestock producing province in Canada and also a leader in the crop science, plant protein, farm equipment and clean energy sectors. Local companies are fueling much of this growth, including Nutrien, the world's largest potash company, Brandt Group of Companies, a major agricultural equipment manufacturing company, and AGT Food and Ingredients, one of the world's leading lentil exporters. International companies have also invested and opened offices in the province, including BHP Billiton and Cargill.
Agri-food is the province's largest economic sector with over 300 food and beverage processing companies. Saskatchewan is one of Canada's largest exporters of agri-food products as well as a major food supplier to the world's population. Since 2012, annual revenues from agriculture have nearly doubled from C$3.5 billion to approximately $6.8 billion in 2020-2021. In 2021, Saskatchewan exported C$17.5 billion worth of agri-food products.
Advanced technologies, particularly agricultural and life sciences biotechnology, are a dynamic focus for the province, which has a reputation as Canada's most dynamic hub for agricultural bioscience research, development and commercialization. Saskatchewan is a leader in agricultural biotechnology. The province has world-class expertise in crop and livestock development, genomics, imaging and vaccine research. As a result of a federal initiative, a research cluster has been established at theUniversity of Saskatchewan and theInnovation Place Technology Park in Saskatoon. The cluster includes the Canadian Light Source, the National Research Council, VIDO-InterVac (a Level 3 containment facility for vaccine research) and the Agri-Food Innovation Centre, which aims to increase the value of key Canadian crops such as canola, wheat and pulses, as well as to develop plant-based meat alternatives and commercialize new agri-food products
Research focuses on plant imaging, food safety, water supply, microbial biotechnology, and the application of plant genomics tools. Proteins, food processing and fractionation are other sources of innovation. Researchers are also gaining a better understanding of microbes in the soil and plant roots to improve fertilizer efficiency. Digital technology in agriculture is effectively transforming the decision-making process by combining data collection with artificial intelligence tools.
Saskatchewan is an energy giant, with the most diverse primary energy resource base in Canada. Opportunities abound in the oil and gas industry. Thanks to its low regulatory burden, energy companies consider the province one of the best jurisdictions in the world to pilot and commercialize new energy-related technologies. It is the country's second largest oil producer. In 2021, the province produced 162.1 million barrels of oil. It also has estimated oil reserves of nearly 1.2 billion barrels, refining and upgrading capacity and an extensive pipeline network. It is also home to a significant portion of the Bakken Formation, one of the largest oil plays in North America.
The province is also a leader in petroleum research, particularly in the areas of enhanced oil recovery (EOR) and horizontal well drilling. For example, the Husky Upgrader in Lloydminster converts heavy oil from Saskatchewan and Alberta into synthetic oil and produces diesel fuel. It is Canada's third largest producer of natural gas. In 2021, the province produced 143.4 billion cubic feet. Gas reserves in the territory are estimated at 1.8 trillion cubic feet. Finally, Saskatchewan is the world's largest supplier of uranium. 90% of the uranium mined is exported, with the remaining 10% used to fuel nuclear reactors in the country. Uranium from the province is also responsible for powering about one in twenty homes in the United States.
The province's significant mineral resources, low regulatory burden and investment opportunities have attracted major global mining companies to Saskatchewan. The province has two of the world's most sought-after minerals: potash and uranium. It is the world's largest potash industry, accounting for about one-third of the world's annual production and hosting nearly half of the world's known reserves. The world's largest deposits of high-grade uranium are located in northern Saskatchewan.
Gold exploration activity is also significant in the province and some areas with high gold potential remain underexplored. In 2020, the Seabee Gold Operation produced 81,686 ounces of gold. In addition, the Fort à la Corne area has one of the largest kimberlite fields in the world (with some kimberlites exceeding 200 hectares in size). The province also produces coal, salt, kaolin, clays, sodium and potassium sulphates and has significant deposits of copper, zinc, nickel and cobalt. In 2021, mineral sales were C$8.5 billion, ranking fourth in the country. Exploration expenditures were $213.7 million in the same year.
Saskatchewan has some of Canada's first and largest operating wheat-based ethanol plants and integrated biodiesel facilities that produce biobased materials, green chemicals, renewable plastics, natural fibres and natural structural materials.
The province has also invested in significant new wind, solar, biomass and geothermal developments. Hydroelectricity is currently the primary source of renewable energy in Saskatchewan, but production can vary depending on annual precipitation. In 2018, eight hydroelectric plants produced 3,591 GWh of electricity. The territory also has anabundance of wind resources and is one of the sunniest places in the one of the sunniest places in Canada. In 2018, 386 GWh of electricity was generated from wind. In the same year, total generation from renewable energy was 3,977 GWh, or 16.8% of total generation in the province.
With 40% of Canada's arable land, Saskatchewan accounts for almost half of Canada's wheat production (45.7% with 14.7 million tonnes produced). The province has 34,253 farms of which 21,505 are grain and pulse farms. The top three agricultural exports are plant-based products, canola, wheat and lentils. The province is the leading producer of canola in Canada with 53.7% of total national production in 2018 with 10.9M tonnes produced. It also supplied over 90% of the total national lentil production in 2018 with 1.9M tonnes.
Saskatchewan has a well-established forest industry with state-of-the-art technology. Over half of the province's land area is forested, representing 34 million hectares. Saskatchewan's commercial forest area comprises almost 12 million hectares, of which 5.3 million hectares are classified as productive forest land available for commercial timber harvesting. Forestry is the largest industry in northern Saskatchewan. It generates over $1 billion in annual sales of forest products and supports nearly 8,000 direct and indirect jobs. There are seven major forest products manufacturing facilities across the province producing lumber, pulp and oriented strandboard, and over 210 small forestry companies producing a wide variety of forest products.
Located in the center of North America, Saskatchewan offers easy access to markets in Canada and around the world. To support its export market, the province has developed an extensive rail and road network. The territory has the largest road network in Canada, 2,400 trucking companies, two international airports and several rail lines.
Saskatchewan is the fifth most exporting Canadian province to France. Exports to the country represent 0.4% of total exports in 2018. They are mainly made up of agricultural and fishery products (81%), non-metallic minerals and ores (7%) and energy products (7%). Saskatchewan's exports totaled C$37.2 billion in 2021.
TheCanada-U.S.-Mexico Agreement (CUMA) is a revised version of the North American Free Trade Agreement (NAFTA), signed on January 1, 1994, to facilitate trade between the United States, Mexico and Canada. In addition to being the most ambitious trade agreement in history, NAFTA also created the world's largest free trade area and brought together two wealthy developed countries and one less developed state. As a result, the agreement has fostered the development of international trade by removing tariff and non-tariff barriers and domestic regulations that could restrict the import of goods and services. In 2017, U.S. President Donald Trump threatened to renegotiate the agreement or even cancel it. After numerous renegotiations, NAFTA was replaced by the MEPA on July1, 2020. This new agreement facilitates the temporary entry of business people who are U.S., Mexican or Canadian citizens and who are engaged in trade in goods or services or in investment activities. The agreement also eliminates the need for all business persons subject to the agreement to obtain a labor market impact assessment. Finally, for professionals and intra-company transferees, the MWEA expedites the application process as the application can be submitted at the port of entry.
The European Union (EU) is Canada's second largest trading partner. TheComprehensive Economic and Trade Agreement (CETA) between Canada and the European Union offers Canadian businesses preferential access to the EU market and excellent opportunities for growth in the region. September 21, 2022 marks the fifth anniversary of the provisional application of CETA. The agreement will enter into full force once all EU Member States have completed the ratification process. Until then, the provisional application of CETA continues and remains available to Canadian and European businesses. Since its inception, CETA has led to a significant increase in bilateral trade and provided a particularly favourable environment for entrepreneurs on both sides of the Atlantic.