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Transcript of Canada Think Dynamic Think Competitive Think Bottom Line Think Canada!
Canada
Think Dynamic
Think Competitive
Think Bottom Line
Think
Canada!
Canada
Canada: a Dynamic, Competitive Economy— Open for Global Business
2
Canada's economic fundamentals andrelative cost advantages provide afirst-rate business environment. Canada provides:
Excellent economic fundamentals
Report Card
Overall government budget in surplus.
Low inflation and low interest rates.
Easy access to marketsGeography and NAFTA provide easyaccess to the world's most prosperousmarket.
A cost-competitive businessenvironment
Large stock of skilled workers; low start-up costs; competitive tax system(particularly for R&D); strong technologicalenvironment; positive business climate.
An excellent place to live
Superb overall quality of life.
Excellent economic fundamentals
Easy access to markets
A cost-competitive business environment
An excellent place to live and work
Excellent economic fundamentalsExcellent economic fundamentals
Canada Provides:
3Canada 3
Canada’s strong fiscal situation
C
• Canada's fiscal situation has turned around dramatically:
- In 1994, Canada’s deficit (as a percentage of GDP) was 6.7%, the third highest in the G-7.
- However, by 1997, Canada became the first G-7 country to post a surplus in the 1990s, and is the only G-7 nation expected by the OECD to post two straight financial surpluses from 2002 to 2003.
- Federal government spending (as a % of GDP) reached a 50-year low in the 2000-01 fiscal year, the key source of the Canadian fiscal turnaround.
* Includes federal, provincial/state and local ** ProjectionsSource: OECD Economic Outlook, June 2002
Total Government Surplus*
The Institute for Management Development ranked Canada as the best fiscally managed country in the G-7 in 2000
Federal Budgetary BalancePublic Accounts Basis
Canada 4
Source: Finance Canada
0.0
-3.0
-6.0
% of GDP
1992
-93
1993
-94
1994
-95
1995
-96
1996
-97
1997
-98
1998
-99
1999
-200
0
2000
-01
2001
-02
Surplus
Deficit
+
Federal Program SpendingPublic Accounts Basis
1993
-94
1994
-95
1995
-96
1996
-97
1997
-98
1998
-89
1999
-00
2000
-01
2001
-02
2002
-03
2003
-04
10
12
14
16
% of GDPProjected
1994
1995
1996
1997
1998
1999
2000
2001
2002
**
2003
**
02468
10
-2-4-6-8
% o
f G
DP
Canada
A Strong Fiscal Surplus
5
• Canada had the highest general government surplus as a percentage of GDP in the G-7 in 2001. The OECD expects Canada to be the only G-7 country with fiscal surpluses in 2002 and 2003.
Total G-7 Government Fiscal Balance (% of GDP)2001-2003
Source: OECD Economic Outlook, June 2002
20022001
2003
Canad
a
France
Germ
any
Italy
Japan
U.K.
U.S.
0
2
4
-2
-4
-6
-8
-10
Canada
Low Inflation and Low Interest Rates
6
• Canada’s targeted inflation rate is locked between 1% to 3%.
- Over the past five years, Canadian inflation averaged 1.9%
Sources: Statistics Canada and the Federal Reserve Bank of St. Louis
Inflation
Long-Term Interest Rates
1994
1995
1996
1997
1998
1999
2000
2001
0
1
2
3
4
Ye
ar-
Ov
er-
Ye
ar
% C
ha
ng
e
• Canada's excellent fiscal situation and low inflation are reflected in low domestic interest rates.
Source: Bank of Canada, Government long-term bond. U.S. Treasury, Constant Maturity long-term bond.
Last data points plotted: Canada – August 2, 2002; U.S. – August 12, 2002
1994 1995 1996 1997 1998 1999 2000 2001 20023
5
8
10
%
Canada
A Growing Domestic Economy
7
• Canada’s GDP grew at an annual rate of 6.0% in the first quarter, similar to U.S. growth but much stronger than growth in other G-7 countries.
- The OECD and IMF both forecast Canada to lead the G-7 in economic growth in 2002 and 2003.
Real GDP Growth Projections 2002-2003 (%)
20032002
2.5
1.4
2.02.3
1.4
0.9
-1.0
3.6
3.02.8
3.4
2.92.7
0.8
U.S.Can
ada
France
Italy
Germ
any
U.K.
Japan
0
2
4
20032002
3.2
1.4
1.9
2.5
1.5
0.7
-0.7
4.0
3.02.8
3.5
2.82.5
0.3
U.S.
Canad
a
France
Italy
Germ
any
U.K.
Japan
0
2
4
Source: International Monetary Fund, May 2002
Source: OECD Economic Outlook, June 2002
Easy access to markets
Canada
Canada Provides:
8
Easy access to markets
A cost-competitive business environment
An excellent place to live
Excellent economic fundamentalsExcellent economic fundamentals
Canada
Streamlined Border Flows
9
• Since the enactment of the North American Free Trade Agreement (NAFTA) in 1994, Canada provides long-term assured access to the North American market — nearly 400 million people with a combined GDP of over $9.4 trillion ($U.S.).
• In addition to eliminating tariffs, NAFTA provides procedures for:
- border facilitation;- movement of personnel;- investment and intellectual property
protection; and- product certification.
• The North American market is serviced through a well integrated transportation system which is among world’s best.
- Automated permit ports, transponder identification systems and joint processing centres are being tested and deployed.
Source: Transport Canada and Statistics Canada, 2001
Annual Transborder Crossings -Total Number of Trucks and Canada-US Air Passengers Entering Canada
Truck
Air
80 82 84 86 88 90 92 94 96 98 20000
5
10
15
20
Canada
Smarter Borders
10
• Efficient border crossing was restored within a week of the tragic events of Sept 11th
–today, border wait times average less than 10 minutes
• In December, Canada and the USA signed a declaration to build a Smart Border for the 21st Century to accommodate the growth in trade and commerce
–initiatives focus on improving existing border processes through the use of new technologies and infrastructure
• The December Budget also allocated $1.6 billion over the next five years for border initiatives
Canada
…and Short Distances to Markets
11
Calgary Regina
Halifax
Los Angeles
Denver
New York
Boston
Philadelphia
Washington
BaltimoreDetroitChicagoCleveland
St. Louis Pittsburgh
Milwaukee
Houston
Atlanta
Vancouver
Toronto
Montréal
Seattle
Miami
Mexico City
San Francisco
Winnipeg
300 mi
600 mi Charlottetown
St. John's
Edmonton
VictoriaOttawa
Windsor
QuébecFredericton
Increase in TransborderRoutes Since Open Skies
89
144
Feb. 1995 Feb.2002
Source: Transport Canada
Direct Scheduled flights only.
• Almost half of the U.S. population lives within a 10 hour drive of Toronto, and over 60 percent within a two hour flight.
• Business travel between Canada and the U.S. has increased considerably since the inception of the “Open Skies*” Agreement (February, 1995)
• Direct air service between major cities in Canada and the U.S. has nearly doubled in 6 years.*Under “Open Skies” Canadian Air Carriers gained unlimited rights to establish routes from any point in Canada to any point in the United States. Similarly, U.S. carriers also gained unlimited access to the Canadian market (with a phase in period for up to three years)
1995 1996 1997 1998 1999 20000
100
200
300
400
500
600
700
800$ Billions
Canada - U.S. Trade
$700 Billion
Source: Statistics Canada
Canada
Canada Is by Far the Largest U.S. Trading Partner
12
• Canada and the U.S. have the world’s largest trade partnership, with two-way trade amounting to $700 billion in 2000. In fact, this averages to more than $1.3 million dollars a minute in trade.
• Between 1995 and 2000, trade between Canada and the U.S. grew at a compound average annual rate of 10.4%.
• The U.S. trades more with Canada than with any other country - the U.S. trades more with Canada than with all of the countries of the E.U. combined!
Canada20.3%
Mexico12.4%
Japan10.6%
China5.8%
Germany4.4%
All Others46.5%
Distribution of U.S. Trade* — 2000
* Merchandise tradeSource: World Trade Atlas
Canada
Canada Welcomes Foreign Investment
Source: Statistics Canada
2001
13
• Foreign direct investment in Canada has more than doubled since 1990.
• Increasingly more investment goes to knowledge-based industries in high-tech manufacturing and services sectors.
• The U.S. is the dominant source of foreign capital.
- In 2001, the U.S. share of foreign direct investment (FDI) in Canada was 67%.
Wood & Paper
Energy & Metallic Minerals
Finance & Insurance
Services & Retail
Other
Machinery & Transportation
$321 Billion
Distribution of Foreign Direct Investmentby Industry
1990
$131 Billion
Distribution of Foreign Direct Investmentby Region/Country
U.S. 67.0%
E.U. 23.8%
Japan 2.6%
Other 6.6%
Source: Statistics Canada
2001
$340 Billion
Canada 14
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 20000
50
100
150
200
250
300
350$ Billions
Canada - U.S. Direct Investment Stock
United States57.4%
U.K. 7.5%
France 5.5%
Netherlands 3.5%
Barbados 3.3%
Japan 2.4%
All Others 20.4%
Source: Statistics Canada
Source: Statistics Canada
Distribution of Canadian Total Direct Investment Stock
• Canada and the U.S. have one of the world’s largest direct investment partnerships, with the stock of investment between the two countries totaling $340 billion in 2000.
• Between 1990 and 2000, U.S. foreign direct investment in Canada grew at an average annual rate of 6.9%.
• Over this period, Canadian direct investment abroad grew at an average annual rate of 8.2%.
The United States is Canada’s Largest Source of FDI
A cost-competitive business environment
Canada
Canada Provides:
15
Easy access to markets
A cost-competitive business environment
An excellent place to live and work
Excellent economic fundamentalsExcellent economic fundamentals
Superior Quality Workforce
Canada
• The overall skill level of Canada's workforce ranks high among competing countries.
• According to the World Competitiveness Yearbook, Canada has the highest percentage of individuals achieving at least college or university education.
* Percentage of the population that has attained at least tertiary education among 49 countries considered in the World Competitiveness Yearbook, 2002.
16
0
10
20
30
40
50
Canada
Japan
U.S.
France
U.K.
Germany
Italy
In
de
x (
%)
1st2nd
3rd12th
18th
25th
40th
Higher Education Achievement* World Rank
An Excellent Post Secondary System
Canada
• 1998 U.S. Gourman report scored 10 Canadian electrical engineering programs in the top 22, and 18 in the top 40
• Canada’s 67 universities and colleges produce more than 25,000 graduates per year in math, engineering and pure and applied sciences
17
Institution Score U.S. Cdn. Rank Rank
M.I.T. 4.92 1Stanford 4.91 2Berkeley 4.88 3Illinois 4.86 4Toronto 4.86 1UCLA 4.82 5McGill 4.82 2Cornell 4.81 6U.B.C. 4.81 3McMaster 4.80 4Purdue 4.79 7Southern California 4.77 8Princeton 4.76 9Michigan 4.75 10Carnegie Mellon 4.74 11Polytechnic-Brooklyn 4.73 12Queen’s 4.72 5Alberta 4.72 6Calgary 4.71 7Polytechnique, Mtl. 4.70 8Saskatchewan 4.70 9Manitoba 4.70 10
RANKING OF ELECTRICAL ENGINEERINGUNIVERSITY PROGRAMS
Canada
Skilled Management
18
* Standing among 75 countries. Index based on the availability of Management education in first-class business schools. Source: Global Competitiveness Report, 2001-2002
Management Education* World Rank
U.S.
France
Canad
aU.K
Germ
any
Japan
Italy
Ind
ex
1st2nd 4th 6th 21st
31st49th
• Canada ranks third among the G-7 and fourth overall in a 75-country study of locally available Management education in first-class business schools.
- Eight Canadian business schools are ranked among the top 100 Management Schools in the world according to a January 2001 survey by the Financial Times (UK).
Canada
Low Labour Costs
Occupational Wages — Knowledge Workers, 1999
* Canadian data have been converted to full-year assuming a 52-week work year. ** Purchasing power parity for 1999*** date for computer programmers based on average for 1997, 1998, 1999Source: IC calculations based on Statistics Canada Labour Force Survey and U.S. Bureau of Labour Statistics Occupational Employment and Wage Estimates
19
• According to the U.S. Bureau of Labor Statistics, labour costs in Canadian manufacturing (wage and non-wage) are the lowest in the G-7.
• Occupational wages are also lower in Canada for knowledge workers. * Figures are for 1999. Source: U.S. Bureau of Labor Statistics
8186 86
94100
109
140
Canada U.K. Italy France U.S. Japan Germany
$U.S
. pe
r h
ou
r
Cost of Labour — Manufacturing*
Life Science Professionals
Physical Science Professionals
Computer Programmers***
Electrical and Electronic Engineers
Chief Executives
$49,469
$52,423
$54,960
$62,309
$101,240
Full-time, full-year wages* ($U.S. PPP**)
$42,097
$46,348
$36,467
$48,945
$59,608
U.S.=100
Canada
Plenty of Natural Resources
* Measured in terms of thousands U.S.$ per capita. Standing among 92 countries.Source: World Bank, 1997
20
• Canada is extremely well endowed with natural resources.
• Canada ranks 3rd in the world in natural resource endowments, well ahead of other G-7 countries.
Natural Resource Endowments —World Rank*
Canad
aU.S
.
France
U.K.
Germ
any
Italy
Japan
3rd
8th
20th45th 50th 59th 72nd
Ind
ex
* Includes: crude fertilizers and crude minerals; metalliferous ores and metal scrap; iron and steel; and non-ferrous metals.Source: World Competitiveness Yearbook, 2002.
-150
-100
-50
0
50
100
150
U.S
. $
7th
26th 28th 29th33rd 36th
42nd
Per Capita Trade Balance —Non-Energy Raw Materials*
• Canada is the only G-7 country with a per capita trade surplus in non-energy raw materials.
Canada 21
A Tax Advantage for Firms to Expand in Canada
Corporate Income Tax Rates including capital tax equivalents
44.9%
41.5%
38.6%
35.6% 34.6%
40.0%
46.6%
2000 2001 2002 2003 2004 2005
Source: Finance Canada, December 2001
• Canadian locations compare well internationally in terms of statutory corporate income tax rates.
• The federal government and some provinces have announced sharp cuts in corporate taxes, to take effect over a five-year period.
• The Economic Statement and Budget Update accelerated the pace of this tax relief.
• By 2005, firms in Canada will have a 5.0% corporate income tax rate advantage over U.S. firms (including capital tax).
Canada
Low Employee Benefits
22
• Among the G-7, Canada has the lowest overall labour costs, including benefits.
• Lower medical insurance premiums are an important reason for this.
Employee Benefits* as a % of wages
G-7 Comparison,
•Average for 12 operations Source: KPMG Management Consulting, 2002
0
20
40
60
80
Germ
any
France Ita
ly
Japan
U.KU.S
.A
Canad
a
Other Benefits Statutory
Canada
Quality Health Care at Low Cost
23
• Canada's health care system is among the best and the cheapest in the industrialized countries:
- Employer-paid health benefits as a percentage of workers' gross pay in Canada are about 22 percent of that in the U.S.
(2.1% compared with 9.6%).
2.1
9.6
% of Gross Annual Payroll
0.6
0.7
0.7
0.1
8.0
0.7
0.5
0.4
Hospital, surgical, medical and major medical insurance premiums*
Short term disability, sickness or accident insurance and long term disability or wage continuation
Dental insurance premiums
Other (vision care, physical and mental fitness, etc.)
Employer-Sponsored Health BenefitsCanada and the U.S.
* U.S. value includes payments for retired employees
Source: Employee Benefits, 1995, prepared by the Research Centre, Economic Policy Division , The U.S. Chamber of Commerce and KMPG, Employee Benefits Cost Survey, 1996. Adapted from KPMG report on Corporate Taxation and Employee Benefit Cost Guide for Large Service Firms, prepared for the ICT Branch, Industry Canada, March 2000
Total
Canada
Low R&D Costs
24
•Canada offers the most favorable tax treatment for R&D among the G-7:
-Canada’s combined federal and provincial tax credits reduce the after-tax cost of $100 of R&D expenditures to as low as $44.
- In Canada, eligible costs include: capital equipment, overhead, process R&D, salaries, and materials.
•These tax-based incentives permit firms to significantly reduce R&D costs through direct investment or sub-contracting in Canada.
Relative Competitiveness ofR&D Tax System
Canada 0.70
Korea
U.S.
France
U.-K.
Japan
Mexico
Italy
Germany
0.88
0.89
0.91
0.92
0.97
1.00
1.01
1.02
1.03
1.05
Australia
Sweden
The B-index represents a ratio of the after-tax cost of a $1 expenditure on R&D divided by 1 less the corporate tax rate. A lower B-index indicates a more competitive R&D tax system Source: Conference Board of Canada, November 1999.
Canada
Low Energy Costs and Rates
25
• Canada has abundant oil, gas, coal and hydro-electric resources.
• Electricity costs for industrial users are significantly lower in Canada.
Source: KPMG Management Consulting, 2002
Average Electricity Rates
Canada
France
U.K.
Germany
U.S.
Italy
Japan
G-7 Comparison
Average Electricity Costs
Canada
France
U.K.
Germany
U.S.
Italy
Japan
G-7 Comparison
0 50 100 150 200 250 300 350 400
0 2 4 6 8 10 12 14
US cents per kWh (12 operations)
$US (12 operations)
Canada
Low Costs for Construction, Land, Office Lease
Source: KPMG Management Consulting, 2002
26
Construction Costs
Land Costs
• Canadian office lease costs are highly attractive. Lease costs include office space plus operating, utility, tax and insurance costs.
Office Lease Costs
ItalyCanadaFrance
U.S.U.K.
Germany
Japan
G-7 Comparison,Index: U.S. = 100
France
U.S.Canada
Italy
U.K.
GermanyJapan
G-7 Comparison,Index: U.S. = 100
Italy
France
Germany
Canada
U.K.
U.S.Japan
G-7 Comparison,Index: U.S. = 100
+1828
0 50 100 150 200 250 300 350
0 100 200 300 400 500
0 50 100 150 200
Canada
First-Class Technological Infrastructure
27
• Canada's technological infrastructure is second only to the U.S. among the G-7 — we rank above or very close to the U.S. in terms of:
- internet users and internet hosts- computers per capita
• Building a universal, competitive, leading edge "Information Highway" is a government priority.
* Standing among 49 countries. Index based on 20 characteristics including investment in telecommunications, computers in use, computer power, internet connections, number of telephone lines, cost of telephone calls and use of robotics. Source: World Competitiveness Yearbook, 2002
Technological Infrastructure*World Rank1st
5th
12th
22nd17th
32nd
25th
CanadaU.S. U.K. JapanGermany ItalyFrance
Ind
ex
Canada
First in Internet and Wireless Affordability
28
• Canada ranks first among the G-7 in terms of wireless communications costs and second in terms of internet access charges.
Internet Access Charges* – 2000
93.10
59.8356.1649.22
41.7235.8335.40
France U.K
.
Germ
any
JapanIta
lyU.S.
Canad
a
U.S. $
Bas
ed o
n P
PP
s P
eak
Rat
e 40
hrs
.
On
lin
e/M
on
th
* PSTN fixed charges include monthly rental fee and additional monthly charges related to discount plans, if applicable. Includes 40 one-hour calls. In France, ISP and PSTN usage charges are bundled and included under the ISP.Source: OECD, http://www.oecd.org/dsti/sti/it/com/
0.360.36
0.320.310.29
0.18
0.09
BostonParisLondonBerlinTokyoRomeToronto
Wireless Communication CostsPrice per minute, 1999 in U.S. $ PPP
Source: Yankee Group, Wireless/Mobile Communications Global Report, Volume 3, No. 16, May 1999
Canada
First in Telephone Affordability
29
1566
1443
1215
1076
1067
1177
745
Italy
U.S.
Germany
France
U.K.
Japan
Canada
Annual Business Telephone Charges U.S. $ PPP
Source: OECD Communications Outlook 2001
466
440
433
360
355
349
286
Italy
France
Germany
U.K.
Japan
U.S.
Canada
Annual Residential Telephone Charges U.S. $ PPP
Source: OECD Communications Outlook 2001
• Business telephone charges are lower in Canada than in any other G-7 country.
Canada
Sound Financial Institutions
30
• According to Moody’s Financial Strength ratings, Canadian Banks rank 1st among the G-7 in terms of their intrinsic credit worthiness.
E E+ D D+ C C+ B
Japan
France
Italy
Germany
U.K.
U.S.
Canada
Average Bank Financial-Strength Rating
B= strong intrinsic financial strength C= good D= adequate E= very weak
Source: The Economist, March 2000
Canada 31
Positive Business Climate
•Canada understands the importance of its business community and has created an environment to encourage its success.
Source: The Economist (EIU), August 24th, 2001
Business Environment of Top TenCountries, Rank in 2001-2005
Wo
rld
Ra
nk
1st 2nd 3rd
4th 5th 6th
7th
10th9th8th
Canada
Solid Microeconomic Policies
32
• According to The Economist, Canada ranks 2nd among 21 countries in a Lehman Brothers study pertaining to the effectiveness of microeconomic or structural policies.
• These rankings are based on three micro-policy categories:
• policies that increase an economy’s long-term potential growth rate. For example, spending on education and R&D.
• policies that affect labour market performance or reduce the lowest rate of unemployment at which inflation is stable (NAIRU).
• policies that increase product market competition.
Economic Health* Index of structural policies, 0=worst, 10=best
3 4 5 6 7
Netherlands
Finland
Ireland
Switzerland
Sweden
Australia
UK
New Zealand
Canada
USA
Source: The Economist, March 17th, 2001*Based on a study of 21 countries.
Canada
Less Paperwork for New Businesses
33
•Canada makes it easier to set up a new business, with less paperwork than any other country.
•Canada is the most efficient place to pull together worldwide research or production teams.
Total Number of Business Start-up Procedures*
Source: The World Bank and Harvard University,taken from The Globe and Mail, November 14, 2000
*Procedures divided into five major categories: Safety & Health, Environment, Taxes, Labour, and Screening.
0 2 4 6 8
Norway
Israel
Denmark
Finland
Ireland
Sweden
USA
New Zealand
Australia
Canada
Canada
Forward-Looking Framework Policies
34
• The economic policies of the government of Canada are focused on making Canada a world leader in the global knowledge-based economy of the 21st century. Commitments include:
- Making Canada the most connected Government to its citizens by 2004.
- Making high-speed broadband access available to Canadians in all communities by 2005.
- Becoming one of the top five countries for research and development by 2010.
- Shaping a "National System of Innovation“; and
- Providing marketplace frameworks/services benchmarked against the best in the world.
Government Policies/Programs Aimed at Building the Knowledge Infrastructure
21st Century Chairs for Research Excellence
Networks of Centres of Excellence
Canadian Foundation for Innovation
Canadian Institute for Health Research
Telecommunications Policy
Technology Partnerships Canada
Granting councils (NSERC, MRC, SSHRC)
Communications Research Centre
Industrial Research Assistance Programme (NRC)
Co-operative sectoral research programs (PAPRICAN)
Canadian Network for the Advancement of Research, Industry and Education (CANARIE)
SR&ED (Scientific Research & Experimental Development) tax credit for private sector research and development
Leading edge information systems: Strategis; CISTI (NRC); Cdn. Technology Network; Sector Competitive Frameworks
Canada Provides:
Easy access to markets
A cost-competitive business environment
An excellent place to live
Excellent economic fundamentalsExcellent economic fundamentals
Canada 35
Canada
…and a Safe and Just Society
36
• Canada tops the G-7 as a safe place to live and conduct business.
• Canada also ranks well in providing equal opportunities for individuals.
* Race, gender, family background does not pose a handicap for competitiveness. Rank among 49 countries considered in the 2002 World Competitiveness Yearbook Source: IMD
* Confidence that person and property is protected. Rank among 49 countries considered in the 2002 World Competitiveness Yearbook. Source: IMD
Security* — World Rank
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Canad
aU.S
.
Germ
any
Japan
U.K.
Italy
France
Ind
ex
39th37th
31st
17th12th11th6th
Equal Opportunity* —World Rank
4.0
5.0
6.0
7.0
8.0
Ind
ex
44th41st
31st27th26th22nd
6th
Canada Offers Much
Canada 37
• Canada's economic fundamentals are excellent — government policies are geared toward competitiveness.
• Canada provides assured access to the world's richest economy, in addition to having a large and growing domestic market of its own.
• Canada provides a cost-competitive and future-oriented environment for business:
- quality, productive workers;- a competitive tax system;- prime locations for R&D activities;- abundant energy at low prices; and- an excellent infrastructure.
• Canada is an outstanding place to live, invest and do business.