The Economy of Northern America
The economy of North America is the diverse, as it covers the US and Canada, both of them are blessed with a well-sophisticated economic system. The US is one of the technologically advanced economies while Canada is a well-equipped high-tech industrial economy. North America benefits greatly from its fertile soil, oil and mineral deposits, manufacturing, tourism and investment banking. With strong domestic and export economy, north America has become one of the developed regions in the world.
The continent of North America experiences more climatic variations than any other continent. These climatic variations contribute to variations in the agricultural processing industries in the country. Agriculture in North America has been facing enormous challenges increased food insecurity has disconnected framing from the big businesses in food. Government being the largest stakeholder in agro-processing food industries achieving the food security will require significant consideration. Large scale Agriculture projects, irrigation projects for implementation of innovative technology to increase the productivity are commissioned by the government in North America. Government Agriculture tenders, agriculture equipment tenders, tenders for supply of food products, tenders for procurement of Food products are been increasing in demanded from North America reflecting sectoral need. Government invests heavily in agriculture research and development, therefore, agriculture tenders for R&D,similarly consultancy tenders are increasingly demanded from North America to encourage investment in the sector and achieve food security.
Extractive activities such as Mining and drilling have been dominating the Northern economy. North America has a rich mining history, it is the leading producer of coal used for energy production. The mining industry continues to drive growth with the annual production of 13.9bn$. The mining industry is largely linked to the foreign investments. Large-scale Mining projects from North America are under pipeline for investment. Although mining is largely driven by foreign investors many mining contract awards are being awarded to foreign investors looking for opportunities to explore the market. Strong demand for coal and base metals are driving growth in the Mining industry, therefore, abundant Mining procurement opportunities are to be created in the near future. Government Mining tenders are increasingly demanded from North America. Mining tenders, metal tenders, coal tenders from North America are increasingly floated on various multimedia platforms.With industry spilling in growth, the Mining sector of North America is bound to attract large foreign investments.
The manufacturing story of North America goes beyond automobiles. Growth has been also registered by plastic, rubber, chemicals and steel industries. Low labour cost and skilled labour force are the advantages that attract investments in the manufacturing sector of North America. The future of the manufacturing industry will depend on how well the government and manufacturers work together. With increasing transformative trends Manufacturing tenders from North America are increasingly demanded by industry players. Procurement plan for provision and supply of heavy equipment, clothing and apparels are floated by the government for local and international participation. Manufacturing projects,Technology and innovation projects for Manufacturing are commissioned to attract large investments. Growth has a relative effect therefore, there has been an increase in demand for real-estate tenders, Transportation tenders, warehousing tenders by investors looking for exploring the market. Small manufacturers dominate the industry in North America therefore, government tenders from Manufacturing sector are floated for these manufacturers to diversify their industrial base. Moreover, instances of SME winning contract awards encourage their increased participation in government procurement facilities.
The Economy of North America is one of the fastest growing economies in the world. With economy registering growth, large opportunities for public procurement are being created by the government for domestic as well as foreign investors to explore the market.