CITY FOCUS | TORONTO
oronto may not officially be Canada ’ s capital but , with its business pedigree , vibrant culture and bustling financial district , it arguably remains the nation ’ s beating heart .
Part of what has made Toronto so attractive from a business perspective over the years is its location in the southeast , right on the shore of Lake Ontario which splits Canada and the US . This has historically ensured easy access to the Atlantic , as well as to a host of other major industrial hubs to the east .
The city has , in recent decades , seen its population grow exponentially . It has been estimated that the metropolitan area could be home to seven million people by the end of 2023 and the skyline is dominated these days by skyscrapers owing to Toronto ’ s immense growth . Chief among them is the CN Tower , the world ’ s tallest free-standing structure until 2007 .
Traditionally , Toronto was home to a number of labour-intensive manufacturers , including those responsible for steel , agricultural supplies and textiles . Although many of these businesses have moved elsewhere , Ontario as a whole still produces the majority of Canada ’ s manufactured exports .
In the latter part of the 20th century , Toronto gained increased importance as a financial centre . Today , many of the country ’ s biggest banks including Royal Bank of Canada , TD Bank and the Canadian Imperial Bank of Commerce are headquartered there .
116 September 2023