Compliance News / Compliance

Canada Embarks on Economic Diplomacy

Foreign Direct Investment Creates Prosperity

December 11, 2013
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Canada released a series of Fast Facts highlighting role of foreign direct investment in four key sectors of its economy on Monday and Tuesday. The releases follow up on last month’s unveiling of the Global Markets Action Plan: The Blueprint for Creating Jobs and Opportunities for Canadians Through Trade, which that entrenches the concept of “economic diplomacy” by focusing government resources and services to maximize the success of Canada’s commercial interests in key foreign markets.

“Under the Global Markets Action Plan, our government will concentrate its efforts on markets that hold the greatest promise for Canadian business—and focus on core commercial objectives within those markets,” Minister Fast said when he announced the trade plan in November. “We will do this through vigorous and continual trade promotion, supported by ambitious trade policy. In short, this new plan will play to our strengths and ensure that all of Canada’s diplomatic assets are harnessed to support the pursuit of commercial success by Canadian companies and investors. We fully understand that when our businesses succeed abroad, all Canadians benefit from the jobs and opportunities that are created at home.”

Attracting additional foreign direct investment is one strategy in this plan. “With one in 10 Canadian jobs linked to foreign investment, our government understands that attracting investment to key sectors such as our life sciences sector creates prosperity for Canadian workers and their families,” according to Ed Fast, Minister of International Trade. “Foreign investment…spurs innovation and competitiveness and leads to good jobs and greater opportunity. In addition, businesses from around the world recognize that our strong banking sector, low taxes and vibrant, safe communities contribute to their winning formulas. Our government will continue to position Canada as a destination of choice for global investors.”

 In 2012, accumulated foreign director investment was 13.8 billion for information and communications technologies – including digital media, games, software, and wireless and mobile. For the transportation equipment manufacturing sector, which includes aerospace, foreign direct investment totaled $18.5 billion in 2012. For agriculture, it reached $21.4 billion. No figures were cited for life sciences. 

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