Government of Canada launches Invest in Canada to attract global investment and create jobs
March 12, 2018 - Ottawa, Ontario - Global Affairs Canada
Foreign investment offers far-reaching economic benefits for the middle class and everyone working hard to join it. It creates jobs in Canada for Canadians, expands trade, boosts productivity, provides access to new technologies, encourages innovation, and links Canadian firms to global supply chains.
Canada is stepping up its efforts to attract and increase foreign direct investments (FDI) to Canada.
Today, the Honourable François-Philippe Champagne, Minister of International Trade, launched Invest in Canada, a new federal organization dedicated to attracting global investment and simplifying the process for global businesses to make Canada their new home, creating jobs that come with their investments.
As part of its launch, Minister Champagne introduced Mitch Garber as its inaugural chairperson of the board and Ian McKay as its inaugural chief executive officer (CEO).
Under the leadership of a CEO and an independent board of directors, Invest in Canada will promote FDI into Canada and bring together all levels of government and private sector partners to provide seamless, single-window service to global investors.
Invest in Canada will promote Canada to global investors and entrepreneurs as a diverse and open place to do business that inspires creativity and offers stability, predictability and clarity. Invest in Canada will position Canada for success today and in the long term.
The appointments were made following open, transparent and merit-based selection processes developed to attract high-quality candidates, while reflecting gender parity and Canada’s diversity in Governor-in-Council appointments.
“Canada is a great place to do business, and a strong FDI attraction strategy can strengthen economic growth, create middle-class jobs and lead to a higher standard of living for Canadians. I am confident that Mr. Garber and Mr. McKay have the experience and leadership to guide Invest in Canada’s development and success and to position Canada as the top investment destination.”
- François-Philippe Champagne, Minister of International Trade
“As a long-time entrepreneur, I understand the challenges that companies can face when trying to set up or expand their businesses in a new country. I am excited to be part of developing this organization and making sure that Canada is at the forefront of the innovation and prosperity that comes with global investment in our country.”
- Mitch Garber, Chairperson of Invest in Canada
“Canada has a lot to offer international businesses, which can, in turn, create jobs that are important to Canadians. As the CEO of this new organization, I look forward to building the partnerships and team that will make it easier for international companies to choose Canada as the place to invest and grow their businesses.”
- Ian McKay, CEO of Invest in Canada
The Government of Canada announced funding of $218 million to create Invest in Canada and enhance the Canadian Trade Commissioner Service in the 2016 Fall Economic Statement.
Approximately 1.9 million Canadians are employed by foreign-controlled multinational enterprises in Canada; that’s almost 12% of Canadian workers, or 1 in 8 Canadian jobs.
The organization will work with global companies to attract FDI in sectors aligned with the government’s economic growth strategy, in particular in advanced manufacturing, agri-food, clean technology, digital technology, health sciences and bio-sciences, and clean resources.
Most, if not all, G20 countries currently have similar organizations, which have become vital instruments in attracting foreign investment in a very competitive landscape.
Foreign investment in Canada currently stands at approximately $800 billion.
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