TORONTO — The Honourable Joe Oliver, Minister of Natural Resources, spoke today to the Economic Club of Canada about the importance ofCanada's natural resource sectors to economic growth and stability. The Minister noted the importance of an efficient regulatory environment toCanada’s ability to attract investment.
“To ensure the responsible development of our natural resources,Canadaneeds a modern, predictable and rigorous regulatory system,” said Minister Oliver. “Major energy and mining projects represent as much as $500 billion in potential investment over the next decade. A thorough, effective and efficient regulatory system is simply a matter of national interest, and that is why our Government is committed to putting such a system in place.”
Citing examples of projects that have taken too long to move through the regulatory process the Minister stated that, “we believe reviews for major projects can be accomplished in a more timely and predictable fashion, without compromising environmental protection.”
Minister Oliver also noted that provincial and territorial governments are in agreement on the need to step up cooperation on regulatory improvement. “The ultimate goal is simple: one project, one review, in a clearly defined time period.”
Minister Oliver also referenced the mining sector in his speech and outlined the great potential major mining projects can bring toOntario, in terms of jobs, spin-off industries and infrastructure projects.
Earlier in the day the Minister met with mining stakeholders for discussions on the importance of the mining industry toCanadaand challenges in the sector.
The natural resource sectors underpinCanada’s economy. In 2010, the energy, mining and minerals processing, and forest sectors contributed $140 billion toCanada’s gross domestic product. These sectors employed over 760,000 Canadians in communities throughoutCanada, including remote and Aboriginal communities. Last year,Ontario’s natural resource industries employed a total of 276,000 people.
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