March 26, 2012
TORONTO — The Honourable Joe Oliver, Minister of Natural Resources, today outlined the Government of Canada’s vision for the country’s future prosperity to government and industry leaders at a reception hosted by the Macdonald-Laurier Institute. The Minister emphasized thatCanadais facing tremendous opportunity to capitalize on natural resource development and stimulate jobs and growth in a period of global economic uncertainty.
“The global economic balance is shifting, and we must adapt to the changes,” said Minister Oliver. “Regulatory modernization is an economic fundamental we have to get right and that means the responsible development of our resources while attracting capital to build up our infrastructure.”
The Minister has been travelling across the country in recent days, driving home the message that the development ofCanada’s natural resources can be done in a way that balances economic growth with environmental protection.
“Initiatives we have taken underCanada’s Economic Action Plan have certainly helped create a better climate for investment, but we must do more,” he said. “We need to focus our attention where it really matters — on big projects with the most significant impacts on the environment and work to mitigate those impacts. We want a regulatory system that protects Canadians and promotes environmental stewardship, while supportingCanada’s competitive advantage.”
The Minister also toured Automatic Coating Limited’s facility inToronto. The facility produces high-performance liquids and powder coating used inCanada’s oil and gas industry, including the oil sands, as well as other industries acrossCanadaandNorth America. A leader in innovation, the Toronto‑based company is recognized worldwide as having one of the most technologically advanced powder coating facilities inNorth America. The Minister used the tour to underscore the importance of natural resources to the Canadian economy.
“The fact is, the success ofCanada’s manufacturing sector can, and should, go hand-in-hand with the success ofCanada’s resource sectors,” said Minister Oliver. “Natural resources account for six percent ofOntario’s GDP, as well as 4.1 percent of jobs. The oil sands alone are responsible for some 400,000 direct and indirect jobs in skilled trades, manufacturing, high technology and the financial services, in every region of our country, including right here in Ontario.”
By acting now to modernize Canada’s regulatory regime, the Government will ensure that our resources will continue to be the cornerstone of our prosperity for generations to come.
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