Toronto, Ontario — As part of Canada's commitment to stimulate sustainable economic growth and reduce poverty in developing countries, the Harper Government partnered with the World Economic Forum to host the "Maximizing the Value of Extractives for Development" conference. The Honourable Julian Fantino, Minister of International Cooperation, co-hosted the event that brought together Canadian and international leaders to discuss how the responsible development of natural resources can bolster the effectiveness of international assistance and support sustainable economic growth in the developing world.
"The Harper Government is committed to increasing the effectiveness of our international assistance by ensuring our investments result in tangible and sustainable solutions for those who are most in need around the world," said Minister Fantino. "A responsibly-managed extractive sector can foster sustainable economic growth, create jobs, and have a lasting positive impact on families and their communities."
"The World Economic Forum is pleased to partner with the Government of Canada on this important multi-stakeholder event," said Mr. Klaus Schwab, Founder and Executive Chairman, World Economic Forum. "The equitable development of the extractives sector is critical for the continued social and economic development of many communities. Collaboration between business, government, international organizations, and civil society is key to ensuring responsible mineral development."
This one-day conference precedes the Prospectors and Developers Association of Canada's Annual International Convention and brings together Canadian and international companies in the extractives sector, including Vale and Teck as well as ministers from the governments of Ethiopia and Peru. Civil society organizations including the World University Service of Canada and Agenda Pública of Brazil also participated at the conference. It includes panel discussions on maximizing the development value of mining; harnessing mining investments for development; and capitalizing on resource wealth.
"Ethiopia's mining sector is growing in importance and revenues from this sector are needed to further our development goals," said Ms. Sinkinesh Ejigu, Minister of Mines, Ethiopia, who addressed the conference. "Canada is working with us to help Ethiopia achieve sustainable social and economic benefits from the sector."
Conference attendees discussed the role that mining investments can play in developing local, regional and national economies and how the development value of mining can be maximized. Participants also worked to identify the processes and institutions that are required to successfully manage the development of extractive resources to reduce poverty and advance broad-based local and national growth, as well as to compare various extractive resource development strategies and approaches in other countries.
To find out more about the Canada's work with the extractives sector, visit CIDA's Web page on natural resources management.
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