Speaking Points
The Honourable Christian Paradis, PC, MP
Minister of Industry
Hong Kong, China
April 15, 2013
Check Against Delivery
Thank you, Ian, for that introduction. And thank you, Mike, for inviting me to speak this morning.
It is a pleasure to see so many municipal representatives here today. You are true drivers of economic growth across the country. And your priorities very much align with those of our government.
We share your enthusiasm for doing more business with—and within—the Asian market, and I firmly believe that we have only scratched the surface of our partnership's true potential. It is not an exaggeration to say that this relationship is more important than it has ever been.
As a gateway to mainland China, Hong Kong is the second-largest market in Asia for Canadian investment—larger than both India and the rest of China combined. It is also Canada's 11th largest export market worldwide, a destination for everything from Canadian telecom devices and train signalling systems to educational and financial services.
Hong Kong is a hub for a rapidly increasing level of two-way trade and investment with China. And I am pleased to say that Canada has never been more prepared to welcome such a relationship.
Our government is working hard to ensure that Canada is a great place to do business. We have created a sound economic framework. Reined in expenditures. Harmonized regulations. Reduced red tape. And our overall tax rate on new business investment is substantially lower than that in all the other G7 countries—especially the U.S.
These efforts are bearing fruit. Canada's net debt-to-GDP ratio remains by far the lowest in the G7. Our top credit rating has been reaffirmed by all of the major rating agencies. And our banks remain the soundest in the world.
All of this progress has not gone unnoticed. Canada is in an enviable position among the world's industrial economies. We stand among just a handful of nations the world over with a triple-A credit rating. Government of Canada securities are among the world's most sought-after investments. This means that investors here and abroad are confident in our government's ability to manage the economy now and into the future.
But Canada is not an island. Uncertainty abroad does not stop at our borders. That is why we have always maintained a forward-looking and determined commitment to increase Canadian exports to global markets. Canada is at its core a trading nation. As new wealth continues to be created, it is imperative to keep goods, capital and people flowing freely. Simply put, trade creates prosperity, growth and jobs.
In the last six years, we've signed trade agreements with nine countries, representing over 100 million potential customers. And we have successfully concluded foreign investment promotion and protection agreements with 16 countries, including China.
So we have established how our government is creating the conditions to attract investment on a national level. But our government has put in just as much effort at the municipal level as well.
Last fall, my colleague Ed Fast, our International Trade Minister, announced $3 million in funding to 86 communities and local organizations across Canada to help them attract, retain and expand foreign direct investment. I am pleased to note that all of the cities represented here today received funding and, clearly, it is being put to good use.
In addition to this initiative, our government has developed a strong relationship with the Federation of Canadian Municipalities. By working together, we are strengthening our capacity to attract international investment to cities and communities across Canada.
This partnership demonstrates exactly the kind of cooperation that our government is looking to build on. And thanks to the efforts of organizations such as the Consider Canada City Alliance and our trade commissioners on the ground, we are seeing more and more success stories every day.
Ladies and gentlemen, our government firmly believes that Canada's prosperity, like that of Asia's, is directly linked to reaching beyond our borders for economic opportunities.
We will continue to actively seek new markets and sources of international investment. From our strong, stable financial system, low taxes and business-friendly environment to our innovative, well-educated and multicultural workforce, Canada truly provides stability for our trading partners and global investors.
It is with that goal in mind that we have been improving Canada's foreign investment review process. We are ensuring that we focus on the most significant transactions, and we are providing clarity on how Canada assesses investments by state-owned enterprises.
Canada is a market economy based on competition, free enterprise and the rule of law. The global exchange of goods, services and capital is critical to our economic performance.
We are ensuring that Canada's foreign investment regime remains open and attractive. And, through events such as this one, we will continue to promote Canada and Canadian companies around the world.
So, on that note, thank you again for the opportunity to meet today. And I wish you all the best in your meetings here in Hong Kong and Beijing.
