Harper Government Highlights Importance of Foreign Direct Investment to Life Sciences Sector
Backed by Canada’s talent pool, creativity and competitive operating costs, international investors are drawn to Canada’s life sciences sector, says International Trade Minister Fast
December 10, 2013 - The Honourable Ed Fast, Minister of International Trade, today said foreign direct investment (FDI) is playing an important role in Canada’s dynamic life sciences sector, ensuring that Canada remains a world leader in this vital sector.
“With one in 10 Canadian jobs linked to foreign investment, our government understands that attracting investment to key sectors such as our life sciences sector creates prosperity for Canadian workers and their families,” said Minister Fast. “As it does in other sectors, foreign investment in pharmaceutical research and medical devices spurs innovation and competitiveness and leads to good jobs and greater opportunity.”
Many of the world’s major life science players are active in Canada, from Pfizer and Novartis to Hoffman-La Roche and Johnson & Johnson. The sector also enjoys extensive public support for research and development. In 2012, there were several major foreign investments in Canada, including:
In Edmonton, Alberta, U.S.-based Gilead Sciences is building a new research laboratory housing more than 80 scientists.
In Mississauga, Ontario, Spain-based Almirall established the company’s first office in North America, which is expected to support 55 new jobs by the end of 2014.
In Moncton, New Brunswick, U.S.-based McKesson Canada is building a new $25-million distribution centre.
“Because of our talent, creativity and competitive costs, investors are drawn to Canada’s life sciences sector,” said Minister Fast. “In addition, businesses from around the world recognize that our strong banking sector, low taxes and vibrant, safe communities contribute to their winning formulas. Our government will continue to position Canada as a destination of choice for global investors.”
Minister Fast is noting the benefits of FDI to the various sectors of Canada’s economy in the lead-up to this month’s release of the 2013-2014 annual report from Invest in Canada.
For more information, please visit Invest in Canada.
See also:
FDI Fast Facts - No. 3 in an Invest in Canada Series - December 10, 2013
FDI Fast Facts - No. 2 in an Invest in Canada Series - December 9, 2013
FDI Fast Facts - No. 1 in an Invest in Canada Series - December 9, 2013
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For further information, media representatives may contact:
Rudy Husny
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
rudy.husny@international.gc.ca
Media Relations Office
Foreign Affairs, Trade and Development Canada
613-995-1874
media@international.gc.ca
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