March 1, 2014 – Toronto, Ontario
Check Against Delivery
Thank you for the kind words.
And thank you to all of you for joining us today.
I would like to recognize a few special people:
- Her Excellency Marisol Espinoza, Vice President of Peru;
- Luis Alberto Moreno, President of the Inter-American Development Bank;
- the Honourable Alhaji Inusah Fuseini, the Minister of Lands and Natural Resources from Ghana; and
- Robert Schafer, a man of many titles: second Vice President of the Prospectors & Developers Association of Canada, chair of their International Committee, and President of the Canadian Institute of Mining Metallurgy and Petroleum
I would also like to thank Alex Wong, Senior Director of the World Economic Forum, for co-hosting the second annual Canada—World Economic Forum Conference on Extractives and Sustainable Development with us.
I am happy to co-host this event with an organization that shares our commitment to responsible resource development.
And shares our vision for the benefit it can bring to those in need around the world.
In so many ways, it is fitting that such a conference would take place here in Canada.
Our natural resource endowments have helped us build a sustainable, diversified and growing national economy.
And our resource sector experience and expertise have long sustained our economic growth.
Many of our highways, railways, electrical and communications networks are bi-products of a thriving extractive sector.
As is the creation of hundreds of thousands of jobs across the country.
I come from a mining town.
I have seen first-hand the significant economic gains, as well as the important human and social gains this industry can bring to a community.
Canada is well-known as a world leader in responsible resource development.
We have robust strategies that support economic growth and diversification.
That promote responsible business conduct.
That ensure environmental sustainability.
And that strengthen community engagement so all stakeholders can benefit from natural resource development.
Canada can be proud of its track record.
Proud that its minerals, metals and energy have become symbols of Canadian success.
And proud that many others—particularly in the developing world—are turning to us for advice.
They are looking to us for guidance on how to best manage their own natural resources.
That is because we know that a responsibly managed extractive sector has the potential to transform countries.
It has the potential to lift millions of people out of poverty.
Statistics from recent years make that case.
In 2011, exports of oil and minerals from Africa, Asia, and Central and South America were worth over $1.4 trillion dollars.
That is more than ten times the value of the international development assistance provided that same year.
These exports translated into jobs.
Jobs that have improved the livelihoods of millions of people.
And this is true not only while companies are operating but long after they have left.
Natural resources are an opportunity to be seized.
That is why the development of extractive industries must be carried out effectively and responsibly.
Because while resource development is an important economic growth story, it is also a development story.
It's about jobs, better education, and training.
It's about greater access to healthcare services for mothers and children—a Canadian priority.
And it's about better revenue and wealth distribution among all individuals so everyone can reap the rewards.
That is why Canada is focused on increasing transparency and accountability.
It is the only way to ensure long-term returns are enjoyed by all citizens.
For this, Canada is providing $10 million to the Transparency Trust Fund of the Inter-American Development Bank.
This Fund will help improve the accountability and transparency of institutions.
And it will support responsible resource governance in Latin America and the Caribbean.
Canada is also providing $10 million over the next five years to support the African Legal Support Facility.
The Facility will help at least 20 African governments by providing legal expertise.
It will also provide assistance in negotiating and reviewing complex contracts.
The Facility is the first initiative undertaken as part of the Extractives Cooperation for Enhanced Economic Development Program.
Also known as Canada’s EXCEED program.
Finally, Canada will provide $1.2 million over two years to the Transparency in the Extractive Sector Project.
This support will help the Government of Indonesia achieve and remain compliant with the global Extractive Industries Transparency Initiative standards.
Canada also believes that sustainability is key to a thriving sector.
To ensure sustainability remains a central component of resource development Canada is providing $1.1 million to the International Institute for Sustainable Development.
The Institute helps developing countries strengthen their mineral development regimes.
And promotes an integrated approach that increases water, energy, and food security.
Strong governance and sustainable approaches help ensure all citizens benefit from the development of their natural resources.
This could mean building more roads and power grids.
Spending more to enhance the skills of teachers and doctors.
Providing greater access to education and job training.
Or making investments in doctors, nurses and health facilities.
This is particularly important when dealing with tuberculosis in mining regions.
While curable, the disease still kills 1.3 million people a year—mostly in developing countries.
Migrating workers bring the disease home to their communities and their families.
The World Bank estimates that - in the South African mining sector alone - the current cost of the tuberculosis epidemic is approximately $886 million per year.
Canada is leading the fight against tuberculosis.
We recently pledged $650 million to the Global Fund to fight Aids, TB and malaria.
I was proud to make that commitment, which represents more than a 20 percent increase over our last pledge.
I am equally proud to announce today that Canada will provide nearly half a million dollars to the Clinton Health Access Initiative.
And that Canada will act as a facilitator between the public sector, non-governmental organizations and the private sector.
Together, these groups will work to address the spread of tuberculosis and its devastating effects.
Ladies and gentlemen, sustainable private sector growth and poverty reduction are directly linked.
It is nearly impossible to have one without the other.
Creating sustainable economic growth is our most effective tool in eradicating poverty around the world.
We need to leverage private sector involvement to generate jobs, growth and prosperity in developing countries.
We need to look at new approaches to solving age-old problems.
And we need to focus on areas where we can have the greatest impact.
Canada is recognized as a world leader in responsible resource development.
By increasing innovation and involving the private sector, we are taking Canadian expertise and turning it into life-saving results.
We are helping countries transition from development partners to self-sustaining and prosperous trading partners.
Partners that are able to provide for their citizens.
More and more developing countries see the extractive sector as a vehicle for driving economic growth.
We all have a role to play in helping them grow and thrive.
Canada is focusing on growing economies more sustainably and managing resources more responsibly.
We need to maximize the development value of the extractives sector.
To do this we will work more closely with the private sector to advance global development objectives.
With your help, we can ensure that the extractive sector helps build a more prosperous, safe and just world.
Thank you.
