November 18, 2014
The Honourable Greg Rickford, Canada’s Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, and the Honourable Ed Fast, Minister of International Trade, today announced the Government of Canada’s Strategy for the extractive sector (including mining, oil and natural gas). The ministers made the announcement at the Mining Association of Canada’s annual Mining Day on the Hill luncheon.
The Extractive Sector Strategy builds on Canada’s plan for Responsible Resource Development, ensuring that mining and energy will continue to represent an engine of economic growth and prosperity for Canadians. The Canadian Extractive Sector Strategy recognizes that Canadian companies that are strong and successful abroad create jobs and opportunities throughout Canada. Moreover, Canada’s technical expertise in the extractive sector strengthens the capacity of our developing country partners to manage their resources and realize the economic and social benefits of responsible resource development.
Key elements of the Extractive Sector Strategy include:
- leveraging trade and investment agreements to provide the certainty and the predictability necessary for Canadian businesses to invest and operate abroad;
- transforming business opportunities into business successes through “economic diplomacy” and on-the-ground support;
- advocating for improved governance and regulatory frameworks abroad and sharing best practices;
- increasing training in missions abroad to support the extractive sector, complemented by embedded resources in Canada in extractive sector associations; and
- expanding stakeholder linkages to ensure the Government is responsive to the needs of the extractive sector, including developing annual market access plans for priority markets.
In addition to today’s announcement, the Government of Canada is laying the groundwork to ensure the long-term success of Canada’s mining and oil and gas sectors by keeping taxes low, eliminating red tape, and modernizing the regulatory regime for major projects. The Government of Canada is also investing in public geoscience programs such as the Geo-Mapping for Energy and Minerals (GEM) and the Targeted Geoscience Initiative (TGI) to secure the long-term prosperity of mining communities and industry by ensuring informed land-use and resource investment decisions.
Today’s announcement also complements the enhanced Corporate Social Responsibility (CSR) Strategy for Canada’s extractive sector abroad, Doing Business the Canadian Way. The Extractive Sector Strategy delivers on the commitment under Canada’s Global Markets Action Plan to further the interest of Canadian companies abroad.
Finally, since 2006, the Government has signed, concluded, or brought into force a record number of 24 Foreign Investment Promotion and Protection Agreements, known as FIPAs, to protect Canadian companies that are making job-creating investments in foreign markets.
Media may contact:
Alexandra Lemieux
Press Secretary
Office of the Minister
Natural Resources Canada
Ottawa
613-996-2007
Shannon Gutoskie
Press Secretary
Office of the Honourable Ed Fast
Minister of International Trade
613-992-7332
Media Relations
Natural Resources Canada
Ottawa
613-992-4447
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