The Honourable François-Philippe Champagne, Minister of International Trade, launched Invest in Canada. As announced in the 2016 Fall Economic Statement, our government is providing $218 million over five years to create Invest in Canada – a new organization focused on streamlining and encouraging investment in Canada – and to enhance the Canadian Trade Commissioner Service.
There has never been a better time for countries to invest in Canada. We have a strong, stable and predictable business climate that is open for business, investment, and trade. We have a sound, efficient financial system supported by low taxes and business costs. We are investing in the innovative, clean, inclusive economy of tomorrow. Our government is committed to broadening Canada’s global trade ties, creating opportunities for Canadian business beyond our borders, and bringing more job-creating investment into Canada. That’s why we are stepping up our efforts to attract and increase foreign direct investments (FDI) to Canada.
Today we were proud to launch Invest in Canada, Canada’s new federal investment promotion and attraction agency. Invest in Canada will attract large investments to Canada by promoting our country as a top investment destination to the rest of the world; bring together all levels of government to provide single-window service so prospective investors do not have to navigate Canada’s investment landscape on their own; deliver world-class investment aftercare, retention, and reinvestment services; be accessible, streamlined and capable of quickly responding to client needs and make sure that projects benefit people in every region of Canada, because we know that partnerships at the federal, provincial, territorial and municipal level are critical to our shared success.
Canada is a great place to do business. A strong FDI attraction strategy will strengthen economic growth, create middle-class jobs and lead to a higher standard of living for Canadians. Invest in Canada will be headquartered in Ottawa and work with global companies to attract FDI in sectors aligned with our government’s economic growth strategy, in particular in advanced manufacturing, agri-food, clean technology, digital technology, health sciences and bio-sciences, and clean resources.
Most, if not all, G20 countries currently have similar organizations, which have become vital instruments in attracting foreign investment in a very competitive landscape. Foreign investment in Canada currently stands at approximately $800 billion.