April 26, 2019 – Ottawa, Ontario – Global Affairs Canada
Provincial and municipal economic development agencies and local businesses play a key role in attracting foreign direct investment, strengthening Canada’s economy and creating jobs. Canada’s trade diversification strategy-New Markets, New Customers, New Jobs-will help Canadian businesses expand into new markets and help local communities attract job-creating international investments and talent.
Today, the Honourable Jim Carr, Minister of International Trade Diversification, was in Winnipeg, Manitoba, to promote Budget 2019 investments in international education and the Government of Canada’s CanExport program, which helps Canadian communities attract, retain and expand foreign direct investment.
Minister Carr participated in a round-table discussion with representatives from the University of Winnipeg and the University of Manitoba and local business leaders. The focus of the discussion was on attracting talent to the region. The Minister highlighted the importance of the government’s investments in international education and of Canada’s International Education Strategy, which reaffirm Canada’s standing as a high-calibre place to study and do research.
The Minister also met with Economic Development Winnipeg, which has received CanExport -Community Investments (CECI) funding in support of its goal to attract job-creating foreign companies. Companies invest not just in countries, but in projects and in communities as well, so coordination with partners like Economic Development Winnipeg is essential to Canada’s shared success in attracting foreign direct investment. Since 2016, Manitoba communities have received almost $586,000 in CECI funding.
“Helping businesses in Winnipeg and across Canada to compete and succeed in international markets is vital to the Canadian economy. That’s why we’re investing $1.1 billion over the next six years to help Canadian businesses grow and tap into new markets. We’re also responding to what we are hearing from businesses across the country by attracting the kind of skills and talents that our businesses need to thrive.”
– Jim Carr, Minister of International Trade Diversification
Through its trade diversification strategy, the government will invest $1.1 billion over six years to help Canadian businesses grow and diversify their exports.
The 2018 Fall Economic Statement invests $100 million over six years to reinforce the CanExport program and related funding programs so that more Canadian businesses can explore new foreign markets, especially high-growth emerging markets and markets benefiting from free trade agreements such as the Canada-European Union Comprehensive Economic and Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
To date, the CanExport program has supported more than 1,200 Canadian small and medium-sized enterprises with 1,500 projects to expand their markets and increase export activities in more than 110 markets around the world.
Since 2016, the CanExport – Community Investments program has funded 148 organizations across Canada with more than $16 million in support of foreign direct investment (FDI) attraction, retention and expansion.
Canada had an excellent year in 2018, attracting FDI worth $51 billion, which represents an increase in FDI inflows of close to 60% compared to the previous year. This is particularly striking in light of the fact that most other developed economies experienced a drop in their FDI inflows in 2018.
Through Budget 2019, the Government of Canada is investing $147.9 million over five years toward Canada’s International Education Strategy, with $8 million per year ongoing to help Canadian post-secondary students gain the skills needed to succeed in a global economy and to attract the best and brightest international students to Canada.