The Government of Canada is committed to bridging Canadians, businesses, and communities through the pandemic and into recovery by supporting job creation, fostering innovation, and providing opportunities to grow through access to new markets.
Yesterday, the Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade, delivered opening remarks at a round table she attended virtually with the Consider Canada City Alliance, which focused on the important role foreign direct investment (FDI) will continue to play in supporting Canada's economic recovery.
During the round table discussion, Minister Ng highlighted Canada's unique advantages in attracting FDI, including Canada's political and economic stability, skilled workforce, and market attractiveness to global companies. She emphasized Canada's commitment to keeping trade open and resilient while ensuring that FDI creates and sustains capabilities and expertise domestically.
Minister Ng and the Consider Canada City Alliance members also discussed the challenges Canada's cities have experienced in attracting FDI as a result of the COVID-19 pandemic. Minister Ng noted the Trade Commissioner Service's (TCS's) CanExport Community Investment program-which provides communities with funding to attract, retain, and expand FDI-as one of the supports available to communities to provide continued international business development during this challenging period.
The round table attendees highlighted the ways the Government of Canada and the Consider Canada City Alliance are working together to promote Canada as the preferred location for foreign investment and trade, and for collaboration in important areas, such as intellectual property.
Quotes
"Our government knows that FDI is a significant driver of economic growth and long-term prosperity, and a critical factor in linking Canada's economy with that of the world, bringing even more Canadian innovation to global value chains. By working with key stakeholders, like the Consider Canada City Alliance, our government is working hard to create even more opportunities to grow our economy to the benefit of our communities, our businesses, and Canadians."
- The Honourable Mary Ng, Minister of Small Business, Export Promotion and International Trade
Quick facts
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As a member of the Canada-United States-Mexico Agreement (CUSMA), Canada offers foreign investors preferential access to a market with a combined GDP of over CAD$30 trillion and nearly 500 million consumers.
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Canada had the second-largest FDI stock-to-GDP ratio among G20 countries over the 2015-to-2019 period.
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The total stock of FDI in Canada increased by nearly 8% between 2018 and 2019.
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Through the TCS, Canada has a global network of 44 foreign direct investment officers.
