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Archived - Industry Minister Champions Canada as Number One Country in the World to Do Business
Concludes productive two-day visit to the U.S. capital
September 18, 2014 – Washington, D.C. – Industry Canada
Industry Minister James Moore today concluded a successful two-day visit to Washington, D.C. The Minister travelled to the U.S. capital for a series of meetings with representatives from the U.S. government, including Secretary of Commerce Penny Pritzker and a number of representatives and senators.
The Minister took the opportunity to outline the Harper Government's economic policies that make Canada the most attractive country in the world for investment: lower taxes, balanced budgets, less debt, freer trade and modern digital policies.
The Minister was also the keynote speaker during a lunch hosted by the Canadian American Business Council. He highlighted Canada's strong record of attracting investment and why it continues to be the best place in the world to do business. He also spoke of the need to continue to strengthen overall North American competitiveness, creating jobs, growth and long-term prosperity in Canada and the U.S.
- Canada and the U.S. trade approximately $1.4 million in goods and services every minute. In 2012, this meant the sale of $233 billion worth of Canadian goods to the U.S.—more than to China, Japan and the U.K. combined.
- Four credit rating agencies—Moody's Investors Service, Fitch Ratings, Standard & Poor's, and DBRS—have all reaffirmed their top ratings for Canada.
- Both the International Monetary Fund and the Organisation for Economic Co-operation and Development expect Canada to be among the strongest growing economies in the G7 over this year and next.
- In 2013, Canada leapt from sixth to second place in Bloomberg's ranking of the most attractive destinations for business.
- According to KPMG, total business tax costs in Canada are the lowest in the G7 and 46 percent lower than those in the United States.
- A recent New York Times analysis found that "after-tax middle-class incomes in Canada—substantially behind in 2000—now appear to be higher than in the United States."
- Canada currently holds one of the strongest job creation records and lowest business tax rates in the G7. Since the depth of the global recession, Canada has created over 1.1 million net new jobs.
- Over 10 million jobs in both countries depend on Canada–United States trade—8 million in the United States and 2.4 million in Canada.
- Canadian-owned companies employ more than 619,000 American workers in the U.S.
"Our government has taken deliberate action to protect our economy, supporting Canadian businesses and workers when they needed it most and then taking the necessary steps to get our fiscal house in order. Canada has one of the best job creation records in the G7, we are among the leaders in economic growth, and we have one of the most welcoming destinations for investment in the world. As we look to the future, our government will continue to work to build Canada's economy for the 21st century, both in the conventional sectors that have driven the creation of jobs and growth as well as in the growing, innovation-driven digital economy."– Industry Minister James Moore
- Transcript: Luncheon hosted by the Embassy of Canada in Washington and the Canadian American Business Council
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