Here are excerpts from the address Peter MacKay, Minister of National Defence and Minister of the Atlantic Canada Opportunities Agency delivered to delegates of India Calling 2008: India-Canada Business Partnership Summit in Toronto on Monday:
Canada and India already do a great deal of trading. But we know it could be much higher.
Tonight, I’m here to tell you about how Canada is going to do its part to increase trade through Canada’s east coast – or what we call the Atlantic Gateway.
… Earlier this year, I had the pleasure of leading a trade delegation to India.
There, we met with regional business leaders in New Delhi and Mumbai, with members of the Indian Cabinet, and senior government officials.
We had the opportunity to outline our vision for the Atlantic Gateway – and the economic potential it represents for both our countries.
… On our first day in New Delhi, I gave a presentation to a group of potential shippers.
When we opened the floor to questions, the first businessperson to stand up asked:
‘What took you so long? Why didn’t you come sooner?’
Of all the questions I was prepared to answer, that one caught the immediate attention of our entire delegation.
Obviously, we underestimated just how receptive the Indian business community would be.
Their reaction is absolutely reflective of the keen desire within both India and Canada to build on our well-established trading relationship, to strengthen and deepen those ties.
For all the distance and differences between our two countries, we have so much more in common.
As Commonwealth countries, we are united through a shared heritage. We fought alongside each other through two World Wars. We work and live comfortably with one another in either country.
Canada and India are both active players in the world economy. And we have both worked hard to build new trade relationships and strengthen existing ones within the global marketplace.
The results speak for themselves. India is the world’s 12th largest and fastest growing economy. By the year 2020, the Indian economy is expected to be the 7th largest in the world.
Canada, meanwhile, has consistently maintained one of the highest levels of economic performance in the G8, supported by our government’s agenda of balanced budgets, lower taxes and paying down debt.
For Canada and India to keep growing, to keep creating jobs, we need to expand our trading relationships. Canada-India trade is valued at a record $3.75 billion.
An impressive level of activity. But just the beginning. India ranks 16th on Canada’s list of trading partners. We need to do what it takes to push that ranking higher.
And we’re already taking steps in that direction:
Canadian companies are tapping into global supply chains that increasingly include India. We know that Indian investors are looking for new opportunities abroad, including Canada. Our trade mission in New Delhi is Canada’s largest in the world. Clearly, both India and Canada are open and eager for one another’s business.
I’m sure most of you are aware that Canada is the most trade dependent nation in the G8 countries. Almost 45 percent of our GDP is generated by exports. Much of it originates right here in the Greater Toronto Area. “Advantage Canada” is our government’s plan to keep Canada’s economy growing and thriving.
… However, good relationships are only one part of expanding trade.
You also need to invest in infrastructure. In Canada, our national government’s “Building Canada Plan” will pump $33 billion, over seven years, into our country’s core infrastructure. Building Canada will ensure there is the necessary infrastructure across the country – including rail and highway to meet the needs of Canada’s trade gateways and corridors, fuelling economic growth and boosting Canada’s competitiveness in global markets.
As part of our “Building Canada Plan”, our government is dedicating over $3 billion specifically for trade-related infrastructure.
This includes the Ontario-Quebec Continental Gateway and Trade Corridor, and the Atlantic and Pacific gateways.
This significant investment and commitment to trade-related infrastructure will ensure that Canada is positioned to be a full player in the exchange of goods and services between North America and the rest of the world.
What’s driving the need for all of this preparation, co-ordination and investment?
Why should you care about the Atlantic Gateway?
Two words: containerized cargo.
Thirty years ago, containerized cargo accounted for less than a quarter of all the cargo shipped around the world. By 2005 that share had risen to over 70 per cent. And in less than two years, that number is expected to climb to 90 per cent. Today’s massive container ships require deepwater ports and world-class infrastructure to support them.
There are very few ports on North America’s East Coast that meet such requirements…
And shipping companies are now forced to decide on which of these ports they’ll use to maximize their efficiency in getting goods to their destination.
This is where the Atlantic Gateway comes in.
… Initiatives like India Calling offer business leaders in both Canada and India to the opportunity to connect and open doors to potential new partnerships.
I’d like to leave with you an invitation tonight to come to Atlantic Canada to come see the Atlantic Gateway advantage for yourselves.
Year round, ice-free North American ports deep enough to handle the biggest ships in the world.
Competitive, efficient and reliable ports, railways, trucking, logistic providers, and air linkages to major North American markets.
Over 800 kilometres and 36 hours sailing time closer to the Suez Canal than the Port of New York.
And governments at all levels dedicated to ensuring a world class transportation system that serves all of North America, and enhances trade for business around the globe.
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