Canada Well-Positioned to Lead, Industry Minister Tony Clement Tells Toronto Board of Trade

Toronto, Ontario, January 31, 2011—Speaking at the 123rd Annual Dinner hosted by the Toronto Board of Trade, the Honourable Tony Clement, Minister of Industry, delivered the following statement:

"We are all here tonight at a pivotal time in our history. Having just returned from the World Economic Forum in Davos, and as I prepare for a visit to India next month, I can tell you that as small as the world has become in the digital age, it's only going to get smaller, move faster and be more competitive.

"Whenever I am abroad, my message has been simple: Canada is open for business. Our formula for success is just as simple: expanded trade relationships, stronger tax incentives and investment in the future.

Our government has had great success over the past five years in negotiating new trade agreements with over 50 countries, and we continue to pursue others — with the European Union, with India, and with other emerging markets.

"Canada now has an overall federal and provincial tax rate on new business investment that is substantially lower than that of any other G7 country. As of January 1 this year, our combined federal and provincial business tax rate is 26.5 percent, and our government is committed to reducing that to 25 percent on January 1, 2012.

"This is a way to brand Canada in the global marketplace, and it represents an incredible advantage at a time when so many other countries are struggling to attract the same investment dollars and boost their economies.

"And finally, on our investment in the future, our government is committed to innovation. Thanks to our investments over the past two years in science and technology, academic and institutional development, and research and innovation in key sectors of our economy, Canadians are more than ever in a position to lead and to gain from this changing world.

"However, as stimulus programs across the country wind down and governments begin to refocus toward balanced budgets, it is time for the private sector to step up and seize the opportunities before us. With drive, direction and cooperation between government and the private sector, I believe our creators, innovators, entrepreneurs and business people will position Canada at the forefront of the 21st-century economy.

For further information (media only), please contact:

Heather Hume
Press Secretary
Office of the Honourable Tony Clement
Minister of Industry
613-995-9001

Media Relations
Industry Canada
613-943-2502