Trudeau pitches investment in Canada at World Economic Forum

DAVOS, Switzerland -- A new prime minister and a new Canada.

That's the message Prime Minister Justin Trudeau delivered when he made his entrance at the annual meeting of the World Economic Forum as part of his goal to rebrand Canada on the world stage.

See Full Article

Trudeau sought to use his keynote address today entitled "The Canadian Opportunity" -- delivered hours after a session called "Canada's global pivot" -- to differentiate himself from former prime minister Stephen Harper, who often used the meeting to tout Canada as a resource powerhouse.

Trudeau said Canada's natural resources remain an important part of the economy -- even as a slide in oil prices delivers an economic punch to resource-rich provinces like Alberta.

But he said the country's growth doesn't depend on what lies underground.

"My predecessor wanted you to know Canada for its resources. I want you to know Canadians for our resourcefulness," he said.

Trudeau pointed to the success of University of Waterloo graduates in Silicon Valley and the school's eclectic student population, calling diversity "the engine of invention."

And he framed Canada as a safe place to invest amid global economic uncertainty.

"We have a diverse and creative population, outstanding education and healthcare systems, and advanced infrastructure. We have social stability, financial stability and a government willing to invest in the future," he said.

The Canadian economy could use the global help.

When he took office, Trudeau's advisers told him that global trends -- social and economic -- would affect the domestic economy despite Canada's solid policy foundation and a well-educated population. His briefing binder says those international trends "could be occurring at a faster pace and on a larger scale compared to previous eras."

Those trends included more disruptive technologies, the declining financial influence of the West, aging populations in Canada and other countries that will put pressure on health care and government spending.

Even the rise of the "sharing economy" has placed "increasing pressure on traditional policy tools like regulations," the briefing notes warn.

Copies of the documents were obtained by The Canadian Press under the Access to Information Act.

That disruption is part of the theme of this year's meeting in Davos: "Mastering the Fourth Industrial Revolution," which is focused on how technology is changing the way companies and businesses operate.

Trudeau told the forum that governments needed to spend, rather than pursue austerity measures.

"The fourth industrial revolution will not be successful unless it creates real opportunity for the billions who weren't able to join us here this week," Trudeau said in his speech that included references to the middle class.

"In Canada, we get this."

Trudeau is a political celebrity at the meeting and his officials want to take advantage of the doors that open by getting him as much face time as possible with international power brokers.

Royal Dutch Shell CEO Ben van Beurden met with Trudeau in a meeting room on the lower level of the Davos hotel where Trudeau is staying. He said Davos was a place to meet with a lot of people in a short period of time.

Sitting across the table, Trudeau said he was attending a heap of meetings himself to "try and connect with as many different people as possible and talk about some of the challenges, but also some of the great opportunities in Canada."

Later Wednesday, Trudeau will meet with Microsoft CEO Natya Nadella, Facebook COO Sheryl Sandberg, and billionaire George Soros, whose interests include combating climate change.

Five of Trudeau's cabinet ministers will also be able to rub shoulders with some of the most influential and powerful political and business leaders in the world.



Advertisements

Latest Economic News

  • Consumer culture on the rise in North Korea

    Economic CTV News
    PYONGYANG, Korea, Democratic People's Republic Of - Like all North Korean adults, Song Un Pyol wears the faces of leader Kim Jong Un's father and grandfather pinned neatly to her left lapel, above her heart. Source
  • Asian stocks slide as Spain attack weighs down markets

    Economic CTV News
    HONG KONG - Asian stocks sank Friday as global investor sentiment was battered by big losses on Wall Street amid U.S. political turmoil and a deadly van attack in Spain. KEEPING SCORE: Japan's benchmark Nikkei 225 index lost 1 per cent to 19,505.23 and South Korea's Kospi shed 0.2 per cent to 2,356.58. Source
  • Starbucks chairman questions 'moral fiber' of U.S.

    Economic CTV News
    SEATTLE -- Starbucks chairman Howard Schultz says the events surrounding a white nationalist rally in Charlottesville, Virginia, last weekend have put the "moral fiber" of the country in question. Schultz said at an employee forum in Seattle on Tuesday that he has "profound concern about the lack of character, morality, humanity," displayed at the rally, according to a recap of the meeting posted on Starbucks' website. Source
  • Ex-J.C. Penney executive tapped for CFO gig at Hudson's Bay Company

    Economic CTV News
    TORONTO -- Hudson's Bay Company has tapped the former chief financial officer of another struggling retailer, J.C. Penney, to fill its vacancy. Edward Record will step into the executive role on Aug. 28, taking over the job from Paul Beesley, whose upcoming departure was announced in early July. Source
  • Apple CEO makes $2 million pledge to fight hate

    Economic CTV News
    SAN FRANCISCO -- Apple is donating $2 million to two human rights groups as part of CEO Tim Cook's pledge to help lead the fight against the hate that fueled the violence in Virginia during a white-nationalist rally last weekend. Source
  • Walmart took bigger bite out of Canadian grocery industry last quarter, earnings show

    Economic CBC News
    Walmart says its Canadian stores gained market share against rivals during its fiscal second quarter. "We further improved our price position against competitors, which contributed to market share gains in key traffic driving categories such as food and consumables," Walmart chief financial officer Brett Biggs said in remarks prepared for analysts during a conference call to discuss its most recent results Thursday. Source
  • Minnesota to review Enbridge Line 3 oil pipeline from Alberta

    Economic CTV News
    MINNEAPOLIS -- Minnesota regulators on Thursday released the final environmental review of Enbridge Energy's proposal to replace its aging Line 3 oil pipeline, which carries Canadian tar sands crude across northern Minnesota to Wisconsin. The state Commerce Department has updated and expanded the massive document since it released the draft for public comment in May. Source
  • Ontario court dismisses CUPE lawsuit over sale of Hydro One shares

    Economic CTV News
    TORONTO - An Ontario court has thrown out a lawsuit against the provincial government over the controversial partial sale of Hydro One. The lawsuit filed last December by the Canadian Union of Public Employees alleged the sale of shares in the utility was "motivated by improper and ulterior purposes," namely to reward benefactors of the Ontario Liberal Party. Source
  • L.L. Bean boosts production of iconic boot

    Economic CTV News
    LEWISTON, Maine -- L.L. Bean hopes to give the boot to backlogs of its most iconic product. The Maine-based retailer is expanding production to keep up with demand for its leather-and-rubber "duck boot" with a new manufacturing centre with another machine used to make the rubber soles. Source
  • Canadian manufacturing sales fall 1.8 per cent in June, breaking winning streak

    Economic CTV News
    OTTAWA -- Canadian manufacturing sales fell in June following three consecutive months of gains, with declines led by the petroleum and coal industry. Manufacturing sales slipped 1.8 per cent overall to $53.9 billion in June, Statistics Canada said Thursday in a monthly report. Source