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

  • Ivanka Trump store opening up in Trump Tower lobby

    Economic CTV News
    NEW YORK -- An Ivanka Trump-branded store is opening in the lobby of Trump Tower in New York, selling handbags, jewelry and candles. A representative for the first daughter's brand says the store opened Thursday on Manhattan's Fifth Avenue will add shoes and clothes next year. Source
  • Ontario offers electric vehicle rebates of up to $75,000 for businesses

    Economic CTV News
    TORONTO - Ontario is offering businesses rebates of up to $75,000 for buying electric and other low-carbon vehicles. Businesses that have purchased or will purchase eligible vehicles -- including electric and natural trucks -- after Sept. Source
  • Bombardier on track to deliver on turnaround goals, CEO says

    Economic CBC News
    Bombardier Inc. says it's on track to deliver on its promised five-year turnaround in 2020 as its aerospace and railway divisions are projected to deliver better revenues and profits. Chief executive Alain Bellemare told a New York investor day Thursday that the transportation giant has a strong runway for growth now that it is winding down heavy spending to develop the C Series and Global 7000 business jet. Source
  • Transat plans hotel network in Mexico, Caribbean

    Economic CTV News
    MONTREAL -- Transat A.T. plans to spend $750 million over the coming years to develop a hotel chain in Mexico and the Caribbean that it hopes will help to put it in a better position to face heightened competition from Canadian rivals. Source
  • New infrastructure agency names interim executive to oversee investments

    Economic CTV News
    OTTAWA -- A board director for the new federal infrastructure financing agency is temporarily stepping down from his post to take on a top executive job in the organization. Bruno Guilmette was appointed last month to the board of directors of the Canada Infrastructure Bank. Source
  • Lyft ride-hailing app being watched closely by transit officials in Toronto

    Economic CTV News
    TORONTO -- The arrival of Lyft in Toronto has raised questions about the impact of such ride-hailing companies on the city's public transit system, which governments are spending billions to expand. The San Francisco-based company that operates in about 300 American cities launched in Toronto this week -- its first market outside the United States. Source
  • Rates would likely be higher if Bank of Canada took mechanical approach: Poloz

    Economic CTV News
    TORONTO -- Bank of Canada governor Stephen Poloz says with the economy running at close to full tilt, a mechanical approach to setting interest rates would suggest higher borrowing rates should already be in place. Source
  • Poloz explains why interest rates should be higher, but aren't

    Economic CTV News
    TORONTO -- Bank of Canada governor Stephen Poloz says with the economy running at close to full tilt, a mechanical approach to setting interest rates would suggest higher borrowing rates should already be in place. Source
  • Buying bitcoin is more like gambling than investing: Poloz

    Economic CTV News
    TORONTO -- Bank of Canada governor Stephen Poloz is sounding the alarm on Bitcoin, calling the purchase of the cryptocurrency "closer to gambling than investing." In a speech at the Canadian Club Toronto on Thursday, the governor said Bitcoin is not a reliable store of value and does not constitute "money. Source
  • These are the things that Bank of Canada's Poloz says keep him awake at night

    Economic CBC News
    Bank of Canada governor Stephen Poloz will appear on CBC News Network's On the Money in an interview with host Peter Armstrong at 4 p.m. ET. You might forgive Stephen Poloz if he has a lot on his mind. Source