New deals will generate jobs and economic growth in Canada
Prime Minister Stephen Harper today witnessed the signing of more than 20 commercial agreements between Canadian and Chinese companies and organizations, which are a testament to the significant growth taking place in the bilateral commercial relationship. Several sectors stand to benefit from these agreements, including sustainable technologies, aerospace, transportation, construction, mining, energy, infrastructure, agri-food, and information and communications technologies sectors.
The signings, which took place in Beijing during the Prime Minister’s third official visit to China, are valued at more than $2.5 billion and are expected to create more than 2,000 new jobs in the Canadian market. Some of the notable agreements signed today include:
- An investment agreement in the sustainable technologies sector between Canadian-owned Airborne China Ltd. and Heilongjiang InterChina Water ltd. to cooperate on air pollution reduction projects in China;
- An agreement between Canadian-owned Plasco China and Shougang Group to bring Plasco’s waste-to-energy technology to China; and,
- An agreement between Canadian-owned Kryton International Inc. and Beijing Maple Real Estate Company, Ltd. Group to use Kryton International Inc.’s environmentally-friendly waterproof concrete technology and products in the Chinese company’s development projects.
The bilateral commercial signings witnessed today by Prime Minister Harper clearly demonstrate Canada’s aim to further deepen trade and investment ties with China, which is a priority under the Global Markets Action Plan.
- Trade in Canada generates the equivalent of approximately 60 per cent of the gross domestic product and is responsible for one in five jobs in Canada.
- Trade between Canada and China supports more than 470,000 jobs in Canada a year, which was about 2.67 per cent of total Canadian jobs in 2013, and has a net positive contribution to Canada’s GDP of $42 billion or 2.24 per cent of Canada’s GDP in 2013.
- In 2013, merchandise trade between Canada and China reached $73.2 billion. During this period, Canada’s merchandise exports to China were valued at nearly $20.5 billion, which represents 7.7 per cent of Canada’s total merchandise exports.
- In October 2014, the Canada-China Foreign Investment Promotion and Protection Agreement came into force, which provides a rules-based investment regime and greater investor confidence.
- Prime Minister Harper made official visits to China in December 2009 and in February 2012. Since 2006, there have been some 70 visits by federal Canadian Ministers to China.
Prime Minister of Canada Stephen Harper