By Greg Hoekstra
The “Asian century” presents an incredible opportunity for Canadian businesses and investors, but in order to make the most of it, our country needs to bolster its energy infrastructure.
That was the key message championed by Jim Prentice, senior executive vice-president and vice chairman of CIBC, during his highly anticipated address to The Vancouver Board of Trade.
The event, held Feb. 23 at the Sutton Place Hotel, was presented by CIBC and supported by Davis LLP.
Prentice, a former federal cabinet minister, stressed the importance of strengthening economic ties across the Asia-Pacific, and underscored that more investment is needed in hydro, nuclear, natural gas, and oil sands infrastructure, in order to help propel growth from coast to coast.
This “nation-building infrastructure,” as Prentice calls it, won’t come without some major challenges, but in the long-term it will open new markets for Canadian energy, which means more jobs for Canadians.
“Simply put, the rise of the Asian Century and the demands of production in China and beyond will stretch the supply of the world's commodities to the breaking point,” said Prentice. “Helping China meet its needs will create jobs and income for thousands of Canadians – propelling our country to greater prosperity through trade.”
“This is a defining moment for Canada and the federal government has an important role to play. But they’re not the only one. We also need the engagement of the British Columbia government, B.C.’s First Nations and, of course, the private sector,” he added.
Below is a truncated version of Prentice’s speech, “Nation Building Infrastructure in the Asian Century,” delivered to The Vancouver Board of Trade.
Presenting Sponsors:
CIBC
Davis LLP