Joe Oliver, Minister of Natural Resources, yesterday addressed the Vancouver Board of Trade to discuss how responsible development of Canada's natural resources could create jobs and economic growth.
“There is a tremendous new global opportunity for Canada to capitalize on its natural resources,” said Oliver.
“The value of Canada's mineral production in 2010 exceeded $41 billion and contributed $18 billion to our trade surplus.”
“For Canada, for B.C. and for Vancouver – one of the capitals of the mining world – this is a great opportunity, in terms of both exports and participating in mineral development in booming Asian markets.”
In 2010, natural resources accounted for about 10% of B.C.’s gross domestic product and over 5% of jobs in the province last year.
Oliver also emphasized the work the federal government is doing on regulatory reform and energy prosperity and security.
“Regulatory modernization is a key priority for our government,” said Oliver. “We need a regulatory system that works and provides a competitive advantage for Canada.”
“We have to recognize that the global economic balance is shifting, and it's essential that we adapt to these changes. New, rapidly growing economies are looking for our energy, minerals and forest products. But the world is a competitive place. As attractive as this country is to investors, we can do better.”
While in Vancouver, Oliver also met with the Chief of the Westbank First Nation, Robert Louie, to discuss resource development challenges and opportunities. He also toured Neptune Terminals and visited Westport Innovations Inc.
See next week's issue of Business in Vancouver for our interview with Oliver and the industry's response to the federal approach to mining development.
