OTTAWA, Nov. 4, 2014 /CNW/ - The Honourable Greg Rickford, Canada's Minister of Natural Resources, today announced his first official visit to Japan during November 5–7, where he will reinforce the economic and natural resources relationships between our countries. This week's visit follows Minister Rickford's participation in the APEC Energy Ministers Summit in Asia last September.
The visit will provide an opportunity for Minister Rickford to meet with Japanese government counterparts and private companies to discuss our ongoing partnership to enhance jobs and long-term economic growth. Minister Rickford will deliver remarks during the Canada–Japan Chambers Council Conference and LNG Producer Consumer Conference 2014, highlighting actions taken by the Canadian government to support our mutually beneficial economic relationship.
Minister Rickford will highlight the strategic energy partnership between Canada and Japan aimed at enhancing Canadian jobs and economic prosperity while addressing Japan's growing energy demands. He will also speak to Canada's complementary capacity as a secure, reliable and responsible supplier of energy to the world, while emphasizing the Government of Canada's priority of diversifying its energy markets.
Quick Facts: Reinforcing Canada's Natural Resources Relationships
- 2014 marks 85 years since the establishment of formal diplomatic relations between Canada and Japan, and 100 years since the Government of Canada inaugurated its first trade office in Yokohama.
- Japan is Canada's fourth-largest export market for Canadian natural resources and Canada's fourth-largest merchandise trading partner overall, with bilateral trade exceeding $24 billion in 2013.
- Canada is the world's fifth-largest producer of natural gas, with enough marketable natural gas resources to maintain the current rate of production for more than 300 years. Japanese companies are also partners in four proposed LNG projects in Canada.
- Canada has one of the best job creation records in the G7 since 2009 and enjoys the lowest net debt-to-GDP ratio in the G7.
- Canada recently leapt from sixth to second place in Bloomberg's ranking of the most attractive destinations for business. According to KPMG, total business tax costs in Canada are the lowest in the G7 and 46 percent lower than those in the United States. Our overall tax rate on new business investment is 13 percent lower than the OECD average.
- The stock of foreign direct investment (FDI) in Canada's energy sector has grown continuously from $61 billion in 2004 to $182.5 billion in 2013. Since 2005, foreign direct investment in oil, mining and gas has increased by 85 percent, with Japan being Canada's largest bilateral FDI partner in Asia.
"Our government maintains an open, market-based approach to trade and investment and encourages capital investments that contribute to the long-term prosperity of Canada and Canadians. Increasing trade and enhancing Canada's relationship with Japan will benefit the economies and future prosperity of both countries."
Canada's Minister of Natural Resources
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SOURCE: Natural Resources Canada
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