Canada Welcomes Hoffman-LaRoche Investment
Attracting new investment is a key part of the Harper government’s focus on jobs, growth and long-term prosperity
October 2, 2013 - Brad Butt, Member of Parliament for Mississauga—Streetsville, on behalf of the Honourable Ed Fast, Minister of International Trade, today highlighted Canada’s strengths as an investment destination at the grand opening of the new Canadian headquarters of Hoffman-LaRoche Limited’s pharmaceuticals division in Mississauga, Ontario.
“Our government’s top priority is jobs, growth and long-term prosperity,” said Member of Parliament Butt. “That’s why I’m pleased that Canada’s winning formula of low taxes, a highly skilled workforce and a strong commitment to free and open trade has led Hoffman-LaRoche to choose Canada as the best place in the world to expand its operations.”
Swiss international biotech giant Roche Holding AG, through its Hoffman-LaRoche Limited unit, will invest almost $200 million over the next five years at its Mississauga head office. The investment will bring 200 highly skilled and specialized jobs to Canada’s life sciences sector.
In a year that saw global investment decline by 18 percent, Canada was one of the few countries that attracted more foreign investment in 2012—9.5 percent more than in the previous year. This was in part due to Canada’s world-leading investment advances and solid economic fundamentals, which have been lauded by many reputable institutions and publications. For example:
- for the past six years, the World Economic Forum has rated Canada’s banking system as the world’s soundest;
- the International Monetary Fund reports that Canada has the lowest net debt-to-GDP ratio in the G-7;
- KPMG says that Canada offers the lowest business costs among G-7 countries for R & D-intensive sectors;
- the Economist Intelligence Unit ranks Canada as the best G-7 country in which to do business; and
- the Organisation for Economic Co-operation and Development ranks Canada as having the highest-educated workforce among the countries it lists, with half of its working-age population having a tertiary education.
“Foreign investment is linked to one in 10 Canadian jobs, making it a key driver of the Canadian economy,” said Minister Fast. “Attracting new foreign investment supports jobs and prosperity for Canadian workers and their families. Foreign direct investment has contributed to Canada’s economic recovery, which has seen over one million net new jobs created since July 2009—the strongest growth in employment among G-7 countries.”
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For further information, media representatives may contact:
Office of the Honourable Ed Fast
Minister of International Trade
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