Harper Government Concludes Investment Agreement with Guinea
Creating the right conditions for Canadian businesses to succeed abroad creates jobs and opportunities at home
December 5, 2013 - The Honourable Ed Fast, Minister of International Trade, today announced the conclusion of negotiations on a foreign investment promotion and protection agreement (FIPA) between Canada and Guinea. Minister Fast made the announcement following a meeting with Mohamed Dorval Doumbouya, Guinea’s Minister of Commerce, on the margins of the Ninth World Trade Organization Ministerial Conference in Bali, Indonesia.
“Our government is committed to creating the right conditions for Canadian businesses to compete and succeed internationally, because when our companies succeed abroad, jobs and opportunities are created at home,” said Minister Fast. “The investment agreement announced today will provide better protection for Canadian companies operating in Guinea and further strengthen economic ties between our two countries.”
A FIPA is a treaty designed to promote and protect Canadian investment abroad and foreign investment in Canada through reciprocal, legally binding provisions. By ensuring greater protection against discriminatory and arbitrary practices, and by enhancing the predictability of a market’s policy framework, a FIPA gives businesses increased confidence in investing. Once in force, the agreement with Guinea will facilitate investment flows between the two countries, contributing to job creation and economic growth in both countries.
There is significant potential for increased Canadian investment in Guinea, a country already favourable to Canadian investment—especially in the mining and infrastructure sectors. In 2012, Canadian mining assets in Guinea were valued at $83.9 million.
“Today’s announcement is further proof that the most ambitious pro-trade and pro-investment plan in Canadian history is getting results,” said Minister Fast. “Under the Global Markets Action Plan, our government is concentrating its efforts on the markets that hold the greatest promise for Canadian business. As part of these efforts, we’re ensuring that the right polices are in place and the right services are provided to help Canadian businesses continue to expand and succeed abroad.”
In addition to Guinea, Canada has concluded FIPAs with Benin, Cameroon, Côte d’Ivoire, Madagascar, Mali, Nigeria, Senegal, Tanzania and Zambia as part of its plan to promote and protect Canadian investments in Africa. It is also engaged in FIPA negotiations with Burkina Faso, Ghana and Tunisia, and has a FIPA in force with Egypt. Canada currently has 24 FIPAs in force around the world.
Canada has concluded, signed or brought into force FIPAs with 22 countries since 2006 - 8 in 2013 alone - and is currently negotiating many more.
Photo: Minister Fast with Mohamed Dorval Doumbouya, Guinea’s Minister of Commerce
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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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