FDI Fast Facts - No. 5 in an Invest in Canada Series
Harper Government Highlights Importance of Foreign Direct Investment to Automotive Sector
With more than 1,300 manufacturing facilities, Canada accounts for 16 percent of vehicle production in North America, says International Trade Minister Fast
December 11, 2013 - The Honourable Ed Fast, Minister of International Trade, today said foreign direct investment (FDI) is playing an important role in Canada’s dynamic automotive sector, ensuring that Canada remains a world leader in this vital sector.
“With one in 10 Canadian jobs linked to foreign investment, our government understands that attracting new investment in the important automotive sector creates prosperity for Canadian workers and their families,” said Minister Fast. “As it does in other sectors, foreign investment in the automotive sector spurs innovation and competitiveness and leads to good jobs and greater opportunity.”
Annual capital investment in Canada’s automotive industry averaged $3 billion from 2002 to 2011, as companies such as Chrysler, Ford, General Motors, Honda and Toyota make the most of Canada’s many advantages. Canada’s automotive exports were valued at $61.2 billion in 2012, up 17 percent, or $8.9 billion, over the previous year’s total of $52.3 billion. The sector is among Canada’s leading employers, with more than 1,300 facilities employing over 115,000 Canadians. Some notable investments include:
- In Oshawa, Ontario, U.S.-based General Motors invested $117 million to start production of the all-new, flagship Cadillac XTS sedan, which will add 400 jobs.
- In Waterville, Nova Scotia, France-based Michelin North America announced a $73-million upgrade to its plant, creating 50 new jobs.
- In Cambridge, Ontario, Japan-based Toyota Motor Manufacturing Canada announced a $100-million expansion of its plant.
“Because of our talent, creativity and competitive costs, investors are drawn to Canada’s automotive sector,” said Minister Fast. “In addition, businesses from around the world recognize that our strong banking sector, low taxes and vibrant, safe communities contribute to their winning formulas. Our government will continue to position Canada as a destination of choice for global investors.”
Minister Fast is noting the benefits of FDI to the various sectors of Canada’s economy in the lead-up to this month’s release of the 2013-2014 annual report from Invest in Canada.
For more information, please visit Invest in Canada.
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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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